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Atlas Lifts and Services Limited
Abbreviated accounts
For The Year Ended 31 March 2016
Taxlab
Chartered Certified Accountants
Abbreviated Balance Sheet
|
2016 |
2015 |
|
Notes |
£ |
£ |
£ |
£ |
FIXED ASSETS |
Tangible Assets |
3
|
|
139,114
|
|
147,497
|
|
|
|
|
|
|
|
|
|
139,114
|
|
147,497
|
CURRENT ASSETS |
Stocks |
|
12,000
|
|
11,500
|
|
Debtors |
|
182,121
|
|
250,548
|
|
Cash at bank and in hand |
|
336,649
|
|
316,293
|
|
|
|
|
|
|
|
|
530,770
|
|
578,341
|
|
Creditors: Amounts Falling Due Within One Year |
|
(202,169
)
|
|
(211,085
)
|
|
|
|
|
|
|
NET CURRENT ASSETS (LIABILITIES) |
|
|
328,601
|
|
367,256
|
|
|
|
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
467,715
|
|
514,753
|
|
|
|
|
|
|
NET ASSETS |
|
|
467,715
|
|
514,753
|
|
|
|
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
4
|
|
2
|
|
2
|
Revaluation reserve |
|
|
10,800
|
|
10,800
|
Profit and Loss Account |
|
|
456,913
|
|
503,951
|
|
|
|
|
|
|
SHAREHOLDERS' FUNDS |
|
|
467,715
|
|
514,753
|
|
|
|
|
|
|
For the year ending 31 March 2016 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 in accordance with section 476 of the Companies Act 2006.
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
-
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).
On behalf of the board
Page 1
Notes to the Abbreviated Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
The company supplies and installs stair lifts and recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold |
2% straight line
|
Leasehold |
25% straight line
|
Plant & Machinery |
25% straight line
|
Motor Vehicles |
25% straight line
|
Fixtures & Fittings |
25% reducing balance
|
1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.7.
Revaluation Reserve
Surpluses or deficits arising on the revaluation of individual fixed assets other than investment properties are credited or debited to a non-distributible reserve known as the revaluation reserve (see also note 9 ). Revaluation deficits in excess of the amount of prior revaluation surpluses on the same asset are charged to the profit and loss account.
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2.
Intangible Assets
|
|
Total |
Cost |
As at 1 April 2015 |
110,000
|
|
|
As at 31 March 2016 |
110,000
|
|
|
Amortisation |
As at 1 April 2015 |
110,000
|
|
|
As at 31 March 2016 |
110,000
|
|
|
Net Book Value |
As at 31 March 2016 |
-
|
|
|
As at 1 April 2015 |
-
|
|
|
3.
Tangible Assets
|
|
Total |
Cost |
As at 1 April 2015 |
299,775
|
Additions |
3,715
|
|
|
As at 31 March 2016 |
303,490
|
|
|
Depreciation |
As at 1 April 2015 |
152,278
|
Provided during the period |
12,098
|
|
|
As at 31 March 2016 |
164,376
|
|
|
Net Book Value |
As at 31 March 2016 |
139,114
|
|
|
As at 1 April 2015 |
147,497
|
|
|
The freehold land and buildings were revalued for the first time on 17 March 2014 by an independent valuer, David Adamson, chartered surveyors, with fair value determined by appraisal from market-based evidence of recent transactions for similar properties in the same area.
4.
Share Capital
|
Value |
Number |
2016 |
|
2015 |
Allotted, called up and fully paid |
£ |
|
£ |
|
£ |
Ordinary shares
|
1.000
|
2
|
2
|
|
2
|
|
|
|
|
|
|
|
5.
Transactions With and Loans to Directors
Dividends paid to directors
Page 3
|
2016 |
2015 |
|
£ |
£ |
Mr Ian Lawson |
28,500
|
28,000
|
Mrs Sally Lawson |
28,500
|
28,000
|
6.
Ultimate Controlling Party
The company's ultimate controlling party is directors by virtue of his ownership of 100% of the issued share capital in the company.
Switon & Lawson Ltd acquired the 100% of the issued share capital on 6 April 2016. Switon & Lawson Ltd was incorporated in Scotland.
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