Aleo Plating Limited Company Accounts

ALEO PLATING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03272810

ALEO PLATING LIMITED

UNAUDITED FINANCIAL STATEMENTS

31 October 2017

ALEO PLATING LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2017

Contents	Page

Officers and professional advisers	1

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

ALEO PLATING LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	Mr M J Eames

Company secretary	Mr J Derbyshire

Registered office	Hanover Buildings
	11-13 Hanover Street
	Liverpool
	Merseyside
	United Kingdom
	L1 3DN

Accountants	ERC Accountants & Business Advisers Limited
	Chartered accountant
	Hanover Buildings
	11-13 Hanover Street
	Liverpool
	L1 3DN

ALEO PLATING LIMITED

CHARTERED ACCOUNTANT'S REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ALEO PLATING LIMITED

YEAR ENDED 31 OCTOBER 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aleo Plating Limited for the year ended 31 October 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Aleo Plating Limited in accordance with the terms of our engagement letter dated 27 February 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Aleo Plating Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aleo Plating Limited and its director for our work or for this report.

It is your duty to ensure that Aleo Plating Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aleo Plating Limited. You consider that Aleo Plating Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Aleo Plating Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

ERC Accountants & Business Advisers Limited Chartered accountant

Hanover Buildings 11-13 Hanover Street Liverpool L1 3DN

3 July 2018

ALEO PLATING LIMITED

STATEMENT OF FINANCIAL POSITION

31 October 2017

	2017		2016
Note	£	£	£

FIXED ASSETS

Tangible assets	6		63,779	84,192

CURRENT ASSETS

Stocks		4,800	5,000
Debtors	7	131,672	101,427
Cash at bank and in hand		28,889	16,501
		----------	----------
		165,361	122,928

CREDITORS: Amounts falling due within one year	8	161,877		105,601
		----------		----------
NET CURRENT ASSETS			3,484	17,327
			---------	----------
TOTAL ASSETS LESS CURRENT LIABILITIES			67,263	101,519

CREDITORS: Amounts falling due after more than one year	9		12,857	15,566

PROVISIONS	7,750	11,116
	---------	----------
NET ASSETS	46,656	74,837
	---------	----------

CAPITAL AND RESERVES

Called up share capital	160	100
Profit and loss account	46,496	74,737
	---------	---------
SHAREHOLDERS FUNDS	46,656	74,837
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

ALEO PLATING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 October 2017

For the year ending 31 October 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 3 July 2018 , and are signed on behalf of the board by:

Mr M J Eames
Director

Company registration number: 03272810

ALEO PLATING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2017

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hanover Buildings, 11-13 Hanover Street, Liverpool, Merseyside, L1 3DN, United Kingdom.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

Revenue recognition

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.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% straight line
Motor vehicles	-	25% straight line
Equipment	-	33% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities.Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account.Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument.Dividends and distributions relating to equity instruments are debited direct to equity.

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 as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 9 (2016: 9 ).

5. TAX ON PROFIT

Major components of tax expense

	2017	2016
	£	£

Current tax:

UK current tax expense	4,292	8,149

Deferred tax:

Origination and reversal of timing differences	( 3,366)	852
	-------	-------
Tax on profit	926	9,001
	-------	-------

6. TANGIBLE ASSETS

Plant and machinery	Motor vehicles	Equipment	Total
£	£	£	£

Cost
At 1 November 2016	241,306	37,497	13,419	292,222
Additions	1,397	–	52	1,449
Disposals	( 16,002)	( 14,713)	( 13,471)	( 44,186)
	----------	---------	---------	----------
At 31 October 2017	226,701	22,784	–	249,485
	----------	---------	---------	----------
Depreciation
At 1 November 2016	168,506	26,105	13,471	208,082
Charge for the year	16,114	5,696	–	21,810
Disposals	( 16,002)	( 14,713)	( 13,471)	( 44,186)
	----------	---------	---------	----------
At 31 October 2017	168,618	17,088	–	185,706
	----------	---------	---------	----------
Carrying amount
At 31 October 2017	58,083	5,696	–	63,779
	----------	---------	---------	----------
At 31 October 2016	72,800	11,392	( 52)	84,140
	----------	---------	---------	----------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Plant and machinery	Motor vehicles	Total
£	£	£

At 31 October 2017	–	5,696	5,696
	----	-------	-------
At 31 October 2016	6,174	11,392	17,566
	-------	---------	---------

7. DEBTORS

	2017	2016
	£	£

Trade debtors	107,669	101,427
Other debtors	24,003	–
	----------	----------
	131,672	101,427
	----------	----------

8. CREDITORS: Amounts falling due within one year

	2017	2016
	£	£

Trade creditors	63,637	15,814
Corporation tax	4,292	8,149
Social security and other taxes	14,013	19,898
Other creditors	79,935	61,740
	----------	----------
	161,877	105,601
	----------	----------

9. CREDITORS: Amounts falling due after more than one year

	2017	2016
	£	£

Other creditors	12,857	15,566
	---------	---------

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

No director received advances, credits or guarantees during the current or previous accounting periods.

11. RELATED PARTY TRANSACTIONS

The following related party transactions were undertaken during the year: There were no transactions other than under normal market conditions with a company under common control. At the balance sheet date the amount receivable was £22,877 (2016: £22,877). There were no transactions with the director during the year. At the balance sheet date the amount payable was £73,074 (2016: £73,074). Dividends were paid to the directors in respect of their shareholdings totalling £30,000 (2016: £30,000). No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

12. TRANSITION TO FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.

Reconciliation of equity

1 November 2015			31 October 2016
As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
£	£	£	£	£	£

Fixed assets	–	–	–	84,192	–	84,192
Current assets	–	–	–	122,928	–	122,928
Creditors: amounts falling due within one year	–	–	–	( 105,601)	–	( 105,601)
	----	----	----	----------	----	----------
Net current assets	–	–	–	17,327	–	17,327
	----	----	----	----------	----	----------
Total assets less current liabilities	–	–	–	101,519	–	101,519

Creditors: amounts falling due after more than one year	–	–	–	( 15,566)	–	( 15,566)
Provisions	–	( 10,265)	( 10,265)	–	( 11,116)	( 11,116)
	----	---------	---------	----------	---------	----------
Net assets	–	( 10,265)	( 10,265)	85,953	( 11,116)	74,837
	----	---------	---------	----------	---------	----------

	----	---------	---------	----------	---------	----------
Capital and reserves	–	( 10,265)	( 10,265)	85,953	( 11,116)	74,837
	----	---------	---------	----------	---------	----------

Deferred tax FRS 102a requires deferred tax to be recognised on all timing differences. This has resulted in an increase in the deferred tax liability on transition of £10,265. In the year to 31 October 2016 the deferred tax charged decreased by £852 with a corresponding increase to the deferred tax liability.