E-Bound AVX Limited Filleted accounts for Companies House (small and micro)

E-BOUND AVX LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06930086

E-Bound AVX Limited

Filleted Unaudited Financial Statements

31 December 2017

E-Bound AVX Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of E-Bound AVX Limited

year ended 31st December 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 E-Bound AVX Limited for the year ended 31st December 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 Board of Directors of E-Bound AVX Limited, as a body, in accordance with the terms of our engagement letter dated 1st April 2015. Our work has been undertaken solely to prepare for your approval the financial statements of E-Bound AVX Limited and state those matters that we have agreed to state to you, as a body, 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 E-Bound AVX Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that E-Bound AVX 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 E-Bound AVX Limited. You consider that E-Bound AVX 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 E-Bound AVX 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.

MOORE THOMPSON Chartered Accountants

Unit 7, Swan Court Forder Way Cygnet Park Hampton Peterborough PE7 8GX

10 September 2018

E-Bound AVX Limited

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	5		130,758		110,574

Current assets

Stocks		50,573	–
Debtors	6	99,969	121,758
Cash at bank and in hand		174,866	226,882
		----------	----------
		325,408	348,640

Creditors: amounts falling due within one year	7	( 189,961)		( 206,115)
		----------		----------
Net current assets			135,447		142,525
			----------		----------
Total assets less current liabilities			266,205		253,099

Creditors: amounts falling due after more than one year	8		( 44,380)		( 34,183)

Provisions

Taxation including deferred tax	–	( 21,839)
	----------	----------
Net assets	221,825	197,077
	----------	----------

Capital and reserves

Called up share capital	115	115
Profit and loss account	221,710	196,962
	----------	----------
Shareholders funds	221,825	197,077
	----------	----------

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 comprehensive income has not been delivered.

For the year ending 31st December 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

E-Bound AVX Limited

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 10 September 2018 , and are signed on behalf of the board by:

„„„„„„„„„„„„„

Mr A D Brown Director

Company registration number: 06930086

E-Bound AVX Limited

Notes to the Financial Statements

year ended 31st December 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 7 Swan Court, Forder Way, Cygnet Park, Hampton, Peterborough, PE7 8GX.

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

3.1 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.

3.2 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.

3.3 Income 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. 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.

3.4 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

3.5 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:

Motor vehicles	-	25% reducing balance
Office equipment	-	33% straight line

3.6 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.

3.7 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.

3.8 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.

3.9 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 23 (2016: 16 ).

5. Tangible assets

Motor vehicles	Equipment	Total
£	£	£

Cost
At 1st January 2017	124,881	20,718	145,599
Additions	79,486	2,944	82,430
Disposals	( 29,845)	–	( 29,845)
	----------	----------	----------
At 31st December 2017	174,522	23,662	198,184
	----------	----------	----------
Depreciation
At 1st January 2017	28,685	6,340	35,025
Charge for the year	40,390	7,736	48,126
Disposals	( 15,725)	–	( 15,725)
	----------	----------	----------
At 31st December 2017	53,350	14,076	67,426
	----------	----------	----------
Carrying amount
At 31st December 2017	121,172	9,586	130,758
	----------	----------	----------
At 31st December 2016	96,196	14,378	110,574
	----------	----------	----------

6. Debtors

	2017	2016
	£	£

Trade debtors	84,084	96,706
Directors loan account	–	20,812
Other debtors	15,885	4,240
	----------	----------
	99,969	121,758
	----------	----------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£

Trade creditors	105,392	78,453
Accruals and deferred income	3,450	4,575
Corporation tax	–	43,447
Social security and other taxes	42,714	61,063
Obligations under finance leases and hire purchase contracts	36,827	18,577
Director loan accounts	1,578	–
	----------	----------
	189,961	206,115
	----------	----------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£

Obligations under finance leases and hire purchase contracts	44,380	34,183
	----------	----------

9. Directors' advances, credits and guarantees

Included in other creditors/(debtors) is the balances on the directors loan accounts as follows: 2017 2016 Loan from/to directors 1,578 (20,812)