Company Registration No. 01874794 (England and Wales)
Air Tools & Compressors Limited
Unaudited accounts
for the year ended 30 June 2018
Air Tools & Compressors Limited
Unaudited accounts
Contents
Air Tools & Compressors Limited
Company Information
for the year ended 30 June 2018
Directors
J P Adkin
J M Palasio
Company Number
01874794 (England and Wales)
Registered Office
1 Princes Court
Royal Way
Loughborough
LE11 5XR
Air Tools & Compressors Limited
Statement of financial position
as at
30 June 2018
Tangible assets
4,267
3,927
Cash at bank and in hand
230
230
Creditors: amounts falling due within one year
(32,472)
(35,856)
Net current (liabilities)/assets
(3,098)
3,494
Total assets less current liabilities
1,169
7,421
Provisions for liabilities
Called up share capital
100
100
Profit and loss account
258
6,575
Shareholders' funds
358
6,675
For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 25 September 2018.
J P Adkin
Director
Company Registration No. 01874794
Air Tools & Compressors Limited
Notes to the Accounts
for the year ended 30 June 2018
Air Tools & Compressors Limited is a private company, limited by shares, registered in England and Wales, registration number 01874794. The registered office is 1 Princes Court, Royal Way, Loughborough, LE11 5XR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% per annum of net book amount
Motor vehicles
25% per annum of net book amount
Computer equipment
15% per annum of net book amount
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Air Tools & Compressors Limited
Notes to the Accounts
for the year ended 30 June 2018
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2017
11,444
3,700
5,010
20,154
Additions
700
-
672
1,372
At 30 June 2018
12,144
3,700
5,682
21,526
At 1 July 2017
10,298
1,319
4,610
16,227
Charge for the year
277
595
160
1,032
At 30 June 2018
10,575
1,914
4,770
17,259
At 30 June 2018
1,569
1,786
912
4,267
At 30 June 2017
1,146
2,381
400
3,927
Raw materials
1,500
1,575
Finished goods
4,100
4,100
Trade debtors
18,557
31,912
Accrued income and prepayments
1,645
1,533
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Creditors: amounts falling due within one year
2018
2017
Bank loans and overdrafts
15,719
11,998
Trade creditors
7,768
12,545
Taxes and social security
6,835
8,845
Loans from directors
-
658
8
Average number of employees
During the year the average number of employees was 2 (2017: 2).