Engineering & Factory Supplies Limited 31/10/2018 iXBRL

Engineering & Factory Supplies Limited 31/10/2018 iXBRL

ENGINEERING & FACTORY SUPPLIES LIMITED - Company Information

Print Friendly Version

31/10/2018 2018-10-31 false false false false false false false false true false true false false true false false false false false false false false No description of principal activities is disclosed 2017-11-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 01943507 2017-11-01 2018-10-31 01943507 2018-10-31 01943507 2017-10-31 01943507 2016-11-01 2017-10-31 01943507 2017-10-31 01943507 core:MotorVehicles 2017-11-01 2018-10-31 01943507 bus:Director1 2017-11-01 2018-10-31 01943507 core:WithinOneYear 2018-10-31 01943507 core:WithinOneYear 2017-10-31 01943507 core:ShareCapital 2018-10-31 01943507 core:ShareCapital 2017-10-31 01943507 core:RetainedEarningsAccumulatedLosses 2018-10-31 01943507 core:RetainedEarningsAccumulatedLosses 2017-10-31 01943507 bus:SmallEntities 2017-11-01 2018-10-31 01943507 bus:AuditExempt-NoAccountantsReport 2017-11-01 2018-10-31 01943507 bus:AbridgedAccounts 2017-11-01 2018-10-31 01943507 bus:SmallCompaniesRegimeForAccounts 2017-11-01 2018-10-31 01943507 bus:PrivateLimitedCompanyLtd 2017-11-01 2018-10-31
Company registration number: 01943507
Engineering & Factory Supplies Limited
Unaudited filleted abridged financial statements
31 October 2018
Engineering & Factory Supplies Limited
Statement of consent to prepare abridged financial statements
All of the members of Engineering & Factory Supplies Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 October 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Engineering & Factory Supplies Limited
Abridged statement of financial position
31 October 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 24,749 28,703
_______ _______
24,749 28,703
Current assets
Stocks 358,793 371,772
Debtors 272,882 259,412
Cash at bank and in hand 386,952 341,924
_______ _______
1,018,627 973,108
Creditors: amounts falling due
within one year ( 153,208) ( 151,131)
_______ _______
Net current assets 865,419 821,977
_______ _______
Total assets less current liabilities 890,168 850,680
_______ _______
Net assets 890,168 850,680
_______ _______
Capital and reserves
Called up share capital 2,000 2,000
Profit and loss account 888,168 848,680
_______ _______
Shareholders funds 890,168 850,680
_______ _______
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 March 2018 , and are signed on behalf of the board by:
Mr P J Holmes
Director
Company registration number: 01943507
Engineering & Factory Supplies Limited
Notes to the financial statements
Year ended 31 October 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Algores Way, Wisbech, Cambs, PE13 2TQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2017: 12 ).
5. Tangible assets
£
Cost
At 1 November 2017 241,322
Additions 4,851
_______
At 31 October 2018 246,173
_______
Depreciation
At 1 November 2017 212,619
Charge for the year 8,805
_______
At 31 October 2018 221,424
_______
Carrying amount
At 31 October 2018 24,749
_______
At 31 October 2017 28,703
_______