ACP Chemicals Limited 31/10/2018 iXBRL

ACP Chemicals Limited 31/10/2018 iXBRL

A.C.P. CHEMICALS LIMITED - Company Information

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Company registration number: 01767478
ACP Chemicals Limited
Unaudited filleted financial statements
31 October 2018
ACP Chemicals Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
ACP Chemicals Limited
Directors and other information
Directors D McGeever
C McGeever
A G McGeever
P C McGeever
Secretary Mrs C McGeever
Company number 01767478
Registered office Unit 12, Progress Business Centre
Whittle Parkway
Slough
Berks
SL1 6DQ
Accountants Pink Accounting Resources Ltd
ACP Chemicals Limited
Statement of financial position
31 October 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 160,751 164,795
_______ _______
160,751 164,795
Current assets
Debtors 6 1,692,880 1,428,582
Cash at bank and in hand 43,882 18,595
_______ _______
1,736,762 1,447,177
Creditors: amounts falling due
within one year 7 ( 1,230,617) ( 933,765)
_______ _______
Net current assets 506,145 513,412
_______ _______
Total assets less current liabilities 666,896 678,207
_______ _______
Net assets 666,896 678,207
_______ _______
Capital and reserves
Called up share capital 20,010 20,010
Profit and loss account 646,886 658,197
_______ _______
Shareholders funds 666,896 678,207
_______ _______
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 May 2019 , and are signed on behalf of the board by:
A G McGeever P C McGeever
Director Director
Company registration number: 01767478
ACP Chemicals Limited
Statement of changes in equity
Year ended 31 October 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 November 2016 20,010 630,979 650,989
Profit for the year 135,218 135,218
_______ _______ _______
Total comprehensive income for the year - 135,218 135,218
Dividends paid and payable ( 108,000) ( 108,000)
_______ _______ _______
Total investments by and distributions to owners - ( 108,000) ( 108,000)
_______ _______ _______
At 31 October 2017 and 1 November 2017 20,010 658,197 678,207
Profit for the year 160,389 160,389
_______ _______ _______
Total comprehensive income for the year - 160,389 160,389
Dividends paid and payable ( 171,700) ( 171,700)
_______ _______ _______
Total investments by and distributions to owners - ( 171,700) ( 171,700)
_______ _______ _______
At 31 October 2018 20,010 646,886 666,896
_______ _______ _______
ACP Chemicals 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 United Kingdom. The address of the registered office is Unit 12, Progress Business Centre, Whittle Parkway, Slough, Berks, SL1 6DQ.
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:
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.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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 4 (2017: 4 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 November 2017 and 31 October 2018 146,000 5,916 10,237 29,476 191,629
_______ _______ _______ _______ _______
Depreciation
At 1 November 2017 - 5,504 9,776 11,554 26,834
Charge for the year - 412 48 3,584 4,044
_______ _______ _______ _______ _______
At 31 October 2018 - 5,916 9,824 15,138 30,878
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2018 146,000 - 413 14,338 160,751
_______ _______ _______ _______ _______
At 31 October 2017 146,000 412 461 17,922 164,795
_______ _______ _______ _______ _______
6. Debtors
2018 2017
£ £
Trade debtors 1,590,507 1,374,415
Other debtors 102,373 54,167
_______ _______
1,692,880 1,428,582
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 319,193 350,685
Trade creditors 428,639 371,446
Corporation tax 38,646 33,487
Other creditors 444,139 178,147
_______ _______
1,230,617 933,765
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
D McGeever ( 135,564) 4,449 ( 131,115)
A G McGeever ( 1,456) ( 79) ( 1,535)
P C McGeever 2,278 ( 2,352) ( 74)
_______ _______ _______
( 134,742) 2,018 ( 132,724)
_______ _______ _______
2017
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
D McGeever ( 158,086) 22,522 ( 135,564)
A G McGeever ( 39,706) 38,250 ( 1,456)
P C McGeever ( 1,537) 3,815 2,278
_______ _______ _______
( 199,329) 64,587 ( 134,742)
_______ _______ _______