A&E Supplies Limited Filleted accounts for Companies House (small and micro)

A & E SUPPLIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02098549

A&E Supplies Limited

Filleted Unaudited Financial Statements

31 March 2019

A&E Supplies Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		679,587	352,586

Current assets

Stocks		17,500	21,400
Debtors	6	248,415	221,487
Cash at bank and in hand		154,005	233,944
		---------	---------
		419,920	476,831

Creditors: amounts falling due within one year	7	372,129		347,763
		---------		---------
Net current assets			47,791	129,068
			---------	---------
Total assets less current liabilities			727,378	481,654

Creditors: amounts falling due after more than one year	8		234,886	71,543

Provisions

Taxation including deferred tax	129,122	77,128
	---------	---------
Net assets	363,370	332,983
	---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	363,368	332,981
	---------	---------
Shareholders funds	363,370	332,983
	---------	---------

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 statement of comprehensive income has not been delivered.

For the year ending 31 March 2019 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 .

A&E Supplies Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 17 June 2019 , and are signed on behalf of the board by:

Mr A E Hurford
Director

Company registration number: 02098549

A&E Supplies Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Moorings, Dane Road Industrial Estate, Dane Road, Sale, M33 7BH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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.

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:

Plant & Machinery	-	10% straight line
Fixtures & Fittings	-	20% straight line
Motor Vehicles	-	25% straight line
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 as a finance cost 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 7 (2018: 7 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2018	648,409	2,089	20,821	1,967	673,286
Additions	383,521	–	–	–	383,521
	-----------	------	-------	------	-----------
At 31 March 2019	1,031,930	2,089	20,821	1,967	1,056,807
	-----------	------	-------	------	-----------
Depreciation
At 1 April 2018	311,728	2,089	5,205	1,678	320,700
Charge for the year	51,163	–	5,206	151	56,520
	-----------	------	-------	------	-----------
At 31 March 2019	362,891	2,089	10,411	1,829	377,220
	-----------	------	-------	------	-----------
Carrying amount
At 31 March 2019	669,039	–	10,410	138	679,587
	-----------	------	-------	------	-----------
At 31 March 2018	336,681	–	15,616	289	352,586
	-----------	------	-------	------	-----------

6. Debtors

	2019	2018
	£	£
Trade debtors	209,892	213,487
Other debtors	38,523	8,000
	---------	---------
	248,415	221,487
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	159,157	124,554
Corporation tax	–	37,628
Social security and other taxes	24,632	57,522
Other creditors	188,340	128,059
	---------	---------
	372,129	347,763
	---------	---------

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	234,886	71,543
	---------	-------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr A E Hurford	25,423	( 28,318)	36,040	33,145
Mrs E P Hurford	38,431	( 28,318)	36,040	46,153
	-------	-------	-------	-------
	63,854	( 56,636)	72,080	79,298
	-------	-------	-------	-------

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr A E Hurford	9,224	( 19,841)	36,040	25,423
Mrs E P Hurford	40,974	( 38,583)	36,040	38,431
	-------	-------	-------	-------
	50,198	( 58,424)	72,080	63,854
	-------	-------	-------	-------