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No description of principal activity
2016-08-01
Sage Accounts Production Advanced 2017 Update 4 - FRS
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xbrli:shares
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2016-08-01
2017-07-31
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2017-07-31
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2016-07-31
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2017-07-31
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2016-08-01
2017-07-31
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
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All of the members of Guaranteed Asphalt Holdings Limited have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
08932690
GUARANTEED ASPHALT HOLDINGS LIMITED
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FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
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GUARANTEED ASPHALT HOLDINGS LIMITED
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ABRIDGED FINANCIAL STATEMENTS
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YEAR ENDED 31 JULY 2017
Chartered accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements
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1
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Abridged statement of financial position
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2
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Notes to the abridged financial statements
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4
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GUARANTEED ASPHALT HOLDINGS LIMITED
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CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
GUARANTEED ASPHALT HOLDINGS LIMITED
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YEAR ENDED 31 JULY 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Guaranteed Asphalt Holdings Limited for the year ended 31 July 2017, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Guaranteed Asphalt Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 28 April 2017. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Guaranteed Asphalt Holdings Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Guaranteed Asphalt Holdings Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Guaranteed Asphalt Holdings Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Guaranteed Asphalt Holdings Limited. You consider that Guaranteed Asphalt Holdings Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Guaranteed Asphalt Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
DYER & CO SERVICES LIMITED
Chartered Accountants
Onega House
112 Main Road
Sidcup
Kent
DA14 6NE
30 April 2018
GUARANTEED ASPHALT HOLDINGS LIMITED
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ABRIDGED STATEMENT OF FINANCIAL POSITION
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31 July 2017
FIXED ASSETS
Investments
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4
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3,100
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3,100
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CURRENT ASSETS
CREDITORS: amounts falling due within one year
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3,100
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3,100
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--------
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--------
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NET CURRENT LIABILITIES
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2,100
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2,100
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|
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--------
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--------
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TOTAL ASSETS LESS CURRENT LIABILITIES
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1,000
|
1,000
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|
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--------
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--------
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GUARANTEED ASPHALT HOLDINGS LIMITED
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ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
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31 July 2017
CAPITAL AND RESERVES
Called up share capital
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1,000
|
1,000
|
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--------
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--------
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SHAREHOLDERS FUNDS
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1,000
|
1,000
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|
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--------
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--------
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged income statement has not been delivered.
For the year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
30 April 2018
, and are signed on behalf of the board by:
Company registration number:
08932690
GUARANTEED ASPHALT HOLDINGS LIMITED
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NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
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YEAR ENDED 31 JULY 2017
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Onega House, 112 Main Road, Sidcup, Kent, DA14 6NE.
2.
STATEMENT OF COMPLIANCE
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
INVESTMENTS
|
£
|
Cost
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At 1 August 2016 and 31 July 2017
|
3,100
|
|
--------
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Impairment
|
|
At 1 August 2016 and 31 July 2017
|
–
|
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--------
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Carrying amount
|
|
At 31 July 2017
|
3,100
|
|
--------
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At 31 July 2016
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3,100
|
|
--------
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5.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors did not enter into any advances, credits or guarantees with the company.
6.
TRANSITION TO FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.
No transitional adjustments were required in equity or profit or loss for the period.