| ADMIRAL U.P.V.C. SPECIALISTS LTD |
| Registered number: |
04823754 |
| Balance Sheet |
| as at 31 March 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
92,928 |
|
|
113,552 |
| Investments |
4 |
|
|
720,917 |
|
|
701,106 |
|
|
|
|
813,845 |
|
|
814,658 |
|
| Current assets |
| Stocks |
|
|
234,120 |
|
|
234,540 |
| Debtors |
5 |
|
496,603 |
|
|
409,640 |
| Cash at bank and in hand |
|
|
145 |
|
|
10,016 |
|
|
|
730,868 |
|
|
654,196 |
|
| Creditors: amounts falling due within one year |
6 |
|
(460,176) |
|
|
(376,787) |
|
| Net current assets |
|
|
|
270,692 |
|
|
277,409 |
|
| Total assets less current liabilities |
|
|
|
1,084,537 |
|
|
1,092,067 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(144,707) |
|
|
(198,255) |
|
| Provisions for liabilities |
|
|
|
(72,162) |
|
|
(70,854) |
|
|
| Net assets |
|
|
|
867,668 |
|
|
822,958 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
867,568 |
|
|
822,858 |
|
| Shareholders' funds |
|
|
|
867,668 |
|
|
822,958 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit 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 the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| A P Marks |
| Director |
| Approved by the board on 5 September 2017 |
|
| ADMIRAL U.P.V.C. SPECIALISTS LTD |
| Notes to the Accounts |
| for the year ended 31 March 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Changes in accounting policies |
|
a) Loans to the subsidiary company are interest-free and were previously recorded at the undiscounted amount payable. Under FRS102, the loans are recognised at amortised cost using the effective interest rate method. In the year ended 31st March 2016 this has resulted in a loan relationship interest credit of £5,935 in the Profit and Loss account, a reduction of £101,006 in inter-company debtors at 31st March 2016, and an increase of £106,941 in the investment in the subsidiary company which has been offset by a transfer of £5,935 from Profit and Loss account reserves to account for the unwinding of the loan relationship interest at 31st March 2016, resulting in a net increase of £101,006 in the investment in the subsidiary company at 31st March 2016.
(b) Previously, unrealised gains on revaluation of investment property were taken to a revaluation reserve. Under FRS102 those gains must be taken to Profit and Loss account and therefore the unrealised surplus of £457,749 arising on revaluation of investment properties in the year ended 31st March 2016 has been moved from the revaluation reserve to the Profit and Loss account.
(c) Previously, deferred tax was not provided for in respect of unrealised gains on the revaluation of the investment property, but under FRS102 a provision is required. This has resulted in a provision of £64,000 in the year ended 31st March 2016, which has decreased the balance on Profit and Loss account at 31st March 2016 by £64,000. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows: |
|
|
Leasehold property improvements |
10% straight line, or the lease term if shorter |
|
Motor vehicles |
25% on net book value |
|
Tools and equipment |
25% on net book value |
|
|
Investments |
|
Investments in subsidiaries are measured at cost less any accumulated impairment losses and includes loans to the subsidiary which are are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
In accordance with FRS102 investment property is measured at fair value and is 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 because the property is held for its investment potential. If this departure from the Companies Act had not been made, the profit for the financial year would have been reduced by depreciation of £4,122 (2016: £1,717). Changes in fair value are included in the profit and loss account. Fair value has been estimated by a director of the company in conjunction with advice from an estate agent, based mainly on the rental income and expected rate of return. |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. There are no such leases in either of the years under review. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Leasehold property improvements |
|
Tools and equipment |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2016 |
76,366 |
|
24,214 |
|
65,444 |
|
166,024 |
|
Additions |
3,108 |
|
1,245 |
|
- |
|
4,353 |
|
Disposals |
- |
|
- |
|
(18,300) |
|
(18,300) |
|
At 31 March 2017 |
79,474 |
|
25,459 |
|
47,144 |
|
152,077 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2016 |
- |
|
17,798 |
|
34,674 |
|
52,472 |
|
Charge for the year |
7,700 |
|
1,707 |
|
5,913 |
|
15,320 |
|
On disposals |
- |
|
- |
|
(8,643) |
|
(8,643) |
|
At 31 March 2017 |
7,700 |
|
19,505 |
|
31,944 |
|
59,149 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2017 |
71,774 |
|
5,954 |
|
15,200 |
|
92,928 |
|
At 31 March 2016 |
76,366 |
|
6,416 |
|
30,770 |
|
113,552 |
|
|
| 4 |
Investments |
| Investments in |
| subsidiary |
Other |
| undertakings |
investments |
Total |
| £ |
£ |
£ |
| Amortised cost |
Fair value |
|
At 1 April 2016 |
101,106 |
|
600,000 |
|
701,106 |
|
Additions |
8,365 |
|
50,000 |
|
58,365 |
|
Disposals |
(38,554) |
|
- |
|
(38,554) |
|
|
At 31 March 2017 |
70,917 |
|
650,000 |
|
720,917 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 April 2016 |
200,784 |
|
At 31 March 2017 |
200,784 |
|
|
|
|
|
|
|
|
Investments in subsidiary undertakings include £100 share capital at cost. The remainder of the investment in subsidiary comprises amounts representing the net debits and credits arising from amortisation of interest-free loans to the subsidiary. |
|
|
| 5 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
9,951 |
|
36,295 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
410,655 |
|
329,022 |
|
Amounts recoverable on contracts |
|
|
|
21,870 |
|
5,946 |
|
Other debtors |
54,127 |
|
38,377 |
|
|
|
|
|
|
496,603 |
|
409,640 |
|
|
|
|
|
|
|
|
|
|
Amounts due after more than one year included above |
162,369 |
|
329,022 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans and overdrafts |
75,595 |
|
52,983 |
|
Trade creditors |
64,357 |
|
34,400 |
|
Corporation tax |
12,416 |
|
- |
|
Other taxes and social security costs |
9,968 |
|
27,118 |
|
Other creditors |
297,840 |
|
262,286 |
|
|
|
|
|
|
460,176 |
|
376,787 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans |
144,707 |
|
198,255 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2017 |
|
2016 |
| £ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
55,522 |
|
79,455 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
220,302 |
|
251,238 |
|
|
|
|
|
|
|
|
|
|
The bank loans are secured by fixed and floating charges over the company's assets. In addition, two of the directors have provided personal guarantees. |
|
|
| 9 |
Other financial commitments |
2017 |
|
2016 |
| £ |
£ |
|
Total future minimum payments under non-cancellable operating leases: |
|
Undertaken on behalf of or for the benefit of the company's subsidiary company |
|
229,218 |
|
259,522 |
|
Others |
|
|
|
|
249,886 |
|
251,576 |
|
Total |
479,104 |
|
511,098 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Other information |
|
|
ADMIRAL U.P.V.C. SPECIALISTS LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
Hampstead House |
|
Felixstowe Road |
|
Nacton |
|
Ipswich |
|
IP10 0DE |
