Absolute Power Tools Limited 31/08/2022 iXBRL
Absolute Power Tools Limited 31/08/2022 iXBRL
Company registration number:
06661883
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
Directors and other information
Directors |
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Company number |
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Registered office |
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Accountant |
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Temple Court | ||
8 The Causeway | ||
Chippenham | ||
Wiltshire | ||
SN15 3BT | ||
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Absolute Power Tools Limited
Year ended 31 August 2022
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Absolute Power Tools Limited for the year ended 31 August 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Absolute Power Tools Limited, as a body, in accordance with the terms of my engagement letter dated 25 March 2011. My work has been undertaken solely to prepare for your approval the financial statements of Absolute Power Tools Limited and state those matters that we have agreed to state to the board of directors of Absolute Power Tools Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Absolute Power Tools Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Absolute Power Tools 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 Absolute Power Tools Limited. You consider that Absolute Power Tools Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Absolute Power Tools Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Chartered Accountants & Chartered Tax Advisers
Temple Court
8 The Causeway
Chippenham
Wiltshire
SN15 3BT
1 February 2023
Statement of financial position
31 August 2022
2022 | 2021 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 5 |
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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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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 | 9 |
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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:
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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
01 February 2023
, and are signed on behalf of the board by:
Director
Company registration number:
06661883
Notes to the financial statements
Year ended 31 August 2022
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
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 | - | 3 and 5 years straight line | |
Plant and machinery | - | 3 years straight line | |
Fittings fixtures and equipment | - | 15% reducing balance | |
Motor vehicles | - | 25% reducing balance | |
Software | - | 3 and 5 years straight line | |
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.
Stocks
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.
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
7
(2021:
7
).
5.
Tangible assets
Tools for rehire | Software | Plant and machinery | Motor vehicles | Fixtures, fittings and equipment | Total | ||
£ | £ | £ | £ | £ | £ | ||
Cost | |||||||
At 1 September 2021 |
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12,427 |
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Additions |
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2,642 |
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Disposals |
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At 31 August 2022 |
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15,069 |
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Depreciation | |||||||
At 1 September 2021 |
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9,551 |
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Charge for the year |
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828 |
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Disposals |
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At 31 August 2022 |
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10,379 |
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Carrying amount | |||||||
At 31 August 2022 |
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4,690 |
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_______ | _______ | _______ | _______ | _______ | _______ | ||
At 31 August 2021 |
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2,876 |
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_______ | _______ | _______ | _______ | _______ | _______ | ||
6.
Debtors
2022 | 2021 | |||
£ | £ | |||
Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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7.
Creditors: amounts falling due within one year
2022 | 2021 | |||
£ | £ | |||
Bank loans and overdrafts |
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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
2022 | 2021 | |||
£ | £ | |||
Bank loans and overdrafts |
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Other creditors |
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_______ | _______ | |||
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9.
Provisions
Deferred tax | Total | ||
£ | £ | ||
At 1 September 2021 |
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Charges against provisions |
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At 31 August 2022 |
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10.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022 | 2021 | |||
£ | £ | |||
Included in provisions (note 9) |
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The deferred tax account consists of the tax effect of timing differences in respect of:
2022 | 2021 | |||
£ | £ | |||
Accelerated capital allowances |
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11.
Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company: | ||||
2022 | ||||
Balance brought forward | Advances /(credits) to the directors | Balance o/standing | ||
£ | £ | £ | ||
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2021 | ||||
Balance brought forward | Advances /(credits) to the directors | Balance o/standing | ||
£ | £ | £ | ||
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