Farmec Engineering Services Limited 30/06/2019 iXBRL

Farmec Engineering Services Limited 30/06/2019 iXBRL

FARMEC ENGINEERING SERVICES LIMITED - Company Information

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30/06/2019 2019-06-30 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-07-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 04544197 2018-07-01 2019-06-30 04544197 2019-06-30 04544197 2018-06-30 04544197 2017-07-01 2018-06-30 04544197 2018-06-30 04544197 core:PlantMachinery 2018-07-01 2019-06-30 04544197 core:FurnitureFittingsToolsEquipment 2018-07-01 2019-06-30 04544197 core:MotorVehicles 2018-07-01 2019-06-30 04544197 bus:Director1 2018-07-01 2019-06-30 04544197 core:PlantMachinery 2018-06-30 04544197 core:FurnitureFittingsToolsEquipment 2018-06-30 04544197 core:MotorVehicles 2018-06-30 04544197 core:PlantMachinery 2019-06-30 04544197 core:FurnitureFittingsToolsEquipment 2019-06-30 04544197 core:MotorVehicles 2019-06-30 04544197 core:WithinOneYear 2019-06-30 04544197 core:WithinOneYear 2018-06-30 04544197 core:ShareCapital 2019-06-30 04544197 core:ShareCapital 2018-06-30 04544197 core:RetainedEarningsAccumulatedLosses 2019-06-30 04544197 core:RetainedEarningsAccumulatedLosses 2018-06-30 04544197 core:PlantMachinery 2018-06-30 04544197 core:FurnitureFittingsToolsEquipment 2018-06-30 04544197 core:MotorVehicles 2018-06-30 04544197 bus:SmallEntities 2018-07-01 2019-06-30 04544197 bus:AuditExempt-NoAccountantsReport 2018-07-01 2019-06-30 04544197 bus:FullAccounts 2018-07-01 2019-06-30 04544197 bus:SmallCompaniesRegimeForAccounts 2018-07-01 2019-06-30 04544197 bus:PrivateLimitedCompanyLtd 2018-07-01 2019-06-30 04544197 core:AllAssociates 2018-07-01 2019-06-30 04544197 1 2018-07-01 2019-06-30
Company registration number: 04544197
Farmec Engineering Services Limited
Unaudited filleted financial statements
30 June 2019
Farmec Engineering Services Limited
Contents
Statement of financial position
Notes to the financial statements
Farmec Engineering Services Limited
Statement of financial position
30 June 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 9,485 11,839
_______ _______
9,485 11,839
Current assets
Stocks 11,000 12,460
Debtors 6 107,451 111,375
Cash at bank and in hand 9,668 1,112
_______ _______
128,119 124,947
Creditors: amounts falling due
within one year 7 ( 85,759) ( 96,307)
_______ _______
Net current assets 42,360 28,640
_______ _______
Total assets less current liabilities 51,845 40,479
_______ _______
Net assets 51,845 40,479
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 51,745 40,379
_______ _______
Shareholders funds 51,845 40,479
_______ _______
For the year ending 30 June 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 June 2020 , and are signed on behalf of the board by:
Mr Trevor Franks
Director
Company registration number: 04544197
Farmec Engineering Services Limited
Notes to the financial statements
Year ended 30 June 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 6A Oldham Street, Hanley, Stoke on Trent, Staffordshire, ST1 3EY.
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.
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.
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 and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
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.
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.
4. Staff costs
The average number of persons employed by the company during the year amounted to 12 (2018: 12 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2018 and 30 June 2019 3,050 19,146 18,345 40,541
_______ _______ _______ _______
Depreciation
At 1 July 2018 2,915 12,606 13,181 28,702
Charge for the year 82 981 1,291 2,354
_______ _______ _______ _______
At 30 June 2019 2,997 13,587 14,472 31,056
_______ _______ _______ _______
Carrying amount
At 30 June 2019 53 5,559 3,873 9,485
_______ _______ _______ _______
At 30 June 2018 135 6,540 5,164 11,839
_______ _______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 85,234 78,420
Work in progress 13,732 24,944
Prepayments and accrued income 8,485 8,011
_______ _______
107,451 111,375
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 35,053 56,285
Social security and other taxes 47,539 37,175
Director loan accounts 3,167 2,847
_______ _______
85,759 96,307
_______ _______
8. Related party transactions
Trevor Franks and Neil Ratcliffe are related parties by virtue of their directorships of and shareholdings in the company.The following transactions took place during the year between Trevor Franks and the company:Amounts due to the related party as at 1 July 2018 : £2,594Payments to related party : (£23,600)Amounts received from related party : £23,760Amounts due to the related party as at 30 June 2019 : £2,754The following transactions took place during the year between Neil Ratcliffe and the company:Amounts due to the related party as at 1 July 2018 : £253Payments to related party : (£23,600)Amounts received from related party : £23,760Amounts due to the related party as at 30 June 2019 : £413During the year, Mr Neil Ratcliffe and Mr Trevor Franks received equity dividends on ordinary shares in the sum of £20,000. (2018 : £10,000).
9. Controlling party
Mr Trevor Franks and Mr Neil Ratcliffe are the ultimate controlling parties by virtue of their equal shareholding in the company.