|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
AUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
FOR |
|
ATSPEED DISTRIBUTORS LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
AUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
FOR |
|
ATSPEED DISTRIBUTORS LIMITED |
ATSPEED DISTRIBUTORS LIMITED (REGISTERED NUMBER: 02371520) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Statement of Financial Position | 2 |
|
Notes to the Financial Statements | 3 |
|
ATSPEED DISTRIBUTORS LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
SECRETARY: |
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
BUSINESS ADDRESS: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
AUDITORS: |
|
Statutory Auditors |
Chartered Accountants |
44 Springfield Road |
Horsham |
West Sussex |
RH12 2PD |
|
|
|
BANKERS: |
|
The Gables |
17 Massetts Road |
Horley |
Surrey |
RH6 6DQ |
ATSPEED DISTRIBUTORS LIMITED (REGISTERED NUMBER: 02371520) |
|
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2017 |
|
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
|
|
|
CURRENT ASSETS |
Stocks | 6 |
|
|
Debtors | 7 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 12 |
|
|
Retained earnings | 13 |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
by: |
|
|
|
|
|
|
|
|
|
|
ATSPEED DISTRIBUTORS LIMITED (REGISTERED NUMBER: 02371520) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
1. | STATUTORY INFORMATION |
|
Atspeed Distributors Limited is a
|
company's registered number and registered office address can be found on the Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
Monetary amounts in the financial statements are rounded to the nearest (£). |
|
These financial statements for the year ended 31 December 2016 are the first financial statements that comply |
with FRS 102. |
|
The transition to FRS 102 has not resulted in any changes in accounting policies or valuations in the Income |
Statement and Statement of Financial Position. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Preparation of consolidated financial statements |
The financial statements contain information about Atspeed Distributors Limited as an individual company and do |
not contain consolidated financial information as the parent of a group. The company is exempt under Section |
400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its |
subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, |
Atspeed Group Limited, 44 Springfield Road, Horsham, West Sussex, RH12 2PD. |
|
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
|
Tangible fixed assets |
|
|
Plant and machinery 25% reducing balance |
Motor vehicles 25% reducing balance |
|
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value. Work in progress includes all |
direct expenditure and an appropriate proportion of fixed and variable overheads. |
|
Full provision is made against stock with an age of greater than two years old and a 75% provision is made |
against specials stock which are bespoke stock items with limited potential for re-sale. |
|
ATSPEED DISTRIBUTORS LIMITED (REGISTERED NUMBER: 02371520) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of |
the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
|
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and |
depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are |
included in creditors net of finance charge allocated to future periods. The finance element of the rental payment |
is charged to profit and loss account so as to produce a constant periodic rate of charge on the net obligation |
outstanding in each period. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2017 |
and 31 December 2017 |
|
AMORTISATION |
At 1 January 2017 |
and 31 December 2017 |
|
NET BOOK VALUE |
At 31 December 2017 |
|
At 31 December 2016 |
|
ATSPEED DISTRIBUTORS LIMITED (REGISTERED NUMBER: 02371520) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
5. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 31 December 2017 |
|
|
|
DEPRECIATION |
At 1 January 2017 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 31 December 2017 |
|
|
|
NET BOOK VALUE |
At 31 December 2017 |
|
|
|
At 31 December 2016 |
|
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
|
|
|
Additions |
|
|
|
At 31 December 2017 |
|
|
|
DEPRECIATION |
At 1 January 2017 |
|
|
|
Charge for year |
|
|
|
At 31 December 2017 |
|
|
|
NET BOOK VALUE |
At 31 December 2017 |
|
|
|
At 31 December 2016 |
|
|
|
|
6. | STOCKS |
2017 | 2016 |
£ | £ |
Finished goods |
|
|
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
|
|
Amounts owed by participating interests | 998 | 998 |
Other debtors |
|
|
|
|
ATSPEED DISTRIBUTORS LIMITED (REGISTERED NUMBER: 02371520) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 10) |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 10) |
|
|
|
10. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2017 | 2016 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable operating |
leases |
2017 | 2016 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Operating leases are in relation to Motor Vehicles. |
|
11. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 7,959 | 7,375 |
|
Deferred |
tax |
£ |
Balance at 1 January 2017 |
|
Provided during year |
|
Balance at 31 December 2017 |
|
ATSPEED DISTRIBUTORS LIMITED (REGISTERED NUMBER: 02371520) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
12. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
|
Ordinary | £1 | 51,000 | 51,000 |
|
13. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2017 |
|
Deficit for the year | ( |
) |
Dividends | ( |
) |
At 31 December 2017 |
|
|
14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
|
15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
At the year end the company owed the following amounts to the directors: |
A J Thompson £23,562 (2016: £1,395) |
J B Thompson £23,561 (2016: £1,394) |
|
The loans from the directors are unsecured, interest free and have no set repayment terms. |
|
16. | RELATED PARTY DISCLOSURES |
|
The Directors own the property at Ampthill from which the company trades which is rented to the company for an |
annual charge of £30,000 (2016: £30,000). |
|
17. | ULTIMATE CONTROLLING PARTY |
|
The directors virtue of their shareholdings in the parent company Atspeed Group Limited, ultimately control the |
company. |
|
The company is controlled by its immediate parent company Atspeed Group Limited, by virtue of their 100% |
shareholding. The financial statements of Atspeed Group Limited can be obtained from its registered office . |
44 Springfield Road, Horsham, West Sussex, RH12 2PD. |