Andy Powell Commercials Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02088096 (England and Wales)

ANDY POWELL COMMERCIALS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

Chartered Certified Accountants' Report

8

DIRECTOR:

Mr A L Powell

SECRETARY:

Mrs F J Powell

REGISTERED OFFICE:

22 Burcott Road

Hereford

Herefordshire

HR4 9LW

REGISTERED NUMBER:

02088096 (England and Wales)

ACCOUNTANTS:

Lockett & Co

Chartered Certified Accountants

Shelton House

Coningsby Street

Hereford

Herefordshire

HR1 2DY

FIXED ASSETS

Tangible assets

4

224,090

251,601

CURRENT ASSETS

Stocks

127,256

138,655

Debtors

5

158,770

235,195

Cash at bank

88,500

-

374,526

373,850

CREDITORS

Amounts falling due within one year

6

490,325

491,605

NET CURRENT LIABILITIES

(115,799

)

(117,755

)

TOTAL ASSETS LESS CURRENT LIABILITIES

108,291

133,846

CREDITORS

Amounts falling due after more than one year

7

-

(21,205

)

PROVISIONS FOR LIABILITIES

(25,354

)

(29,929

)

NET ASSETS

82,937

82,712

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

82,935

82,710

SHAREHOLDERS' FUNDS

82,937

82,712

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 18 February 2019 and were signed by:

Mr A L Powell - Director

1.	STATUTORY INFORMATION

Andy Powell Commercials Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover represents the fair value of goods sold and services provided under contracts with customers to the

extent that there is a right to consideration. It is measured at the fair value of the consideration due. Where a

service is incomplete at the period end, turnover represents the value of the service provided to that date based

on an appropriate proportion of the total expected consideration at completion.

Turnover from the sale of goods is recognised when goods are delivered and legal title has passed.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off the cost of each asset less its estimated

residual value over its estimated useful life, or, if held under a finance lease, over the lease term, whichever is the

shorter.

%

Motor vehicles

Reducing balance basis

10

Plant and equipment

Reducing balance basis

10

Office equipment

Reducing balance basis

10

Hospitality units

Reducing balance basis

10

Computer equipment

Reducing balance basis

10

Stocks

Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and

sell, after making due allowance for obsolete and slow moving items.

Work in progress includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments

Financial assets and financial liabilities are recognised on the balance sheet when the entity becomes party to the

contractual provisions of the financial instrument.

Debtors and Creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in

administrative expenses.

Bank loans are initially recognised at the transaction price including transaction costs. Subsequent to initial

recognition, loans are stated at amortised cost using the effective interest rate method, less impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Company as lessor

Rental income from an operating lease is included in turnover and is recognised on a straight-line basis over the

period of the lease.

Assets held for operating lease purposes are recorded as fixed assets and depreciated over their useful life.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2017 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

453,363

Additions

6,383

Disposals

(41,375

)

At 31 March 2018

418,371

DEPRECIATION

At 1 April 2017

201,762

Charge for year

19,110

Eliminated on disposal

(26,591

)

At 31 March 2018

194,281

NET BOOK VALUE

At 31 March 2018

224,090

At 31 March 2017

251,601

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

149,289

210,450

Other debtors

9,481

24,745

158,770

235,195

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

31,702

31,426

Hire purchase contracts

16,735

40,143

Trade creditors

226,283

175,506

Taxation and social security

22,974

65,854

Other creditors

192,631

178,676

490,325

491,605

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

-

4,578

Hire purchase contracts

-

16,627

-

21,205

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

25,801

11,550

Bank loans

5,901

24,454

Hire purchase contracts

16,735

56,770

48,437

92,774

The bank borrowing is secured by an unlimited debenture and a personal guarantee of the director supported by a

second charge over the private residence of the director.

Net obligations under hire purchase and finance lease contracts are secured on individual assets financed by such

agreements.

9.	OTHER FINANCIAL COMMITMENTS

At 31 March 2018, the company had total commitments under non-cancellable operating leases over the

remaining life of those leases of £201,083 (2017 - £220,083)

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Profit and Loss Account and certain other primary statements

and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Andy Powell Commercials Limited for the year ended 31 March 2018 which comprise the Profit

and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Andy Powell Commercials Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Andy Powell Commercials Limited and state those matters that we have agreed to state to the director of Andy Powell Commercials Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Andy Powell Commercials Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Andy Powell Commercials Limited. You consider that Andy Powell Commercials Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Andy Powell Commercials Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Lockett & Co

Chartered Certified Accountants

Shelton House

Coningsby Street

Hereford

Herefordshire

HR1 2DY

18 February 2019