Arktech (NE) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06959801 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

FOR

ARKTECH (NE) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Davison

B Stansfield

S Bates

SECRETARY:

S Bates

REGISTERED OFFICE:

1 Lee Close

Pattinson North Industrial Estate

Washington

Tyne and Wear

NE38 8QF

REGISTERED NUMBER:

06959801 (England and Wales)

ACCOUNTANTS:

Ribchesters

Chartered Accountants

Finchale House

Belmont Business Park

Durham

DH1 1TW

FIXED ASSETS

Intangible assets

4

5,999

11,999

Tangible assets

5

191,526

184,123

197,525

196,122

CURRENT ASSETS

Stocks

500

-

Debtors

6

256,849

344,815

Cash at bank and in hand

314,102

151,534

571,451

496,349

CREDITORS

Amounts falling due within one year

7

308,203

375,665

NET CURRENT ASSETS

263,248

120,684

TOTAL ASSETS LESS CURRENT LIABILITIES

460,773

316,806

PROVISIONS FOR LIABILITIES

10

12,982

12,427

NET ASSETS

447,791

304,379

CAPITAL AND RESERVES

Called up share capital

11

140

140

Revaluation reserve

12

22,751

23,027

Capital redemption reserve

60

60

Retained earnings

424,840

281,152

SHAREHOLDERS' FUNDS

447,791

304,379

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

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

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 14 February 2019 and were signed on its behalf by:

B Stansfield - Director

1.	STATUTORY INFORMATION

Arktech (NE) 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents invoiced sales of goods & services as per the principal activity, net of value added tax.

In respect of turnover arising from contractual arrangements, income is attributed to the profit and loss account

as contract activity progresses in a manner appropriate to the stage of completion of each individual contract.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2017 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2017

and 31 August 2018

59,999

AMORTISATION

At 1 September 2017

48,000

Charge for year

6,000

At 31 August 2018

54,000

NET BOOK VALUE

At 31 August 2018

5,999

At 31 August 2017

11,999

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 September 2017

150,000

90,535

240,535

Additions

-

27,857

27,857

At 31 August 2018

150,000

118,392

268,392

DEPRECIATION

At 1 September 2017

7,027

49,385

56,412

Charge for year

2,817

17,637

20,454

At 31 August 2018

9,844

67,022

76,866

NET BOOK VALUE

At 31 August 2018

140,156

51,370

191,526

At 31 August 2017

142,973

41,150

184,123

Cost or valuation at 31 August 2018 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2018

150,000

-

150,000

Cost

-

118,392

118,392

150,000

118,392

268,392

If freehold property had not been revalued it would have been included at the following historical cost:

2018

2017

£

£

Cost

114,653

114,653

Aggregate depreciation

5,924

5,924

Freehold property was valued on an open market basis on 31 August 2018 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

211,993

298,881

Amounts recoverable on

contracts

19,860

25,150

Other debtors

24,996

20,784

256,849

344,815

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

57,618

71,214

Taxation and social security

186,567

138,808

Other creditors

64,018

165,643

308,203

375,665

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

15,167

4,750

Between one and five years

28,167

-

43,334

4,750

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Other Loans

50,000

150,000

Other loans totalling £50,000 are secured against a property owned by the company.

10.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Accelerated capital allowances

9,462

8,745

Other timing differences

3,520

3,682

12,982

12,427

Deferred

tax

£

Balance at 1 September 2017

12,427

Charge/(credit) on deferred

tax due on fair value change

of freehold property

(162

)

Accelerated capital allowances

charge/(credit) to profit and

loss account

717

Balance at 31 August 2018

12,982

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

40

Ordinary

£1

40

40

100

Classes A-E

£1

100

100

140

140

12.

RESERVES

Revaluation

reserve

£

At 1 September 2017

23,027

Deferred tax movement

162

Transfer

(438

)

At 31 August 2018

22,751

13.	RELATED PARTY DISCLOSURES

During the year the directors maintained interest free loans to the company. As at the balance sheet date the total

balance outstanding was £112. (2017: £1,142)