Andrew Varley Limited Company Accounts

Andrew Varley Limited Company Accounts

ANDREW VARLEY LIMITED - Company Information

Print Friendly Version

false false false false false false false false false true false false false false false false false No description of principal activity 2016-04-15 Sage Accounts Production Advanced 2017 Update 1 - FRS xbrli:pure xbrli:shares iso4217:GBP 10127320 2016-04-15 2017-04-30 10127320 2017-04-30 10127320 bus:RegisteredOffice 2016-04-15 2017-04-30 10127320 bus:LeadAgentIfApplicable 2016-04-15 2017-04-30 10127320 bus:Director1 2016-04-15 2017-04-30 10127320 core:ShareCapital 2016-04-15 2017-04-30 10127320 core:RetainedEarningsAccumulatedLosses 2016-04-15 2017-04-30 10127320 core:WithinOneYear 2017-04-30 10127320 core:ShareCapital 2017-04-30 10127320 core:RetainedEarningsAccumulatedLosses 2017-04-30 10127320 bus:Director1 2017-04-30 10127320 bus:FRS102 2016-04-15 2017-04-30 10127320 bus:AuditExemptWithAccountantsReport 2016-04-15 2017-04-30 10127320 bus:FullAccounts 2016-04-15 2017-04-30 10127320 bus:SmallCompaniesRegimeForAccounts 2016-04-15 2017-04-30 10127320 bus:PrivateLimitedCompanyLtd 2016-04-15 2017-04-30
COMPANY REGISTRATION NUMBER: 10127320
Andrew Varley Limited
Filleted Unaudited Financial Statements
30 April 2017
Andrew Varley Limited
Financial Statements
Period from 15 April 2016 to 30 April 2017
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5
Andrew Varley Limited
Officers and Professional Advisers
Director
A.J. Varley
Registered office
80 Beeston Fields Drive
Bramcote
Nottingham
NG9 3TD
Accountants
Edwards Pearson & White LLP
Chartered Certified Accountants
Warwick & Coventry
Andrew Varley Limited
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Andrew Varley Limited
Period from 15 April 2016 to 30 April 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Andrew Varley Limited for the period ended 30 April 2017, which comprise the statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of Andrew Varley Limited in accordance with the terms of our engagement letter dated 16 June 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Andrew Varley Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Andrew Varley Limited and its director for our work or for this report.
It is your duty to ensure that Andrew Varley 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 Andrew Varley Limited. You consider that Andrew Varley Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Andrew Varley Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Edwards Pearson & White LLP Chartered Certified Accountants
Warwick & Coventry
1 August 2017
Andrew Varley Limited
Statement of Financial Position
30 April 2017
30 Apr 17
Note
£
£
Current assets
Cash at bank and in hand
21,000
Creditors: amounts falling due within one year
4
5,415
-------
Net current assets
15,585
-------
Total assets less current liabilities
15,585
-------
Capital and reserves
Called up share capital
100
Profit and loss account
15,485
-------
Member funds
15,585
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 July 2017 , and are signed on behalf of the board by:
A.J. Varley
Director
Company registration number: 10127320
Andrew Varley Limited
Statement of Changes in Equity
Period from 15 April 2016 to 30 April 2017
Called up share capital
Profit and loss account
Total
£
£
£
At 15 April 2016
–
–
–
Profit for the period
15,485
15,485
----
-------
-------
Total comprehensive income for the period
–
15,485
15,485
Issue of shares
100
–
100
----
----
----
Total investments by and distributions to owners
100
–
100
----
-------
-------
At 30 April 2017
100
15,485
15,585
----
-------
-------
Andrew Varley Limited
Notes to the Financial Statements
Period from 15 April 2016 to 30 April 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 80 Beeston Fields Drive, Bramcote, Nottingham, NG9 3TD.
2. Statement of compliance
The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102') and Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the company and rounded to the nearest £.
Judgements in applying accounting policies and key sources of estimation in uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant judgements have had to be made by the directors in preparing these financial statements.
Revenue recognition
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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Creditors: amounts falling due within one year
30 Apr 17
£
Corporation tax
3,852
Other creditors
1,201
Other creditors
362
------
5,415
------
5. Financial instruments at fair value
The company only has basic financial instruments. - Financial assets Financial assets comprise cash at bank and in hand, trade debtors and amounts owed by group undertakings; these are initially recorded at cost on the date they originate and are subsequently recorded at amortised cost under the effective interest method. The company considers evidence of impairment for all individual trade and other debtors and any subsequent impairment is recognised in profit or loss. - Financial liabilities Financial liabilities comprise corporation tax, social security and other taxes and accruals; these are initially recorded at cost on the date they originate, and are subsequently carried at amortised cost under the effective interest rate method. - Debtors Short term debtors are measured at transaction price, less any impairment. - Creditors Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. - Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice or not more than 24 hours. - Stock and work in progress Stock and work in progress is valued at the lower of cost or net realisable value. Cost is based on purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs for completion and disposal. At each reporting date stock and work in progress are assessed for impairment. If stock and work in progress is impaired the carrying value is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss. - Income Tax Taxation expense represents the aggregate amount of the current tax and deferred tax recognised in the reporting period. Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognise4ed in the financial statements of current and previous periods. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantially enacted by the reporting date and that they are expected to apply to the reversal of the timing differences. Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.
6. Shares issued
During the period 100 £1 Ordinary Shares were issued at par value.
7. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
30 Apr 17
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
A.J. Varley
–
( 362)
( 362)
----
----
----