A. V. Technical Services Limited Filleted accounts for Companies House (small and micro)

A. V. Technical Services Limited Filleted accounts for Companies House (small and micro)

A.V. TECHNICAL SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05578626
A. V. Technical Services Limited
Filleted Unaudited Abridged Financial Statements
31 March 2018
A. V. Technical Services Limited
Abridged Financial Statements
Year Ended 31 March 2018
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 6
A. V. Technical Services Limited
Abridged Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
Fixed Assets
Tangible assets
5
23,714
28,524
Investments
6
1
1
--------
--------
23,715
28,525
Current Assets
Stocks
6,500
6,500
Debtors
50,097
42,299
Cash at bank and in hand
31,196
33,070
--------
--------
87,793
81,869
Creditors: amounts falling due within one year
72,166
67,959
--------
--------
Net Current Assets
15,627
13,910
--------
--------
Total Assets Less Current Liabilities
39,342
42,435
Creditors: amounts falling due after more than one year
28,000
42,103
--------
--------
Net Assets
11,342
332
--------
--------
Capital and Reserves
Called up share capital
9
75
75
Other reserves
25
25
Profit and loss account
11,242
232
--------
----
Shareholders Funds
11,342
332
--------
----
These abridged 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 abridged statement of comprehensive income has not been delivered.
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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
A. V. Technical Services Limited
Abridged Statement of Financial Position (continued)
31 March 2018
These abridged financial statements were approved by the board of directors and authorised for issue on 20 December 2018 , and are signed on behalf of the board by:
G Whitaker
Director
Company registration number: 05578626
A. V. Technical Services Limited
Notes to the Abridged Financial Statements
Year Ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1 Clock Tower Business, Centre Works Road, Hollingwood, Chesterfield, Derbyshire, S43 2PE.
2. Statement of compliance
These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis, despite a small loss in the year ended 31 March 2018. The directors will continue to support the company as and when necessary and have reasonable expectation that they can continue to do so for the foreseeable future.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Hire stock
-
33% reducing balance
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
13% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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 abridged 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.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2017: 12 ).
5. Tangible assets
£
Cost
At 1 April 2017
403,192
Additions
743
Disposals
( 468)
---------
At 31 March 2018
403,467
---------
Depreciation
At 1 April 2017
374,668
Charge for the year
5,252
Disposals
( 167)
---------
At 31 March 2018
379,753
---------
Carrying amount
At 31 March 2018
23,714
---------
At 31 March 2017
28,524
---------
6. Investments
£
Cost
At 1 April 2017 and 31 March 2018
1
----
Impairment
At 1 April 2017 and 31 March 2018
–
----
Carrying amount
At 31 March 2018
1
----
At 31 March 2017
1
----
7. Secured liabilities: Amounts falling due within one year
The aggregate amount of secured liabilities at the year end; falling due for repayment within one year amounted to £12,000 (2017: £12,000).
8. Secured liabilities: Amounts falling due after more than one
year
The aggregate amount of secured liabilities at the year end: falling due for repayment after more than one year amounted to £28,000 (2017: £39,000).
There is a debenture and a legal charge, incorporating a fixed charge, over the assets of the company.
The bank loan is repayable over 5 years at an interest rate of 3.5% above LIBOR.
9. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
75
75.00
75
75.00
----
-------
----
-------
10. Related party transactions
During the year, the company made an advance to K Johnson who is a director and shareholder, amounting to £ 7,128 The amount was outstanding in full at 31 March 2018. The loan is interest free and repayable on demand.