Agricultural Auto Engineering Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC290408 (Scotland)

Agricultural Auto Engineering Ltd.

Unaudited Financial Statements

for the Year Ended 31 October 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr G A Fitzelle

SECRETARY:

Mrs A Fitzelle

REGISTERED OFFICE:

27 Clifford Road

North Berwick

EH39 4PW

REGISTERED NUMBER:

SC290408 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Bank of Scotland

23 Westgate

North Berwick

EH39 4AG

FIXED ASSETS

Intangible assets

4

78,750

87,500

Tangible assets

5

251,430

220,688

330,180

308,188

CURRENT ASSETS

Stocks

3,311

3,605

Debtors

6

62,667

62,100

Cash at bank and in hand

202,322

146,344

268,300

212,049

CREDITORS

Amounts falling due within one year

7

285,049

232,885

NET CURRENT LIABILITIES

(16,749

)

(20,836

)

TOTAL ASSETS LESS CURRENT LIABILITIES

313,431

287,352

PROVISIONS FOR LIABILITIES

17,021

12,229

NET ASSETS

296,410

275,123

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

296,408

275,121

SHAREHOLDERS' FUNDS

296,410

275,123

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 23 July 2018 and were signed by:

Mr G A Fitzelle - Director

1.	STATUTORY INFORMATION

Agricultural Auto Engineering Ltd. is a private company, limited by shares , registered in Scotland.

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 and revenue recognition

Turnover represents net invoiced sales of automotive and agricultural engineering services and

goods.

Revenue is recognised as earned on completion of services and delivery of goods.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty 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

-

25% on reducing balance and 25% on cost

In the opinion of the director, due to the location of the freehold property and the proposed

maintenance programme, he does not consider that the value of the property will diminish.

Therefore there is no depreciation charged on the cost of the heritable property. This policy is not

in accordance with the requirements of the Companies Act 2006, but departure from the provisions

of the Act is required in order to provide a true and fair view.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and

subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2016

and 31 October 2017

175,000

AMORTISATION

At 1 November 2016

87,500

Charge for year

8,750

At 31 October 2017

96,250

NET BOOK VALUE

At 31 October 2017

78,750

At 31 October 2016

87,500

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 November 2016

154,744

167,394

322,138

Additions

5,806

48,885

54,691

At 31 October 2017

160,550

216,279

376,829

DEPRECIATION

At 1 November 2016

-

101,450

101,450

Charge for year

-

23,949

23,949

At 31 October 2017

-

125,399

125,399

NET BOOK VALUE

At 31 October 2017

160,550

90,880

251,430

At 31 October 2016

154,744

65,944

220,688

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

59,534

59,633

Other debtors

3,133

2,467

62,667

62,100

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

47,653

15,719

Taxation and social security

22,274

33,142

Other creditors

215,122

184,024

285,049

232,885

The director's current account is interest free, unsecured, and has no fixed term for repayment.

8.	FIRST YEAR ADOPTION

In preparing the accounts, the director has considered whether in applying the accounting policies

required by FRS 102 a restatement of comparative items was needed. No restatements were

required. Accordingly, no reconciliation of opening balances or net income / (expenditure) for the

period has been prepared.