Company Registration No. SC406670 (Scotland)
APF HEATING AND MECHANICAL SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
APF HEATING AND MECHANICAL SERVICES LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
APF HEATING AND MECHANICAL SERVICES LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2019
30 June 2019
- 1 -
2019
2018
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
5
6,633
6,545
Current assets
Inventories
57,000
53,951
Trade and other receivables
6
33,376
14,998
Cash and cash equivalents
79,672
826
170,048
69,775
Current liabilities
7
(153,576)
(56,657)
Net current assets
16,472
13,118
Total assets less current liabilities
23,105
19,663
Provisions for liabilities
(1,260)
-
Net assets
21,845
19,663
Equity
Called up share capital
8
100
100
Retained earnings
21,745
19,563
Total equity
21,845
19,663
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 June 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 member has 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.
APF HEATING AND MECHANICAL SERVICES LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2019
30 June 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 February 2020 and are signed on its behalf by:
Mr K Paterson
Director
Company Registration No. SC406670
APF HEATING AND MECHANICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 3 -
1
Company Information
APF Heating and Mechanical Services Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
4 Parade Spur North, Pinefield, Elgin, Moray, IV30 6AL.
2
Compliance with accounting standards
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
pounds sterling
, which is the functional currency of the company
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 June 2019
are the
first
financial statements of APF Heating and Mechanical Services Ltd 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 July 2017. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
3
Accounting policies
3.1
Revenue
Revenue 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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
3.2
Property, plant and equipment
Property, plant and equipment
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 equipment
25% reducing balance
Motor vehicles
25% reducing balance
APF HEATING AND MECHANICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
3
Accounting policies
(Continued)
- 4 -
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
.
3.3
Inventories
Inventories 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 inventories to their present location and condition.
3.4
Basic 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 statement of financial position 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.
3.5
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 income statement 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
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
3.6
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 non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
3.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
3.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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
s
asset are consumed.
APF HEATING AND MECHANICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
3
Accounting policies
(Continued)
- 5 -
3.9
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.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was 10 (2018 - 2).
5
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 July 2018
28,297
Additions
2,300
At 30 June 2019
30,597
Depreciation and impairment
At 1 July 2018
21,753
Depreciation charged in the year
2,211
At 30 June 2019
23,964
Carrying amount
At 30 June 2019
6,633
At 30 June 2018
6,545
6
Trade and other receivables
2019
2018
Amounts falling due within one year:
£
£
Trade receivables
33,176
14,998
Other receivables
200
-
33,376
14,998
APF HEATING AND MECHANICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 6 -
7
Current liabilities
2019
2018
£
£
Trade payables
34,123
14,101
Corporation tax
1,587
2,095
Other taxation and social security
41,504
4,394
Other payables
76,362
36,067
153,576
56,657
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
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
2018
£
£
Within one year
7,916
-
7,916
-