Alan Snow Ag Eng (Launceston) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05907476 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2018

for

Alan Snow Agricultural Engineers

(Launceston) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R A Snow

Mrs D M Snow

Mr F W Rundle

REGISTERED OFFICE:

69 High Street

Bideford

Devon

EX39 2AT

REGISTERED NUMBER:

05907476 (England and Wales)

ACCOUNTANTS:

R T Marke & Co Ltd

Chartered Accountants

69 High Street

Bideford

Devon

EX39 2AT

FIXED ASSETS

Intangible assets

5

131

174

Tangible assets

6

100,881

127,866

101,012

128,040

CURRENT ASSETS

Stocks

1,429,569

1,317,647

Debtors

7

582,993

508,714

Cash at bank and in hand

531

24,829

2,013,093

1,851,190

CREDITORS

Amounts falling due within one year

8

1,632,888

1,581,429

NET CURRENT ASSETS

380,205

269,761

TOTAL ASSETS LESS CURRENT LIABILITIES

481,217

397,801

CREDITORS

Amounts falling due after more than one year

9

-

(21,283

)

PROVISIONS FOR LIABILITIES

(10,446

)

(13,353

)

NET ASSETS

470,771

363,165

CAPITAL AND RESERVES

Called up share capital

11

400

400

Retained earnings

470,371

362,765

SHAREHOLDERS' FUNDS

470,771

363,165

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 2 February 2019 and were signed on its behalf by:

Mr F W Rundle - Director

Mrs D M Snow - Director

Mr R A Snow - Director

1.	STATUTORY INFORMATION

Alan Snow Agricultural Engineers (Launceston) Ltd is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be found on the

Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

remain unchanged from the previous period, and also have been consistently applied within the same accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Computer software

Computer software representing the excess of the purchase price over the fair value of the net assets of

undertakings acquired is capitalised in the balance sheet and is amortised by the reducing balance method at a

rate of 25%.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

Straight line over 10 years

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating

as intended by management.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Financial instruments

Basic financial instruments 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

administrative expenses. Loans and borrowings are initially recognised at the transaction price including

transaction costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Going concern

Having regard to the company's anticipated future revenues and costs including repayment of debt where

appropriate, together with the expected availability of working capital, the directors consider that it is

appropriate to prepare the financial statements on the going concern basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2017 - 23 ) .

5.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 October 2017

and 30 September 2018

3,345

AMORTISATION

At 1 October 2017

3,171

Amortisation for year

43

At 30 September 2018

3,214

NET BOOK VALUE

At 30 September 2018

131

At 30 September 2017

174

6.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 October 2017

136,353

67,625

5,073

Additions

-

3,173

-

Disposals

-

(3,129

)

-

At 30 September 2018

136,353

67,669

5,073

DEPRECIATION

At 1 October 2017

72,694

47,322

3,980

Charge for year

13,625

5,749

268

Eliminated on disposal

-

(2,572

)

-

At 30 September 2018

86,319

50,499

4,248

NET BOOK VALUE

At 30 September 2018

50,034

17,170

825

At 30 September 2017

63,659

20,303

1,093

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 October 2017

111,450

32,171

352,672

Additions

-

1,026

4,199

Disposals

-

(504

)

(3,633

)

At 30 September 2018

111,450

32,693

353,238

DEPRECIATION

At 1 October 2017

82,545

18,265

224,806

Charge for year

7,224

3,693

30,559

Eliminated on disposal

-

(436

)

(3,008

)

At 30 September 2018

89,769

21,522

252,357

NET BOOK VALUE

At 30 September 2018

21,681

11,171

100,881

At 30 September 2017

28,905

13,906

127,866

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

544,873

365,686

Other debtors

38,120

143,028

582,993

508,714

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

11,472

35,858

Trade creditors

314,742

417,671

Taxation and social security

158,936

97,229

Other creditors

1,147,738

1,030,671

1,632,888

1,581,429

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

-

21,283

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

9,972

-

Bank loans

1,500

57,141

11,472

57,141

Bank loans and overdrafts are secured by fixed and floating charges over the company's assets.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

400

Ordinary

£1

400

400