AQL (Wholesale) Limited Small abridged accounts
AQL (Wholesale) Limited Small abridged accounts
Statement of Consent to Prepare Abridged Financial Statements |
COMPANY REGISTRATION NUMBER:
05134355
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Abridged Financial Statements |
Year ended 31 December 2016
Contents |
Page |
Director's report |
1 |
Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements |
2 |
Abridged statement of financial position |
3 |
Notes to the abridged financial statements |
5 |
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Director's Report |
Year ended 31 December 2016
The director presents his report and the unaudited abridged financial statements of the company for the year ended
31 December 2016
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Director
The director who served the company during the year was as follows:
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Small company provisions
This report was approved by the board of directors on
25 September 2017
and signed on behalf of the board by:
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Director |
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Registered office: |
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Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of
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Year ended 31 December 2016
Aus-Bore House
19-25 Manchester Road
Wilmslow
Cheshire
SK9 1BQ
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Abridged Statement of Financial Position |
2016 |
2015 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
4 |
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Current assets
Debtors |
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Cash at bank and in hand |
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--------- |
--------- |
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Creditors: amounts falling due within one year |
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--------- |
--------- |
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Net current assets/(liabilities) |
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(
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--------- |
-------- |
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Total assets less current liabilities |
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(
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Provisions
Taxation including deferred tax |
(
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(
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--------- |
------- |
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Net assets |
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------- |
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Capital and reserves
Called up share capital |
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Profit and loss account |
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--------- |
------- |
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Members funds |
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------- |
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In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
Director's responsibilities:
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The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
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Abridged Statement of Financial Position (continued) |
These abridged financial statements were approved by the
board of directors
and authorised for issue on
25 September 2017
, and are signed on behalf of the board by:
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Director |
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Company registration number:
05134355
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Notes to the Abridged Financial Statements |
Year ended 31 December 2016
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13-15 Hunslet Road, Leeds, West Yorkshire, LS10 1JQ.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2014. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.
Revenue recognition
Income tax
Foreign currencies
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Tangible assets
£ |
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Cost |
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At 1 January 2016 and 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
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Charge for the year |
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--------- |
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At 31 December 2016 |
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--------- |
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Carrying amount |
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At 31 December 2016 |
45,752 |
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At 31 December 2015 |
75,343 |
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5.
Related party transactions
The company was under the control of
Prof A J Beaumont
throughout the current and previous year. Prof A J Beaumont
is the managing director and majority shareholder. During the period the company was charged £137,900 (2015: £Nil) in relation to administrative expenses from (aq) Limited. At 31 December 2016, the Company owed (aq) Limited £532,259 (2015: £294,168)
6.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2014.
No transitional adjustments were required in equity or profit or loss for the period.