Company Registration No. 03365050 (England and Wales)
AIRTEC FILTRATION LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
AIRTEC FILTRATION LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
AIRTEC FILTRATION LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
366,871
305,905
Current assets
Stocks
806,075
907,056
Debtors
539,861
590,180
Cash at bank and in hand
354
1,632
1,346,290
1,498,868
Creditors: amounts falling due within one year
3
(673,700)
(906,332)
Net current assets
672,590
592,536
Total assets less current liabilities
1,039,461
898,441
Creditors: amounts falling due after more than one year
4
(768,647)
(715,546)
Provisions for liabilities
(24,553)
(24,387)
246,261
158,508
Capital and reserves
Called up share capital
5
225
225
Other reserves
145
145
Profit and loss account
245,891
158,138
Shareholders' funds
246,261
158,508
AIRTEC FILTRATION LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 31 May 2016 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 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 financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 28 February 2017
M.J. Redmond
Director
Company Registration No. 03365050
AIRTEC FILTRATION LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents invoices raised for the provision of maintenance services and invoices raised in respect of service contracts as adjusted to consider the deferred element of the invoices, net of VAT.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Test centre
15% per annum on a reducing balance basis
Plant and machinery
15% / 25% per annum on a reducing balance basis
Fixtures, fittings and equipment
15% per annum on a reducing balance basis
Motor vehicles
25% per annum on a straight line basis
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.6
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to
the
profit and loss account.
AIRTEC FILTRATION LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2015
454,615
Additions
111,478
At 31 May 2016
566,093
Depreciation
At 1 June 2015
148,710
Charge for the year
50,512
At 31 May 2016
199,222
Net book value
At 31 May 2016
366,871
At 31 May 2015
305,905
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £231,249 (2015 - £282,214).
4
Creditors: amounts falling due after more than one year
2016
2015
£
£
Analysis of loans repayable in more than five years
Total amounts repayable by instalments which are due in more than five years
110,571
135,887
The aggregate amount of creditors for which security has been given amounted to £267,909 (2015 - £243,846).
AIRTEC FILTRATION LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 5 -
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
113 Ordinary A shares of £1 each
113
113
56 Ordinary B shares of £1 each
56
56
56 Ordinary C shares of £1 each
56
56
225
225
The rights attached to the shares are set out in the company's memorandum and articles of association.