AHCI Limited 31/07/2019 iXBRL

AHCI Limited 31/07/2019 iXBRL

AHCI LIMITED - Company Information

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Company registration number: 09135644
AHCI Limited
Unaudited filleted financial statements
31 July 2019
AHCI Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
AHCI Limited
Directors and other information
Directors
A Z Mirza
M D Salt
J E Halliday
K Gannon (Appointed 24 January 2019)
S Cooper (Appointed 24 January 2019)
J Reynolds (Appointed 24 January 2019)
Company number 09135644
Registered office 4B Dewhurst Road
Warrington
WA3 7GB
Business address Advantage House
4B Birchwood One
Birchwood
Warrington
WA3 7GB
Accountants Alexander Bursk Ltd
Parkgates
Bury New Road
Prestwich
M25 0JW
Bankers National Westminster Bank
1 Spinningfields Square
Manchester
M3 3AP
AHCI Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of AHCI Limited
Year ended 31 July 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of AHCI Limited for the year ended 31 July 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of AHCI Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of AHCI Limited and state those matters that we have agreed to state to the board of directors of AHCI Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AHCI Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that AHCI Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of AHCI Limited. You consider that AHCI Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of AHCI Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Alexander Bursk Ltd
Accountants and registered auditors
Parkgates
Bury New Road
Prestwich
M25 0JW
2 June 2020
AHCI Limited
Statement of financial position
31 July 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 308,066 20,000
_______ _______
308,066 20,000
Current assets
Debtors 6 1,219,512 527,754
Cash at bank and in hand 95,102 1,095,777
_______ _______
1,314,614 1,623,531
Creditors: amounts falling due
within one year 7 ( 1,526,113) ( 1,398,759)
_______ _______
Net current (liabilities)/assets ( 211,499) 224,772
_______ _______
Total assets less current liabilities 96,567 244,772
_______ _______
Net assets 96,567 244,772
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 96,467 244,672
_______ _______
Shareholders funds 96,567 244,772
_______ _______
For the year ending 31 July 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.
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 02 June 2020 , and are signed on behalf of the board by:
A Z Mirza
Director
Company registration number: 09135644
AHCI Limited
Notes to the financial statements
Year ended 31 July 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 4B Dewhurst Road, Warrington, WA3 7GB.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Fittings fixtures and equipment - 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.
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
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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. 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
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 25 (2018: 25 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 August 2018 - 40,000 40,000
Additions 261,566 35,992 297,558
_______ _______ _______
At 31 July 2019 261,566 75,992 337,558
_______ _______ _______
Depreciation
At 1 August 2018 - 20,000 20,000
Charge for the year - 9,492 9,492
_______ _______ _______
At 31 July 2019 - 29,492 29,492
_______ _______ _______
Carrying amount
At 31 July 2019 261,566 46,500 308,066
_______ _______ _______
At 31 July 2018 - 20,000 20,000
_______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 509,967 472,501
Other debtors 709,545 55,253
_______ _______
1,219,512 527,754
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 1,214 -
Trade creditors 1,188,934 902,164
Corporation tax 185,920 143,239
Social security and other taxes 39,211 36,081
Other creditors 110,834 317,275
_______ _______
1,526,113 1,398,759
_______ _______
8. 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 o/standing
£ £ £ £
A Z Mirza ( 132,923) 420,126 ( 360,045) ( 72,842)
M D Salt ( 64,012) 518,914 ( 457,043) ( 2,141)
K Gannon - 563,554 ( 566,140) ( 2,586)
_______ _______ _______ _______
( 196,935) 1,502,594 ( 1,383,228) ( 77,569)
_______ _______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
A Z Mirza ( 140) 285,863 ( 418,646) ( 132,923)
M D Salt ( 727) 355,361 ( 418,646) ( 64,012)
K Gannon - - - -
_______ _______ _______ _______
( 867) 641,224 ( 837,292) ( 196,935)
_______ _______ _______ _______