Company Registration No. 06620145 (England and Wales)
ADEPT SUPPLY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
ADEPT SUPPLY LIMITED
COMPANY INFORMATION
Directors
Mr G N Cooper
Mr H L Cooper
Company number
06620145
Registered office
The Old Hall
Hulland
Ashbourne
DE6 3EP
Accountants
Smith Cooper Limited
St John's House
54 St John Street
Ashbourne
Derbyshire
DE6 1GH
ADEPT SUPPLY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
ADEPT SUPPLY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
58,885
47,232
Current assets
Stocks
12,390
-
Debtors
4
88,188
184,134
Cash at bank and in hand
79,139
7,056
179,717
191,190
Creditors: amounts falling due within one year
5
(199,632)
(218,143)
Net current liabilities
(19,915)
(26,953)
Total assets less current liabilities
38,970
20,279
Provisions for liabilities
(11,700)
(9,400)
Net assets
27,270
10,879
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
27,170
10,779
Total equity
27,270
10,879
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 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
ADEPT SUPPLY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 September 2017 and are signed on its behalf by:
Mr H L Cooper
Director
Company Registration No. 06620145
ADEPT SUPPLY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2015
100
20,577
20,677
Year ended 31 March 2016:
Profit and total comprehensive income for the year
-
10,202
10,202
Dividends
-
(20,000)
(20,000)
Balance at 31 March 2016
100
10,779
10,879
Year ended 31 March 2017:
Profit and total comprehensive income for the year
-
26,391
26,391
Dividends
-
(10,000)
(10,000)
Balance at 31 March 2017
100
27,170
27,270
ADEPT SUPPLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
1
Accounting policies
Company information
Adept Supply Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Hall, Hulland, Ashbourne, DE6 3EP.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Adept Supply Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 8.
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
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:
Fixtures, fittings & equipment
20% on cost
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
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ADEPT SUPPLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
ADEPT SUPPLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 6 -
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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
ADEPT SUPPLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 7 -
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016
90,030
Additions
36,427
At 31 March 2017
126,457
Depreciation and impairment
At 1 April 2016
42,797
Depreciation charged in the year
24,775
At 31 March 2017
67,572
Carrying amount
At 31 March 2017
58,885
At 31 March 2016
47,232
ADEPT SUPPLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 8 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
84,814
179,701
Other debtors
3,374
4,433
88,188
184,134
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
22,306
32,279
Trade creditors
65,894
57,614
Corporation tax
5,500
4,900
Other taxation and social security
47,176
48,511
Other creditors
58,756
74,839
199,632
218,143
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 of £1 each
100
100
7
Related party transactions
Included in creditors is a loan from the directors of £54,731. (2016: £72,163).
During the year dividends of £10,000 (2016: £20,000) were paid to the directors.
The directors do not consider there to be any other key management personnel other than themselves.
8
Reconciliations on adoption of FRS 102
ADEPT SUPPLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
8
Reconciliations on adoption of FRS 102
(Continued)
- 9 -
Reconciliation of equity
1 April
31 March
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
20,677
20,279
Adjustments arising from transition to FRS 102:
Deferred tax adjustment
1
-
(9,400)
Equity reported under FRS 102
20,677
10,879
Reconciliation of profit for the financial period
2016
Notes
£
Profit as reported under previous UK GAAP
19,602
Adjustments arising from transition to FRS 102:
Deferred tax adjustment
1
(9,400)
Profit reported under FRS 102
10,202
Reconciliation of equity
At 1 April 2015
At 31 March 2016
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
Fixed assets
Tangible assets
45,554
-
45,554
47,232
-
47,232
Current assets
Stocks
12,447
-
12,447
-
-
-
Debtors
147,123
-
147,123
184,134
-
184,134
Bank and cash
32,157
-
32,157
7,056
-
7,056
191,727
-
191,727
191,190
-
191,190
ADEPT SUPPLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
8
Reconciliations on adoption of FRS 102
At 1 April 2015
At 31 March 2016
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
(Continued)
- 10 -
Creditors due within one year
Loans and overdrafts
(61,346)
-
(61,346)
(104,442)
-
(104,442)
Taxation
(41,693)
-
(41,693)
(53,411)
-
(53,411)
Other creditors
(71,835)
-
(71,835)
(60,290)
-
(60,290)
(174,874)
-
(174,874)
(218,143)
-
(218,143)
Net current assets/(liabilities)
16,853
-
16,853
(26,953)
-
(26,953)
Total assets less current liabilities
62,407
-
62,407
20,279
-
20,279
Creditors due after one year
Loans and overdrafts
(41,730)
-
(41,730)
-
-
-
Provisions for liabilities
Deferred tax
-
-
-
-
(9,400)
(9,400)
Net assets
20,677
-
20,677
20,279
(9,400)
10,879
Capital and reserves
Share capital
100
-
100
100
-
100
Profit and loss
20,577
-
20,577
20,179
(9,400)
10,779
Total equity
20,677
-
20,677
20,279
(9,400)
10,879
ADEPT SUPPLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
8
Reconciliations on adoption of FRS 102
(Continued)
- 11 -
Reconciliation of profit for the financial period
Year ended 31 March 2016
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
Turnover
962,155
-
962,155
Cost of sales
(853,620)
-
(853,620)
Gross profit
108,535
-
108,535
Administrative expenses
(84,037)
-
(84,037)
Taxation
(4,896)
(9,400)
(14,296)
Profit for the financial period
19,602
(9,400)
10,202
Notes to reconciliations on adoption of FRS 102
Under FRS 102 1A, deferred tax is recognised on a timing difference plus approach, whereas previous UK GAAP required a timing difference approach. Due to change in accounting standards, it is now deemed appropriate to include deferred tax.
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