Company Registration No. 06946702 (England and Wales)
ART Plastering Systems Limited
Unaudited accounts
for the year ended 31 March 2017
ART Plastering Systems Limited
Unaudited accounts
Contents
ART Plastering Systems Limited
Company Information
for the year ended 31 March 2017
Company Number
06946702 (England and Wales)
Registered Office
98 Lancaster Road
Newcastle-under-Lyme
Staffordshire
ST5 1DS
Accountants
Jacksons, Chartered Accountants
98 Lancaster Road
Newcastle under Lyme
Staffordshire
ST5 1DS
ART Plastering Systems Limited
Statement of financial position
as at 31 March 2017
Tangible assets
65,779
39,623
Cash at bank and in hand
238,644
1,132
Creditors: amounts falling due within one year
(431,842)
(188,473)
Net current assets/(liabilities)
66,835
(8,949)
Total assets less current liabilities
132,614
30,674
Creditors: amounts falling due after more than one year
(24,821)
-
Provisions for liabilities
Deferred tax
(7,359)
(1,851)
Called up share capital
100
100
Profit and loss account
100,334
28,723
Shareholders' funds
100,434
28,823
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 21 December 2017.
A R Trowers
Director
Company Registration No. 06946702
ART Plastering Systems Limited
Notes to the Accounts
for the year ended 31 March 2017
ART Plastering Systems Limited is a private company, limited by shares, registered in England and Wales, registration number 06946702. The registered office is 98 Lancaster Road, Newcastle-under-Lyme, Staffordshire, ST5 1DS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
ART Plastering Systems Limited
Notes to the Accounts
for the year ended 31 March 2017
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2016
32,819
1,500
7,295
13,177
54,791
Additions
-
38,965
4,000
1,129
44,094
At 31 March 2017
32,819
40,465
11,295
14,306
98,885
At 1 April 2016
3,282
1,500
5,429
4,957
15,168
Charge for the year
3,282
9,741
1,622
3,293
17,938
At 31 March 2017
6,564
11,241
7,051
8,250
33,106
At 31 March 2017
26,255
29,224
4,244
6,056
65,779
At 31 March 2016
29,537
-
1,866
8,220
39,623
ART Plastering Systems Limited
Notes to the Accounts
for the year ended 31 March 2017
Carrying values included above held under finance leases and hire purchase contracts:
£
£
Trade debtors
197,136
132,369
Amounts due from group undertakings etc.
207
307
Accrued income and prepayments
8,672
6,566
Other debtors
54,018
39,150
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Creditors: amounts falling due within one year
2017
2016
Bank loans and overdrafts
-
22,129
Obligations under finance leases and hire purchase contracts
3,937
-
Trade creditors
143,486
129,741
Amounts owed to group undertakings and other participating interests
166,900
-
Taxes and social security
87,598
11,826
Other creditors
22,219
11,673
Loans from directors
702
8,854
The bank overdraft has been personally guaranteed by the director.
Liabilities relating to hire purchase obligations are secured against the asset to which they relate.
7
Creditors: amounts falling due after more than one year
2017
2016
Obligations under finance leases and hire purchase contracts
24,821
-
Liabilities relating to hire purchase obligations are secured against the asset to which they relate.
8
Operating lease commitments
2017
2016
At 31 March 2017 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
7,581
2,897
ART Plastering Systems Limited
Notes to the Accounts
for the year ended 31 March 2017
9
Transactions with related parties
Northwest Plastering Systems Limited is considered to be a related party by virtue of being under
common control. At the balance sheet date Northwest Plastering Systems Limited owed ART
Plastering Systems Limited £207 (2016: £207).
A.R. Trowers (Holdings) Limited is considered to be a related party by vitue of holding 100% of the
issued ordinary share capital of ART Plastering Systems Limited. At the balance sheet date the
company owed A.R. Trowers (Holdings) Limited £166,900 (2016: £100 owed by A.R. Trowers
(Holdings) Limited).
A R Trowers is considered to be a related party by virtue of his directorship and shareholding in the
ultimate parent company.
During the year A R Trowers made net advances to the company in the sum of £87,111 (2016:
£101,229) and withdrew funds from the company in the sum of £95,263 (2016: £110,492). At the
balance sheet date the company owed A R Trowers £702 (2016: £8,854).
The company is a wholly owned subsidiary of A.R. Trowers (Holdings) Limited, registered office
address; 98 Lancaster Road, Newcastle-under-Lyme, Staffordshire, ST5 1DS.
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Average number of employees
During the year the average number of employees was 1 (2016: 1).
