Aspect Cranleigh Limited - Limited company accounts 17.3

REGISTERED NUMBER: 08465558

Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

ASPECT CRANLEIGH LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

J A W Denney

P N W Denney

P D Routley

REGISTERED OFFICE:

41 Smithbrook Kilns

Cranleigh

Surrey

GU6 8JJ

REGISTERED NUMBER:

08465558

ACCOUNTANTS:

Hayvenhursts

Fairway House

Links Business Park

St Mellons

Cardiff

CF3 OLT

The directors present their report with the financial statements of the company for the year ended 31 March 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture of kitchen furniture.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2016 to the date of this report.

J A W Denney

P N W Denney

P D Routley

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

P D Routley - Director

14 December 2017

TURNOVER

1,762,138

1,515,253

Cost of sales

1,274,558

1,114,294

GROSS PROFIT

487,580

400,959

Administrative expenses

285,621

274,395

OPERATING PROFIT

4

201,959

126,564

Interest payable and similar expenses

26

6

PROFIT BEFORE TAXATION

201,933

126,558

Tax on profit

38,123

22,835

PROFIT FOR THE FINANCIAL YEAR

163,810

103,723

FIXED ASSETS

Intangible assets

5

100,000

100,000

Tangible assets

6

75,945

60,513

175,945

160,513

CURRENT ASSETS

Stocks

53,160

56,610

Debtors

7

137,872

43,127

Cash at bank

6,749

-

197,781

99,737

CREDITORS

Amounts falling due within one year

8

316,126

228,460

NET CURRENT LIABILITIES

(118,345

)

(128,723

)

TOTAL ASSETS LESS CURRENT LIABILITIES

57,600

31,790

CAPITAL AND RESERVES

Called up share capital

120

120

Retained earnings

57,480

31,670

SHAREHOLDERS' FUNDS

57,600

31,790

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 14 December 2017 and were signed on its behalf by:

P N W Denney - Director

J A W Denney - Director

1.	STATUTORY INFORMATION

Aspect Cranleigh Limited is a private company, limited by shares , registered in Not specified/Other. The

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

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% 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 balance sheet date.

Deferred tax

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

sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average monthly number of employees during the year was 6 (2016 - 6 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2017

2016

£

£

Depreciation - owned assets

18,986

15,128

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

100,000

NET BOOK VALUE

At 31 March 2017

100,000

At 31 March 2016

100,000

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2016

89,751

Additions

34,418

At 31 March 2017

124,169

DEPRECIATION

At 1 April 2016

29,238

Charge for year

18,986

At 31 March 2017

48,224

NET BOOK VALUE

At 31 March 2017

75,945

At 31 March 2016

60,513

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

137,872

43,127

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

24,941

50,925

Trade creditors

148,739

111,926

Tax

38,112

22,667

Social security and other taxes

5,169

6,785

VAT

451

29,557

Directors' current accounts

1,414

-

Accruals and deferred income

97,300

6,600

316,126

228,460