Expart Limited - Accounts to registrar (filleted) - small 18.2
Expart Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Expart Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2020 |
| Expart Limited (Registered number: 02174071) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Expart Limited |
| Company Information |
| for the Year Ended 31 March 2020 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Expart Limited (Registered number: 02174071) |
| Balance Sheet |
| 31 March 2020 |
| 2020 | 2019 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Share capital | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Expart Limited (Registered number: 02174071) |
| Balance Sheet - continued |
| 31 March 2020 |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| Expart Limited (Registered number: 02174071) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2020 |
| 1. | GENERAL INFORMATION |
| Expart Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. |
| 3. | ACCOUNTING POLICIES |
| BASIS OF PREPARATION |
| These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. |
| The company's functional and presentational currency is pound sterling. |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND KEY ACCOUNTING ESTIMATES |
| The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. |
| GOING CONCERN |
| The financial statements have been prepared on a going concern basis. |
| TANGIBLE ASSETS |
| Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
| The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and |
| installation. |
| DEPRECIATION |
| Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows: |
| Asset class | Depreciationmethod and rate |
| Fixtures and fittings | 25% straight line basis |
| Office equipment | 25% straight line basis |
| Motor vehicles | 25% straight line basis |
| Plant and machinery | 25% straight line basis |
| Computer equipment | 25% straight line basis |
| REVENUE RECOGNITION |
| Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. |
| The company recognises revenue when: |
| The amount of revenue can be reliably measured; |
| it is probable that future economic benefits will flow to the entity; |
| and specific criteria have been met for each of the company's activities. |
| Expart Limited (Registered number: 02174071) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| STOCKS |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| TAXATION |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| DEFERRED TAX |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| CASH AND CASH EQUIVALENTS |
| Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
| TRADE DEBTORS |
| Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. |
| Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
| STOCKS |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. |
| The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. |
| Expart Limited (Registered number: 02174071) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| TRADE CREDITORS |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
| business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
| Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
| BORROWINGS |
| Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. |
| Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
| Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
| SHARE CAPITAL |
| Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. |
| DIVIDENDS |
| Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared. |
| DEFINED CONTRIBUTION PENSION OBLIGATION |
| A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. |
| Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Expart Limited (Registered number: 02174071) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Office | Plant and | and |
| equipment | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 April 2019 |
| Additions |
| Disposals |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| Eliminated on disposal |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| 6. | STOCKS |
| 2020 | 2019 |
| £ | £ |
| Stocks |
| Expart Limited (Registered number: 02174071) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' current accounts | 54,000 | - |
| VAT control account |
| Prepayments |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Loans and borrowings (see note 10) |
| Trade creditors |
| Pension contributions unpaid | 443 | - |
| Corporation tax liability |
| Paye NI liability |
| Other creditors |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Loans and borrowings (see note 10) |
| 10. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2020 | 2019 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Other borrowings |
| Amounts falling due between one and two years: |
| Other borrowings | 39,477 |
| Amounts falling due between two and five years: |
| Other loans - 2-5 years |
| Expart Limited (Registered number: 02174071) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 11. | SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary shares | £1 | 100 | 100 |
| 12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 March 2020 and 31 March 2019: |
| 2020 | 2019 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |