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Registered number: 03016832
A.R. COOK & SON (PLANT HIRE) LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
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A.R. COOK & SON (PLANT HIRE) LIMITED
REGISTERED NUMBER: 03016832
ABBREVIATED BALANCE SHEET
AS AT 31 JULY 2016
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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PROVISIONS FOR LIABILITIES
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Investment property reserve
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Page 1
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A.R. COOK & SON (PLANT HIRE) LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 JULY 2016
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 July 2016 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 10 February 2017.
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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A.R. COOK & SON (PLANT HIRE) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of Investment Property and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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L/Term Leasehold Property
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20% reducing balance, over life of lease using sum of digits method
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25% reducing balance, over life of lease using sum of digits method
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Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
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Page 3
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A.R. COOK & SON (PLANT HIRE) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
1.ACCOUNTING POLICIES (continued)
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Stocks 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.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as 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 tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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2.TANGIBLE FIXED ASSETS
Page 4
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A.R. COOK & SON (PLANT HIRE) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
3.INVESTMENT PROPERTY
The 2016 valuations were made by a director, on an open market value for existing use basis.
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At 1 August 2015 and 31 July 2016
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4.CREDITORS:
Amounts falling due within one year
Net obligations under finance leases and hire purchase contracts are secured on the specific assets financed.
The bank loan included above is secured by a debenture dated 3 August 2014. A personal guarantee by the director is also held by the bank for £200,000.
5.CREDITORS:
Amounts falling due after more than one year
Net obligations under finance leases and hire purchase contracts are secured on the specific assets financed.
The bank loan included above is secured by a debenture dated 3 August 2014. A personal guarantee by the director is also held by the bank for £200,000.
6.SHARE CAPITAL
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Allotted, called up and fully paid
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20,000 Ordinary A shares of £1 each
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2,000 Ordinary B shares of £1 each
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100 Ordinary C shares of £1 each
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Page 5
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