AR Partners Limited - Period Ending 2017-08-31

AR Partners Limited - Period Ending 2017-08-31


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Registration number: 08910184

AR Partners Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2017

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

AR Partners Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

AR Partners Limited

Company Information

Directors

Mr G M P Hughes

Mr H Simpson

Registered office

Salford Lodge
Pitchill
Evesham
Worcestershire
WR11 8SN

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

AR Partners Limited

(Registration number: 08910184)
Balance Sheet as at 31 August 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

55,574

25,226

Current assets

 

Stocks

5

-

77,665

Debtors

6

121,338

59,531

Cash at bank and in hand

 

469,596

292,970

 

590,934

430,166

Creditors: Amounts falling due within one year

7

(86,909)

(73,428)

Net current assets

 

504,025

356,738

Total assets less current liabilities

 

559,599

381,964

Provisions for liabilities

(2,910)

(5,300)

Net assets

 

556,689

376,664

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

556,489

376,464

Total equity

 

556,689

376,664

For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 Board on 29 May 2018 and signed on its behalf by:
 

.........................................
Mr G M P Hughes
Director

.........................................
Mr H Simpson
Director

 
 

AR Partners Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Salford Lodge
Pitchill
Evesham
Worcestershire
WR11 8SN

2

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.

These financial statements for the period ended 31 August 2017 are the first financial statements that comply with FRS102.

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.

 

AR Partners Limited

Notes to the Financial Statements for the Year Ended 31 August 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

Motor vehicles

25% on cost

Computer equipment

25% on cost

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 costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

AR Partners Limited

Notes to the Financial Statements for the Year Ended 31 August 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

 

AR Partners Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

4

Tangible assets

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 September 2016

47,852

2,114

49,966

Additions

43,745

-

43,745

At 31 August 2017

91,597

2,114

93,711

Depreciation

At 1 September 2016

23,932

808

24,740

Charge for the year

12,870

527

13,397

At 31 August 2017

36,802

1,335

38,137

Carrying amount

At 31 August 2017

54,795

779

55,574

At 31 August 2016

23,920

1,306

25,226

5

Stocks

2017
£

2016
£

Work in progress

-

77,665

6

Debtors

2017
£

2016
£

Other debtors

121,338

59,531

Total current trade and other debtors

121,338

59,531

7

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

813

23

Taxation and social security

 

198

-

Other creditors

 

85,898

73,405

 

86,909

73,428

 

AR Partners Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

8

Transition to FRS 102

The directors have undertaken a comprehensive review of the company’s accounting policies in order to identify all potential transitional adjustments that may be necessary. As a result of this review, the directors have not identified any material adjustments arising from the transition and therefore no transitional adjustments have been made in these financial statements.

Therefore there is no change to either the balance sheet or profit and loss account as previously presented for the period ended 31 August 2016.