Ash Addlewell Limited - Period Ending 2017-02-28
Ash Addlewell Limited - Period Ending 2017-02-28
Registration number:
for the Year Ended
Ash Addlewell Limited
Contents
Balance Sheet |
|
Notes to the Financial Statements |
Ash Addlewell Limited
(Registration number: 02947284)
Balance Sheet as at 28 February 2017
Note |
2017 |
(As restated) |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment properties |
|
|
|
Investments |
177,000 |
177,000 |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Other reserves |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Page 1 |
Ash Addlewell Limited
(Registration number: 02947284)
Balance Sheet as at 28 February 2017
For the financial year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Mr R R Hazell
Director
Page 2 |
Ash Addlewell Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The date of transition was 1 March 2015.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 3 |
Ash Addlewell Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
0 - 10% straight line |
Plant and machinery |
10 - 33% straight line |
Motor vehicles |
20% straight line |
Fixtures and fittings |
10 - 33% straight line |
Investment properties
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less provision for obsolete and slow moving stock.
Consignment vehicles, due to the significant risks and responsibilities of ownership passing to the company, are regarded effectively as being under the control of the company and included in stock. The corresponding liability is included as new vehicle funding within trade creditors and is secured directly on these vehicles.
Page 4 |
Ash Addlewell Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Page 5 |
Ash Addlewell Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
Tangible assets |
Freehold property |
Plant and machinery |
Motor vehicles |
Fixture and fittings |
Total |
|
Cost or valuation |
|||||
At 1 March 2016 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
( |
( |
( |
( |
At 28 February 2017 |
|
|
|
|
|
Depreciation |
|||||
At 1 March 2016 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
( |
At 28 February 2017 |
|
|
|
|
|
Carrying amount |
|||||
At 28 February 2017 |
|
|
|
|
|
At 29 February 2016 |
|
|
|
( |
|
Included within the net book value of land and buildings above is £307,795 (2016 - £280,735) in respect of freehold land and buildings.
Tangible fixed assets with a carrying amount of £438,133 (£435,520) have been pledged as security for bank borrowings.
Investment properties |
2017 |
|
At 1 March 2016 and at 28 February 2017 |
|
There has been no valuation of investment properties by an independent valuer but the director considers its market value to be similar to the value included in the accounts.
Investment properties with a carrying amount of £784,886 (2016 - £784,886) have been pledged as security for bank borrowings.
Page 6 |
Ash Addlewell Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
Other financial assets (current and non-current) |
Unlisted investments |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 March 2016 |
177,000 |
177,000 |
At 28 February 2017 |
177,000 |
177,000 |
Carrying amount |
||
At 28 February 2017 |
|
177,000 |
At 29 February 2016 |
|
177,000 |
Investments with a carrying amount of £177,000 (2016 - £177,000) have been pledged as security for bank borrowings.
Stocks |
2017 |
(As restated) |
|
Vehicle stock |
|
|
Parts stock and work in progress |
|
|
|
|
Vehicle stock includes consigned new vehicle stock of £631,851 (2016 - £697,479)
The carrying amount of stocks pledged as security for liabilities amounted to £
Debtors |
2017 |
2016 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
11,675 |
- |
|
|
|
Less non-current portion |
- |
( |
Total current trade and other debtors |
|
|
The carrying amount of debtors pledged as security for liabilities amount to £232,075 (2016 - £212,805).
Page 7 |
Ash Addlewell Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
(As restated) |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Amounts owed to connected parties |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
- |
|
Accruals and deferred income |
69,004 |
76,920 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Trade creditors includes an amount of £1,236,810 (2016 - £1,108,873) which is secured against the vehicles to which it relates.
Creditors: amounts falling due after more than five years
2017 |
2016 |
|
Due after more than five years |
||
After more than five years by instalments |
- |
|
- |
- |
Loans and borrowings are secured by way of a fixed charge over property to which they relate, as disclosed in notes 4 and 5.
Page 8 |
Ash Addlewell Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
25,000 |
|
25,000 |
|
|
12,500 |
|
12,500 |
|
|
|
|
Loans and borrowings |
2017 |
2016 |
|
Non-current loans and borrowings |
||
Bank loans |
|
|
2017 |
2016 |
|
Current loans and borrowings |
||
Bank loans |
|
- |
Bank overdrafts |
|
|
|
|
Dividends |
2017 |
2016 |
|||
£ |
£ |
|||
Interim dividend of £ |
117,200 |
36,730 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Page 9 |
Ash Addlewell Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
Related party transactions |
Key management compensation
2017 |
2016 |
|
Salaries and other short term employee benefits |
|
|
Transactions with directors |
2017 |
At 1 March 2016 |
Advances to directors |
Repayments by director |
At 28 February 2017 |
Mr R R Hazell |
||||
Director's loan account |
15,847 |
|
( |
( |
2016 |
At 1 March 2015 |
Advances to directors |
Repayments by director |
At 29 February 2016 |
Mr R R Hazell |
||||
Director's loan account |
40,483 |
|
( |
|
Summary of transactions with other related parties
Loans to related parties
2017 |
Other related parties |
At start of period |
|
Advanced |
|
At end of period |
|
2016 |
Other related parties |
At start of period |
|
Advanced |
|
Repaid |
( |
At end of period |
|
Page 10 |
Ash Addlewell Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
Loans from related parties
2017 |
Other related parties |
At start of period |
|
Advanced |
|
Repaid |
( |
At end of period |
|
2016 |
Other related parties |
At start of period |
|
Advanced |
|
Repaid |
( |
At end of period |
|
Prior period adjustments |
A prior period adjustment has been made in respect of a misclassification of stock and creditors.
Transition to FRS 102 |
Page 11 |