Austen Instant Tapes Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 00859041 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

AUSTEN INSTANT TAPES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr N S Howie

Mr G DiMarino

REGISTERED OFFICE:

4A Kingfisher Court

Brambleside

Bellbrook Business Park

Uckfield

East Sussex

TN22 1QQ

REGISTERED NUMBER:

00859041 (England and Wales)

ACCOUNTANTS:

Acuity Professional (Uckfield) LLP

4A Kingfisher Court

Brambleside

Bellbrook Business Park

Uckfield

East Sussex

TN22 1QQ

FIXED ASSETS

Tangible assets

4

32,564

33,428

CURRENT ASSETS

Stocks

5

32,888

35,256

Debtors

6

474,111

549,725

Cash in hand

6,464

1,605

513,463

586,586

CREDITORS

Amounts falling due within one year

7

414,368

341,497

NET CURRENT ASSETS

99,095

245,089

TOTAL ASSETS LESS CURRENT LIABILITIES

131,659

278,517

CREDITORS

Amounts falling due after more than one year

8

2,222

4,708

NET ASSETS

129,437

273,809

CAPITAL AND RESERVES

Called up share capital

10

3,239

3,239

Special reserve

6,761

6,761

Retained earnings

119,437

263,809

SHAREHOLDERS' FUNDS

129,437

273,809

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

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

The directors acknowledge their 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 21 September 2017 and were signed on its behalf by:

Mr N S Howie - Director

1.	STATUTORY INFORMATION

Austen Instant Tapes Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis on the basis of ongoing financial

support from the directors and fellow group companies and the continued availability of credit and banking

facilities.

The preparation of financial statements in conformity with FRS 102 section 1A requires the use of certain

critical accounting estimates. lt also requires management to exercise judgement in applying the company's

accounting policies.

Information on the impact of first-time adoption of FRS 102 section 1A is given in note 15. The following

principal accounting policies have been applied:

Accounting estimates and judgements

In preparing the financial statements, management were not required to make any estimates or judgements

which materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and

liabilities.

Turnover

Turnover represents the net value of goods supplied to customers during the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

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

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when

there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net

basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets

of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are initially

recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt

instrument is measured at the present value of the future payment ts discounted at a market rate of interest.

Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at

transaction price and subsequently measured at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2015 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 January 2016

5,250

128,738

56,158

6,878

197,024

Additions

-

-

10,000

-

10,000

At 31 December 2016

5,250

128,738

66,158

6,878

207,024

Depreciation

At 1 January 2016

5,125

127,805

26,732

3,934

163,596

Charge for year

32

239

9,857

736

10,864

At 31 December 2016

5,157

128,044

36,589

4,670

174,460

Net book value

At 31 December 2016

93

694

29,569

2,208

32,564

At 31 December 2015

125

933

29,426

2,944

33,428

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

Cost

At 1 January 2016

49,914

Additions

10,000

Reclassification/transfer

2,450

At 31 December 2016

62,364

Depreciation

At 1 January 2016

24,537

Charge for year

9,457

At 31 December 2016

33,994

Net book value

At 31 December 2016

28,370

At 31 December 2015

25,377

5.

STOCKS

31.12.16

31.12.15

£

£

Stocks

32,888

35,256

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

166,255

184,999

Amounts owed by group undertakings

214,451

304,698

Other debtors

32,866

-

S455 Tax recoverable

13,284

-

Directors' current accounts

47,255

60,028

474,111

549,725

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts

9,942

15,486

Hire purchase contracts

8,041

6,118

Trade creditors

112,615

128,033

Corporation tax

13,284

15,374

Social security and other taxes

2,841

6,898

VAT

14,686

2,786

Other creditors

130,859

160,802

Accrued expenses

122,100

6,000

414,368

341,497

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Hire purchase contracts

2,222

4,708

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.16

31.12.15

£

£

Bank overdrafts

9,942

15,486

A cross guarantee between Instantapes Limited, Howie Holdings Limited and Austen Instant Tapes Limited is

held by the company's bankers in respect of borrowings.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.16

31.12.15

value:

£

£

3,239

Ordinary

£1

3,239

3,239

11.	RELATED PARTY DISCLOSURES

The company was owed £139,200 (2015 - £229,447) and £75,251 (2015 - £75,251) by Howie Holdings

Limited and Instantapes Limited, respectively.

As at the balance sheet date, the company was owed £47,255 (2015 - £27,163) by Mr N S Howie (the director

of the company) and £32,866 (2015 - £32,866) by Mrs S M Howie (the wife of the director).

12.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Howie Holdings Limited with 99.97% shareholding. Mr G Dimarino and Mr

N S Howie has controlled the company by virtue of their equal shareholding (50% each) in the parent

company.

13.	FIRST YEAR ADOPTION

This was the first year that the company has presented its results under FRS 102 section 1A. The last financial

statements under FRSSE 2015 were for the year ended 31 December 2015. The date of transition to FRS 102

section 1A was 01 January 2016.

There is no impact on either the Profit and Loss account or the net assets of the company upon the transition to

FRS 102 section 1A.