Agricultural Auto Engineering Ltd. - Abbreviated accounts 16.3

REGISTERED NUMBER: SC290408 (Scotland)

Agricultural Auto Engineering Ltd.

Abbreviated Unaudited Accounts

for the Year Ended 31 October 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

G A Fitzelle

SECRETARY:

Mrs A Fitzelle

REGISTERED OFFICE:

27 Clifford Road

North Berwick

EH39 4PW

REGISTERED NUMBER:

SC290408 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Bank of Scotland

23 Westgate

North Berwick

EH39 4AG

FIXED ASSETS

Intangible assets

2

87,500

96,250

Tangible assets

3

220,688

229,713

308,188

325,963

CURRENT ASSETS

Stocks

3,605

3,811

Debtors

62,100

65,078

Cash at bank and in hand

146,344

79,951

212,049

148,840

CREDITORS

Amounts falling due within one year

232,885

208,073

NET CURRENT LIABILITIES

(20,836

)

(59,233

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

287,352

266,730

PROVISIONS FOR LIABILITIES

12,229

15,509

NET ASSETS

275,123

251,221

CAPITAL AND RESERVES

Called up share capital

4

2

Profit and loss account

275,121

251,219

SHAREHOLDERS' FUNDS

275,123

251,221

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2016 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 27 July 2017 and were signed by:

G A Fitzelle - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in

accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover and revenue recognition

Turnover represents net invoiced sales of automotive and agricultural engineering services and

goods.

Revenue is recognised as earned on completion of services and delivery of goods.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Computer equipment

-

25% on cost

In the opinion of the director, due to the location of the freehold property and the proposed

maintenance programme, he does not consider that the value of the property will diminish.

Therefore there is no depreciation charged on the cost of the heritable property. This policy is not

in accordance with the requirements of the Companies Act 2006, but departure from the provisions

of the Act is required in order to provide a true and fair view.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date where transactions or events have occurred at that date that will result in

an obligation to pay more, or a right to pay less or to receive more, tax. 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 tax is measured on an undiscounted basis at the rates that are expected

to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or

substantively enacted at the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line

basis over the period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2015

and 31 October 2016

175,000

AMORTISATION

At 1 November 2015

78,750

Amortisation for year

8,750

At 31 October 2016

87,500

NET BOOK VALUE

At 31 October 2016

87,500

At 31 October 2015

96,250

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2015

313,005

Additions

9,133

At 31 October 2016

322,138

DEPRECIATION

At 1 November 2015

83,292

Charge for year

18,158

At 31 October 2016

101,450

NET BOOK VALUE

At 31 October 2016

220,688

At 31 October 2015

229,713

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2

Ordinary

£1

2