Absolute Power Tools Limited 31/08/2018 iXBRL
Absolute Power Tools Limited 31/08/2018 iXBRL
Company registration number:
06661883
Unaudited filleted financial statements
Statement of financial position
31 August 2018
2018 | 2017 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 5 |
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_______ | _______ | ||||||||
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Current assets | |||||||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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_______ | _______ | ||||||||
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Creditors: amounts falling due | |||||||||
within one year | 7 |
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_______ | _______ | ||||||||
Net current assets |
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_______ | _______ | ||||||||
Total assets less current liabilities |
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Creditors: amounts falling due | |||||||||
after more than one year | 8 |
(
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Provisions for liabilities |
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_______ | _______ | ||||||||
Net assets |
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_______ | _______ | ||||||||
Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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_______ | _______ | ||||||||
Shareholders funds |
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_______ | _______ | ||||||||
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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
28 May 2019
, and are signed on behalf of the board by:
Director
Company registration number:
06661883
Notes to the financial statements
Year ended 31 August 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Avro Way, Bowerhill Industrial Estate, Melksham, Wiltshire, SN12 6TP.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
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
Operating leases
Tangible assets
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:
Tools for rehire | - |
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Plant and machinery | - |
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Fittings fixtures and equipment | - |
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Motor vehicles | - |
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Software | - | 3 and 5 years straight line | |
Impairment
Stocks
Hire purchase and finance leases
Provisions
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
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.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
7
(2017:
6
).
5.
Tangible assets
Tools for rehire | Software | Plant and machinery | Motor vehicles | Fixtures, fittings and equipment | Total | ||
£ | £ | £ | £ | £ | £ | ||
Cost | |||||||
At 1 September 2017 |
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11,254 |
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Additions | 56,429 | - | 143 | - | 199 | 56,771 | |
Disposals |
(
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- | - | - | - |
(
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_______ | _______ | _______ | _______ | _______ | _______ | ||
At 31 August 2018 |
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11,453 |
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_______ | _______ | _______ | _______ | _______ | _______ | ||
Depreciation | |||||||
At 1 September 2017 |
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7,298 |
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Charge for the year |
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- |
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624 |
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Disposals |
(
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- | - | - | - |
(
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_______ | _______ | _______ | _______ | _______ | _______ | ||
At 31 August 2018 |
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7,922 |
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_______ | _______ | _______ | _______ | _______ | _______ | ||
Carrying amount | |||||||
At 31 August 2018 |
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- |
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3,531 |
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_______ | _______ | _______ | _______ | _______ | _______ | ||
At 31 August 2017 |
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- |
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3,956 |
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_______ | _______ | _______ | _______ | _______ | _______ | ||
6.
Debtors
2018 | 2017 | |||
£ | £ | |||
Trade debtors |
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Other debtors |
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_______ | _______ | |||
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_______ | _______ | |||
7.
Creditors: amounts falling due within one year
2018 | 2017 | |||
£ | £ | |||
Trade creditors |
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Social security and other taxes |
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Other creditors |
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_______ | _______ | |||
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_______ | _______ | |||
8.
Creditors: amounts falling due after more than one year
2018 | 2017 | |||
£ | £ | |||
Other creditors |
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_______ | _______ | |||
9.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ | £ | |
Later than 1 year and not later than 5 years |
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_______ | _______ | |
10.
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 | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
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(
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_______ | _______ | _______ | _______ | ||
2017 | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
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(
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(
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_______ | _______ | _______ | _______ | ||