Andrew Developments Limited - Period Ending 2018-11-30

Andrew Developments Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 November 2018

Registration number: 05325651

Andrew Developments Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

Andrew Developments Limited

Balance Sheet

30 November 2018

	Note	30 November 2018 £	30 November 2017 £
Fixed assets
Tangible assets	4	8,305	8,704
Current assets
Stocks		705,684	853,919
Debtors	5	28,226	15,194
Cash at bank and in hand		47,426	24,874
		781,336	893,987
Creditors: Amounts falling due within one year	6	(594,874)	(773,347)
Net current assets		186,462	120,640
Total assets less current liabilities		194,767	129,344
Creditors: Amounts falling due after more than one year	6	(987)	-
Provisions for liabilities		(1,412)	(1,480)
Net assets		192,368	127,864
Capital and reserves
Called up share capital	8	1	1
Profit and loss account		192,367	127,863
Total equity		192,368	127,864

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Andrew Developments Limited

Balance Sheet

30 November 2018

For the financial year ending 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 26 July 2019
 

......................................... A J Linskey Director

Company Registration Number: 05325651

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Andrew Developments Limited

Notes to the Financial Statements

Year Ended 30 November 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF

The principal place of business is:
Freshwaters
187B Marldon Road
Paignton
Devon
TQ3 3NB

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, 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 value added tax and discounts.

The company recognises revenue when it can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 3

Andrew Developments Limited

Notes to the Financial Statements

Year Ended 30 November 2018

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% reducing balance
Plant and machinery	15% reducing balance

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 stocks 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Page 4

Andrew Developments Limited

Notes to the Financial Statements

Year Ended 30 November 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2017 - 2).

Page 5

Andrew Developments Limited

Notes to the Financial Statements

Year Ended 30 November 2018

4	Tangible assets

	Motor vehicles  £	Plant and machinery  £	Total £
Cost or valuation
At 1 December 2017	27,218	2,500	29,718
Additions	-	1,996	1,996
At 30 November 2018	27,218	4,496	31,714
Depreciation
At 1 December 2017	19,314	1,700	21,014
Charge for the year	1,976	419	2,395
At 30 November 2018	21,290	2,119	23,409
Carrying amount
At 30 November 2018	5,928	2,377	8,305
At 30 November 2017	7,904	800	8,704

5

Debtors

	30 November 2018 £	30 November 2017 £
Trade debtors	7,580	7,295
Other debtors	20,646	7,899
	28,226	15,194

Page 6

Andrew Developments Limited

Notes to the Financial Statements

Year Ended 30 November 2018

6

Creditors

Creditors: amounts falling due within one year

	Note	30 November 2018 £	30 November 2017  £
Due within one year
Loans and borrowings	7	326,898	468,892
Trade creditors		28,389	64,061
Corporation tax		31,729	11,201
Social security and other taxes		1,363	1,287
Other creditors		203,995	215,706
Accrued expenses		2,500	2,200
Payments on account		-	10,000
		594,874	773,347

Creditors: amounts falling due after more than one year

	Note	30 November 2018 £	30 November 2017 £
Due after one year
Loans and borrowings	7	987	-

7	Loans and borrowings

	30 November 2018 £	30 November 2017 £
Loans and borrowings due after one year
Hire Purchase liabilities	987	-

Page 7

Andrew Developments Limited

Notes to the Financial Statements

Year Ended 30 November 2018

	30 November 2018 £	30 November 2017 £
Current loans and borrowings
Bank borrowings	322,948	460,077
Hire Purchase liabilities	3,950	8,815
	326,898	468,892

8	Share capital

Allotted, called up and fully paid shares

	30 November 2018		30 November 2017
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

Page 8