Company Registration No. 07428611 (England and Wales)
ACER MANUFACTURING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
PAGES FOR FILING WITH REGISTRAR
ACER MANUFACTURING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ACER MANUFACTURING LIMITED
BALANCE SHEET
AS AT
31 JULY 2018
31 July 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,336,324
1,667,633
Current assets
Stocks
156,690
43,375
Debtors
4
425,122
20,212
Cash at bank and in hand
84,559
455,393
666,371
518,980
Creditors: amounts falling due within one year
5
(3,010,426)
(2,144,304)
Net current liabilities
(2,344,055)
(1,625,324)
Total assets less current liabilities
(7,731)
42,309
Provisions for liabilities
(8,790)
(13,700)
Net (liabilities)/assets
(16,521)
28,609
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
(17,521)
27,609
Total equity
(16,521)
28,609
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 July 2018 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.
ACER MANUFACTURING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2018
31 July 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 April 2019 and are signed on its behalf by:
Mrs D Phillips
Director
Company Registration No. 07428611
ACER MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
- 3 -
1
Accounting policies
Company information
Acer Manufacturing Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 20 Darren Drive, Prince of Wales Industrial Estate, Abercarn, Newport, NP11 5AR.
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
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
is derived from
contracts for the
construction of Park Homes and
is recognised by completion. The completion
of a Park Home is recognised on despatch of the home.
Homes under construction and not yet despatched are not recognised as Revenue but as Stocks held as Work in Progress and Finished Goods
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:
Land and buildings Freehold
0% and 2% Straight Line
Plant and machinery
2% and 15% Straight Line
Fixtures, fittings & equipment
15% Straight Line
Computer equipment
15% Straight Line
Motor vehicles
25% Straight Line
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct
l
abour and, where applicable,
incidental
materials
and those overheads that have been incurred in bringing the stocks to their present location and condition.
Direct materials are supplied under contract from the customers and remain the property of the customers. The value of Stocks do not include customers material supplied under contract.
ACER MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 4 -
1.5
Cash at bank and in hand
Cash at bank and in hand
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.
1.6
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price
.
Debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at cost less any impairment.
Any impairment of debtors and loans are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.
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 other
companies
,
are
recognised at transaction price
.
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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
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.
ACER MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 5 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 68 (2017 - 32).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2017
1,179,730
547,166
1,726,896
Additions
647,078
146,431
793,509
At 31 July 2018
1,826,808
693,597
2,520,405
Depreciation and impairment
At 1 August 2017
10,418
48,845
59,263
Depreciation charged in the year
27,251
97,567
124,818
At 31 July 2018
37,669
146,412
184,081
Carrying amount
At 31 July 2018
1,789,139
547,185
2,336,324
At 31 July 2017
1,169,312
498,321
1,667,633
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
404,382
-
Other debtors
20,740
20,212
425,122
20,212
ACER MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 6 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
180,479
56,436
Taxation and social security
154,864
89,554
Other creditors
2,675,083
1,998,314
3,010,426
2,144,304
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary of £1 each
1,000
1,000