Active Engineering (GB) Limited - Period Ending 2018-11-30

Active Engineering (GB) Limited - Period Ending 2018-11-30


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Registration number: 04813906

Active Engineering (GB) Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 November 2018

HCB Accountants LLP
29 Wood Street
Stratford upon Avon
Warwickshire
CV37 6JG

 

Active Engineering (GB) Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Abridged Financial Statements

4 to 9

 

Active Engineering (GB) Limited

Company Information

Directors

Mr S Darvill

Mr G A Paine

Company secretary

Mr S Darvill

Registered office

Wilton Farm
Marlow Road
Little Marlow
Bucks
SL7 3RR

Accountants

HCB Accountants LLP
29 Wood Street
Stratford upon Avon
Warwickshire
CV37 6JG

 

Active Engineering (GB) Limited

(Registration number: 04813906)
Abridged Balance Sheet as at 30 November 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

43,247

67,661

Current assets

 

Stocks

5

7,000

10,000

Debtors

179,163

131,614

Cash at bank and in hand

 

90,465

163,444

 

276,628

305,058

Prepayments and accrued income

 

2,100

1,680

Creditors: Amounts falling due within one year

(255,968)

(272,140)

Net current assets

 

22,760

34,598

Total assets less current liabilities

 

66,007

102,259

Creditors: Amounts falling due after more than one year

(15,000)

(51,594)

Accruals and deferred income

 

(2,000)

(2,300)

Net assets

 

49,007

48,365

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

49,005

48,363

Total equity

 

49,007

48,365

For the financial year ending 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Active Engineering (GB) Limited

(Registration number: 04813906)
Abridged Balance Sheet as at 30 November 2018

Approved and authorised by the Board on 12 March 2019 and signed on its behalf by:
 

.........................................

Mr S Darvill

Company secretary and director

 

Active Engineering (GB) Limited

Notes to the Abridged Financial Statements for the Year Ended 30 November 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Wilton Farm
Marlow Road
Little Marlow
Bucks
SL7 3RR

These financial statements were authorised for issue by the Board on 12 March 2019.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Active Engineering (GB) Limited

Notes to the Abridged Financial Statements for the Year Ended 30 November 2018

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Active Engineering (GB) Limited

Notes to the Abridged Financial Statements for the Year Ended 30 November 2018

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Active Engineering (GB) Limited

Notes to the Abridged Financial Statements for the Year Ended 30 November 2018

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2017 - 8).

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2017

203,751

15,770

219,521

Disposals

(10,000)

-

(10,000)

At 30 November 2018

193,751

15,770

209,521

Depreciation

At 1 December 2017

137,797

14,063

151,860

Charge for the year

16,488

426

16,914

Eliminated on disposal

(2,500)

-

(2,500)

At 30 November 2018

151,785

14,489

166,274

Carrying amount

At 30 November 2018

41,966

1,281

43,247

At 30 November 2017

65,954

1,707

67,661

5

Stocks

2018
£

2017
£

Other inventories

7,000

10,000

 

Active Engineering (GB) Limited

Notes to the Abridged Financial Statements for the Year Ended 30 November 2018

6

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary share of £1 each

2

2

2

2

         

7

Dividends

Interim dividends paid

   

2018
£

 

2017
£

Interim dividend of £33,900.00 (2017 - £39,000.00) per each Ordinary share

 

67,800

 

78,000

         
 

Active Engineering (GB) Limited

Notes to the Abridged Financial Statements for the Year Ended 30 November 2018

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2018
£

2017
£

Remuneration

19,459

18,162