Austrin Gearbox Specialist Limited Company accounts

AUSTRIN GEARBOX SPECIALIST LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08265665

Austrin Gearbox Specialist Limited

Unaudited Financial Statements

31 October 2018

Austrin Gearbox Specialist Limited

Financial Statements

Year ended 31 October 2018

Contents	Page

Directors' report	1

Report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of comprehensive income	3

Statement of financial position	4

Statement of changes in equity	5

Notes to the financial statements	6

Austrin Gearbox Specialist Limited

Directors' Report

Year ended 31 October 2018

The directors present their report and the unaudited financial statements of the company for the year ended 31 October 2018 .

Directors

The directors who served the company during the year were as follows:

J S Cornforth
A Johnson
Mr S J Cornforth

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 29 July 2019 and signed on behalf of the board by:

Mr S J Cornforth	Mrs S A Johnson
Director	Company Secretary

Registered office:

Unit 18

Wesley Court Benton Square Ind Estate

Tyne and Wear

NE12 9BS

Austrin Gearbox Specialist Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Austrin Gearbox Specialist Limited

Year ended 31 October 2018

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 October 2018, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

G W ACCOUNTANTS LIMITED

1 Jesmond Business Court 217 Jesmond Road Newcastle upon Tyne NE2 1LA

29 July 2019

Austrin Gearbox Specialist Limited

Statement of Comprehensive Income

Year ended 31 October 2018

	2018	2017
Note	£	£
Turnover	748,158	600,862

Cost of sales	361,229	302,146
	---------	---------
Gross profit	386,929	298,716

Administrative expenses	239,808	182,328
	---------	---------
Operating profit	147,121	116,388

Other interest receivable and similar income		171	186
		---------	---------
Profit before taxation	5	147,292	116,574

Tax on profit	28,038	22,901
	---------	---------
Profit for the financial year and total comprehensive income	119,254	93,673
	---------	---------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

Austrin Gearbox Specialist Limited

Statement of Financial Position

31 October 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		5,036	563

Current assets

Debtors	7	18,453	3,544
Cash at bank and in hand		176,092	109,522
		---------	---------
		194,545	113,066

Creditors: amounts falling due within one year	8	114,858		76,180
		---------		---------
Net current assets			79,687	36,886
			--------	--------
Total assets less current liabilities			84,723	37,449
			--------	--------

Capital and reserves

Called up share capital	120	100
Profit and loss account	84,603	37,349
	--------	--------
Shareholders funds	84,723	37,449
	--------	--------

These financial statements have been prepared 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'.

For the year ending 31 October 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 were approved by the board of directors and authorised for issue on 29 July 2019 , and are signed on behalf of the board by:

Mr S J Cornforth
Director

Company registration number: 08265665

Austrin Gearbox Specialist Limited

Statement of Changes in Equity

Year ended 31 October 2018

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 November 2016	100	3,676	3,776

Profit for the year		93,673	93,673
	----	--------	--------
Total comprehensive income for the year	–	93,673	93,673

Dividends paid and payable	–	( 60,000)	( 60,000)
	----	--------	--------
Total investments by and distributions to owners	–	( 60,000)	( 60,000)

At 31 October 2017	100	37,349	37,449

Profit for the year		119,254	119,254
	----	---------	---------
Total comprehensive income for the year	–	119,254	119,254

Issue of shares	20	–	20
Dividends paid and payable	–	( 72,000)	( 72,000)
	----	--------	--------
Total investments by and distributions to owners	20	( 72,000)	( 71,980)

	----	--------	--------
At 31 October 2018	120	84,603	84,723
	----	--------	--------

Austrin Gearbox Specialist Limited

Notes to the Financial Statements

Year ended 31 October 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 Unit 18, Wesley Court Benton Square Ind Estate, Tyne and Wear, NE12 9BS.

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

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.

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.

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.

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.

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	-	25% straight line
Motor vehicles	-	25% straight line
Office Equipment	-	15% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

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 7 (2017: 6 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2018	2017
	£	£
Depreciation of tangible assets	2,186	1,225
	-------	-------

6. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 November 2017	14,425	2,700	–	17,125
Additions	–	6,250	409	6,659
	--------	-------	----	--------
At 31 October 2018	14,425	8,950	409	23,784
	--------	-------	----	--------
Depreciation
At 1 November 2017	13,637	2,925	–	16,562
Charge for the year	787	1,338	61	2,186
	--------	-------	----	--------
At 31 October 2018	14,424	4,263	61	18,748
	--------	-------	----	--------
Carrying amount
At 31 October 2018	1	4,687	348	5,036
	--------	-------	----	--------
At 31 October 2017	788	( 225)	–	563
	--------	-------	----	--------

7. Debtors

	2018	2017
	£	£
Trade debtors	18,102	3,544
Other debtors	351	–
	--------	-------
	18,453	3,544
	--------	-------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	68,067	35,411
Corporation tax	28,038	22,901
Social security and other taxes	16,781	13,388
Other creditors - desc in a/cs	10	–
Other creditors	1,962	4,480
	---------	--------
	114,858	76,180
	---------	--------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr S J Cornforth	( 4,403)	2,441	( 1,962)
	-------	-------	-------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr S J Cornforth	( 662)	( 3,741)	( 4,403)
	----	-------	-------

10. Related party transactions

The company was under the control of Mr S Cornforth throughout the current year. Mr S Cornforth is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.