| Applied Product Solutions Limited |
| Registered number: |
03445764 |
| Balance Sheet |
| as at 31 March 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
3 |
|
|
670 |
|
|
670 |
| Tangible assets |
4 |
|
|
69,858 |
|
|
70,890 |
|
|
|
|
70,528 |
|
|
71,560 |
|
| Current assets |
| Stocks |
|
|
182,208 |
|
|
199,526 |
| Debtors |
5 |
|
375,341 |
|
|
476,757 |
| Cash at bank and in hand |
|
|
910,643 |
|
|
735,329 |
|
|
|
1,468,192 |
|
|
1,411,612 |
|
| Creditors: amounts falling due within one year |
6 |
|
(429,418) |
|
|
(581,754) |
|
| Net current assets |
|
|
|
1,038,774 |
|
|
829,858 |
|
| Total assets less current liabilities |
|
|
|
1,109,302 |
|
|
901,418 |
|
|
| Provisions for liabilities |
|
|
|
(2,850) |
|
|
(6,250) |
|
|
| Net assets |
|
|
|
1,106,452 |
|
|
895,168 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
1,106,352 |
|
|
895,068 |
|
| Shareholder's funds |
|
|
|
1,106,452 |
|
|
895,168 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his 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. |
|
|
|
|
| C D Curtis |
| Director |
| Approved by the board on 8 May 2017 |
|
| Applied Product Solutions Limited |
| 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). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
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 at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Leasehold property alterations |
over the term of the lease |
|
Plant and machinery |
10% - 33.33% straight line |
|
Motor vehicles |
25% straight line |
|
|
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. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. 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. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
5 |
|
5 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
£ |
|
|
|
Cost |
|
At 1 April 2016 |
670 |
|
At 31 March 2017 |
670 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 31 March 2017 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2017 |
670 |
|
At 31 March 2016 |
670 |
|
|
|
|
|
|
|
|
|
|
The above represents the right to use a cherished vehicle registration mark. |
|
|
| 4 |
Tangible fixed assets |
|
|
Property alterations |
|
Plant and machinery |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2016 |
20,515 |
|
60,479 |
|
28,335 |
|
109,329 |
|
Additions |
- |
|
2,722 |
|
35,095 |
|
37,817 |
|
Disposals |
- |
|
(1,708) |
|
(16,475) |
|
(18,183) |
|
At 31 March 2017 |
20,515 |
|
61,493 |
|
46,955 |
|
128,963 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2016 |
2,757 |
|
32,635 |
|
3,047 |
|
38,439 |
|
Charge for the year |
4,103 |
|
10,689 |
|
10,215 |
|
25,007 |
|
On disposals |
- |
|
(1,596) |
|
(2,745) |
|
(4,341) |
|
At 31 March 2017 |
6,860 |
|
41,728 |
|
10,517 |
|
59,105 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2017 |
13,655 |
|
19,765 |
|
36,438 |
|
69,858 |
|
At 31 March 2016 |
17,758 |
|
27,844 |
|
25,288 |
|
70,890 |
|
|
| 5 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
364,871 |
|
463,375 |
|
Other debtors |
10,470 |
|
13,382 |
|
|
|
|
|
|
375,341 |
|
476,757 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade creditors |
242,261 |
|
308,423 |
|
Corporation tax |
93,823 |
|
103,692 |
|
Other taxes and social security costs |
60,678 |
|
91,014 |
|
Other creditors |
32,656 |
|
78,625 |
|
|
|
|
|
|
429,418 |
|
581,754 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Other financial commitments |
2017 |
|
2016 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
45,833 |
|
58,334 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
|
|
At 31 March 2017, the company owed £57 to C D Curtis, the company's director and shareholder.
In the year ended 31 March 2017, the company paid a salary of £12,000 and dividends of £137,500 to C D Curtis. |
|
|
| 9 |
Controlling party |
|
|
The company is under the control of C D Curtis who holds beneficial ownership of 100% of the shares in issue. |
|
|
| 10 |
Other information |
|
|
Applied Product Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Unit 36, Mere View Industrial Estate |
|
Yaxley |
|
Peterborough |
|
Cambridgeshire |
|
PE7 3HS |
