Company Registration No. 06607960 (England and Wales)
ALPHA MACHINE TOOLS COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2019
PAGES FOR FILING WITH REGISTRAR
ALPHA MACHINE TOOLS COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
ALPHA MACHINE TOOLS COMPANY LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2019
28 February 2019
- 1 -
2019
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,058
2,085
Current assets
Stocks
19,200
227,592
Debtors
5
13,430
19,801
32,630
247,393
Creditors: amounts falling due within one year
6
(107,506)
(110,195)
Net current (liabilities)/assets
(74,876)
137,198
Total assets less current liabilities
(72,818)
139,283
Creditors: amounts falling due after more than one year
7
-
(107,642)
Net (liabilities)/assets
(72,818)
31,641
Capital and reserves
Called up share capital
8
1,002
1,002
Profit and loss reserves
(73,820)
30,639
Total equity
(72,818)
31,641
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 period 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.
ALPHA MACHINE TOOLS COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2019
28 February 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 30 October 2019
Mr A J Clarke
Director
Company Registration No. 06607960
ALPHA MACHINE TOOLS COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 FEBRUARY 2019
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 September 2016
1,002
95,103
96,105
Period ended 31 August 2017:
Loss and total comprehensive income for the period
-
(64,464)
(64,464)
Balance at 31 August 2017
1,002
30,639
31,641
Period ended 28 February 2019:
Loss and total comprehensive income for the period
-
(104,459)
(104,459)
Balance at 28 February 2019
1,002
(73,820)
(72,818)
ALPHA MACHINE TOOLS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2019
- 4 -
1
Accounting policies
Company information
Alpha Machine Tools Company Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
BWM, Castle Chambers, 43 Castle Street, Liverpool, L2 9SH.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements the director has a reasonable expectation that, despite the balance sheet showing net liabilities, the company will continue trading for the foreseeable future as a result of the financial support of the director. As at 28 February 2019 the director has provided a loan of £70,368 to the company.
true
The company is in the process of winding down operations with the intention to cease trading within the next 12 months.
1.3
Reporting period
The accounting period has been extended from 31 August 2018 to an eighteen month period ended 28 February 2019 in anticipation of ceasing trading. Therefore the
comparative amounts presented in the financial statements (including
the related notes) are not entirely comparable.
1.4
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
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:
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
33% straight line
Motor vehicles
25% reducing balance
ALPHA MACHINE TOOLS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2019
1
Accounting policies
(Continued)
- 5 -
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
.
1.6
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.
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.
1.7
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
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
ALPHA MACHINE TOOLS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2019
1
Accounting policies
(Continued)
- 6 -
1.8
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.
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
ALPHA MACHINE TOOLS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2019
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2 (2017 - 3).
3
Taxation
2019
2017
£
£
Current tax
UK corporation tax on profits for the current period
-
(2,462)
Adjustments in respect of prior periods
(7)
(8)
Total current tax
(7)
(2,470)
No deferred tax asset is recognised in respect of tax losses carried forward due to the uncertainty of available future profits.
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2017
24,125
Additions
857
At 28 February 2019
24,982
Depreciation and impairment
At 1 September 2017
22,039
Depreciation charged in the period
885
At 28 February 2019
22,924
Carrying amount
At 28 February 2019
2,058
At 31 August 2017
2,085
5
Debtors
2019
2017
Amounts falling due within one year:
£
£
Trade debtors
10,931
14,341
Corporation tax recoverable
2,499
2,470
Other debtors
-
2,990
13,430
19,801
ALPHA MACHINE TOOLS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2019
- 8 -
6
Creditors: amounts falling due within one year
2019
2017
£
£
Bank loans and overdrafts
10,877
27,875
Trade creditors
16,100
67,765
Taxation and social security
7,506
10,359
Other creditors
73,023
4,196
107,506
110,195
7
Creditors: amounts falling due after more than one year
2019
2017
£
£
Other creditors
-
107,642
8
Called up share capital
2019
2017
£
£
Ordinary share capital
Issued and fully paid
1,002 Ordinary of £1 each
1,002
1,002
1,002
1,002
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2017
£
£
Within one year
-
6,360
10
Related party transactions
The director has provided a personal guarantee to RBS in respect of the bank overdraft of £10,877 at 28 February 2019.
2019-02-28
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false
04 November 2019
CCH Software
CCH Accounts Production 2019.301
No description of principal activity
Mr A J Clarke
Mrs L Clarke
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