Company Registration No. 04244417 (England and Wales)
A B TURNKEY SOLUTIONS FOR MANUFACTURING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
PAGES FOR FILING WITH REGISTRAR
A B TURNKEY SOLUTIONS FOR MANUFACTURING LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
A B TURNKEY SOLUTIONS FOR MANUFACTURING LTD
BALANCE SHEET
AS AT
31 JANUARY 2020
31 January 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
657
11,172
Tangible assets
4
1,059,737
834,577
1,060,394
845,749
Current assets
Stocks
5
24,750
24,750
Debtors
6
573,742
478,355
Cash at bank and in hand
186,487
29,863
784,979
532,968
Creditors: amounts falling due within one year
7
(528,679)
(294,394)
Net current assets
256,300
238,574
Total assets less current liabilities
1,316,694
1,084,323
Creditors: amounts falling due after more than one year
8
(832,108)
(452,197)
Provisions for liabilities
(25,846)
(25,846)
Net assets
458,740
606,280
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
457,740
605,280
Total equity
458,740
606,280
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
A B TURNKEY SOLUTIONS FOR MANUFACTURING LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2020
31 January 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 December 2020 and are signed on its behalf by:
Mr A P Boughton
Director
Company Registration No. 04244417
A B TURNKEY SOLUTIONS FOR MANUFACTURING LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2020
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2018
1,000
504,190
505,190
Year ended 31 January 2019:
Profit and total comprehensive income for the year
-
167,090
167,090
Dividends
-
(66,000)
(66,000)
Balance at 31 January 2019
1,000
605,280
606,280
Year ended 31 January 2020:
Loss and total comprehensive income for the year
-
(33,013)
(33,013)
Dividends
-
(114,527)
(114,527)
Balance at 31 January 2020
1,000
457,740
458,740
A B TURNKEY SOLUTIONS FOR MANUFACTURING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
- 4 -
1
Accounting policies
Company information
A B Turnkey Solutions for Manufacturing Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 2, The Enigma Centre, Bilton Road, Bletchley, Buckinghamshire, MK1 1HW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
not depreciated
Plant and equipment
20% reducing balance
Computers
20% reducing balance
Motor vehicles
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
A B TURNKEY SOLUTIONS FOR MANUFACTURING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
A B TURNKEY SOLUTIONS FOR MANUFACTURING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Employer financed retirement benefit scheme (efrbs)
The company has established trusts for the benefit of employees and persons connected with them. Monies held in these trust are held by independent trustees and managed at their discretion. The trustees are empowered to provide bothretirement and other employee benefits.
Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust vest in identified individuals.
Where monies held in a trust are determined by the company on the basis of employees' past services to the business and the company can obtain no future economic benefit from those monies, such monies, whether in the trust or accrued for by the company are charged to the profit and loss account in the period to which they relate.
Where monies held in a trust are determined by the company on the basis of employees' past services to the business and are payable after completion of the employment, such monies are charged to the profit and loss account in the period during which services are rendered by employees.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 24 (2019: 24).
A B TURNKEY SOLUTIONS FOR MANUFACTURING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2019 and 31 January 2020
105,149
Amortisation and impairment
At 1 February 2019
93,977
Amortisation charged for the year
10,515
At 31 January 2020
104,492
Carrying amount
At 31 January 2020
657
At 31 January 2019
11,172
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2019
692,618
314,339
22,146
86,650
1,115,753
Additions
-
318,585
431
-
319,016
At 31 January 2020
692,618
632,924
22,577
86,650
1,434,769
Depreciation and impairment
At 1 February 2019
-
202,289
16,001
62,886
281,176
Depreciation charged in the year
-
87,788
1,315
4,753
93,856
At 31 January 2020
-
290,077
17,316
67,639
375,032
Carrying amount
At 31 January 2020
692,618
342,847
5,261
19,011
1,059,737
At 31 January 2019
692,618
112,050
6,145
23,764
834,577
5
Stocks
2020
2019
£
£
Stocks
24,750
24,750
A B TURNKEY SOLUTIONS FOR MANUFACTURING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 8 -
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
351,760
430,256
Amounts owed by group undertakings
221,902
48,019
Other debtors
80
80
573,742
478,355
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
83,139
36,607
Trade creditors
252,437
129,096
Taxation and social security
139,216
119,409
Other creditors
53,887
9,282
528,679
294,394
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
599,699
452,197
Other creditors
232,409
-
832,108
452,197
Included within creditors falling due within one year and creditors falling due after more than one year is a secured loan from National Westminster Bank PLC, which is secured by a charge over the properties held by the company.
2020-01-31
2019-02-01
false
03 December 2020
CCH Software
CCH Accounts Production 2020.200
No description of principal activity
Mr A P Boughton
Mrs G A Boughton
Mr J Boughton
Mr A A Boughton
24
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