Air Supply North East Limited 31/03/2018 iXBRL

Air Supply North East Limited 31/03/2018 iXBRL

AIR SUPPLY (NORTH EAST) LIMITED - Company Information

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31/03/2018 2018-03-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-04-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 08456071 2017-04-01 2018-03-31 08456071 2018-03-31 08456071 2017-03-31 08456071 2016-04-01 2017-03-31 08456071 2017-03-31 08456071 2016-03-31 08456071 core:PlantMachinery 2017-04-01 2018-03-31 08456071 core:FurnitureFittingsToolsEquipment 2017-04-01 2018-03-31 08456071 core:MotorVehicles 2017-04-01 2018-03-31 08456071 bus:Director1 2017-04-01 2018-03-31 08456071 core:PlantMachinery 2017-03-31 08456071 core:MotorVehicles 2017-03-31 08456071 core:PlantMachinery 2018-03-31 08456071 core:FurnitureFittingsToolsEquipment 2018-03-31 08456071 core:MotorVehicles 2018-03-31 08456071 core:RetainedEarningsAccumulatedLosses 2016-04-01 2017-03-31 08456071 core:RetainedEarningsAccumulatedLosses 2017-04-01 2018-03-31 08456071 core:WithinOneYear 2018-03-31 08456071 core:WithinOneYear 2017-03-31 08456071 core:AfterOneYear 2018-03-31 08456071 core:AfterOneYear 2017-03-31 08456071 core:ShareCapital 2018-03-31 08456071 core:ShareCapital 2017-03-31 08456071 core:RetainedEarningsAccumulatedLosses 2018-03-31 08456071 core:RetainedEarningsAccumulatedLosses 2017-03-31 08456071 core:ShareCapital 2016-03-31 08456071 core:RetainedEarningsAccumulatedLosses 2016-03-31 08456071 core:PlantMachinery 2017-03-31 08456071 core:MotorVehicles 2017-03-31 08456071 bus:SmallEntities 2017-04-01 2018-03-31 08456071 bus:AuditExempt-NoAccountantsReport 2017-04-01 2018-03-31 08456071 bus:FullAccounts 2017-04-01 2018-03-31 08456071 bus:SmallCompaniesRegimeForAccounts 2017-04-01 2018-03-31 08456071 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31
Company registration number: 08456071
Air Supply North East Limited
Unaudited filleted financial statements
31 March 2018
Air Supply North East Limited
Statement of financial position
31 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 50,883 83,494
_______ _______
50,883 83,494
Current assets
Stocks 22,675 13,850
Debtors 6 106,831 138,256
Cash at bank and in hand 241,853 220,960
_______ _______
371,359 373,066
Creditors: amounts falling due
within one year 7 ( 218,037) ( 246,958)
_______ _______
Net current assets 153,322 126,108
_______ _______
Total assets less current liabilities 204,205 209,602
Creditors: amounts falling due
after more than one year 8 ( 15,632) ( 25,489)
Provisions for liabilities ( 9,668) ( 16,691)
_______ _______
Net assets 178,905 167,422
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 178,805 167,322
_______ _______
Shareholders funds 178,905 167,422
_______ _______
For the year ending 31 March 2018 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 20 September 2018 , and are signed on behalf of the board by:
Mr Graham Laidler
Director
Company registration number: 08456071
Air Supply North East Limited
Statement of changes in equity
Year ended 31 March 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2016 100 145,542 145,642
Profit for the year 51,780 51,780
_______ _______ _______
Total comprehensive income for the year - 51,780 51,780
Dividends paid and payable ( 30,000) ( 30,000)
_______ _______ _______
Total investments by and distributions to owners - ( 30,000) ( 30,000)
_______ _______ _______
At 31 March 2017 and 1 April 2017 100 167,321 167,421
Profit for the year 53,232 53,232
_______ _______ _______
Total comprehensive income for the year - 53,232 53,232
Dividends paid and payable ( 41,748) ( 41,748)
_______ _______ _______
Total investments by and distributions to owners - ( 41,748) ( 41,748)
_______ _______ _______
At 31 March 2018 100 178,805 178,905
_______ _______ _______
Air Supply North East Limited
Notes to the financial statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 1D, Stratford Road Pattinson, Washington, Tyne and Wear, NE38 8QP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2017: 5 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2017 7,425 - 118,344 125,769
Additions 817 295 - 1,112
Disposals - - ( 34,590) ( 34,590)
_______ _______ _______ _______
At 31 March 2018 8,242 295 83,754 92,291
_______ _______ _______ _______
Depreciation
At 1 April 2017 2,866 - 39,409 42,275
Charge for the year 806 44 18,637 19,487
Disposals - - ( 20,354) ( 20,354)
_______ _______ _______ _______
At 31 March 2018 3,672 44 37,692 41,408
_______ _______ _______ _______
Carrying amount
At 31 March 2018 4,570 251 46,062 50,883
_______ _______ _______ _______
At 31 March 2017 4,559 - 78,935 83,494
_______ _______ _______ _______
6. Debtors
2018 2017
£ £
Trade debtors 100,301 128,222
Other debtors 6,530 10,034
_______ _______
106,831 138,256
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 111,903 173,732
Corporation tax 19,085 8,157
Social security and other taxes 15,502 7,443
Other creditors 71,547 57,626
_______ _______
218,037 246,958
_______ _______
8. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors 15,632 25,489
_______ _______
9. Directors advances, credits and guarantees
Included in creditors: amounts due within one year are amounts owed to the Director of £39,401 (2017 - £30,083).