A. J. Towey Services Limited - Period Ending 2018-05-31

Registration number: 05463991

A. J. Towey Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2018

Grenfell James Associates Limited
13 The Courtyard
Timothys Bridge Road
Stratford Upon Avon
Warwickshire
CV37 9NP

A. J. Towey Services Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

A. J. Towey Services Limited

Company Information

Directors

Ms Susan Jane Burton Mr Anthony Towey

Company secretary

Ms Susan Jane Burton

Registered office

13 The Courtyard Timothys Bridge Road Stratford Upon Avon Warwickshire CV37 9NP

Registered number

05463991

Accountants

Grenfell James Associates Limited 13 The Courtyard Timothys Bridge Road Stratford Upon Avon Warwickshire CV37 9NP

Page 1

A. J. Towey Services Limited

(Registration number: 05463991)
Balance Sheet as at 31 May 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	3	8,449	10,044
Current assets
Stocks	4	6,800	5,515
Debtors	5	14,038	13,281
Cash at bank and in hand		668	-
		21,506	18,796
Creditors: Amounts falling due within one year	6	(24,349)	(21,415)
Net current liabilities		(2,843)	(2,619)
Total assets less current liabilities		5,606	7,425
Creditors: Amounts falling due after more than one year	6	(4,671)	(6,351)
Provisions for liabilities		(897)	(1,042)
Net assets		38	32
Capital and reserves
Called up share capital		2	2
Profit and loss account		36	30
Total equity		38	32

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

A. J. Towey Services Limited

(Registration number: 05463991)
Balance Sheet as at 31 May 2018

Approved and authorised by the Board on 3 January 2019 and signed on its behalf by:
 

.........................................

Ms Susan Jane Burton
Company secretary and director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

A. J. Towey Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% Reducing balance
Motor vehicles	25% Reducing balance
Office equipment	25% Reducing balance

Page 4

A. J. Towey Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.

Defined contribution pension obligation

Contributions to defined contribution plans are expensed in the period to which they relate.

2	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2017 - 4).

Page 5

A. J. Towey Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

3	Tangible assets

	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 June 2017	34,725	347	6,600	41,672
At 31 May 2018	34,725	347	6,600	41,672
Depreciation
At 1 June 2017	25,554	293	5,781	31,628
Charge for the year	1,376	14	205	1,595
At 31 May 2018	26,930	307	5,986	33,223
Carrying amount
At 31 May 2018	7,795	40	614	8,449
At 31 May 2017	9,171	54	819	10,044

4

Stocks

	2018 £	2017 £
Stock	6,800	5,515

5

Debtors

	2018 £	2017 £
Trade debtors	2,932	1,394
Other debtors	11,106	11,887
	14,038	13,281

Page 6

A. J. Towey Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

6

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	7	1,494	1,926
Trade creditors		14,490	12,936
Taxation and social security		7,209	5,650
Accruals and deferred income		1,107	886
Other creditors		49	17
		24,349	21,415

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	7	4,671	6,351

7	Loans and borrowings

	2018 £	2017 £
Non-current loans and borrowings
Other borrowings	4,671	6,351

	2018 £	2017 £
Current loans and borrowings
Bank overdrafts	-	431
Other borrowings	1,494	1,495
	1,494	1,926

Page 7

A. J. Towey Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

8	Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

	2018 £	2017 £
Remuneration	16,722	16,152

Page 8