Aiseandan Plant Limited 31/08/2018 iXBRL

Aiseandan Plant Limited 31/08/2018 iXBRL

AISEANDAN PLANT LIMITED - Company Information

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Company registration number: 06303869
Aiseandan Plant Limited
Unaudited filleted financial statements
31 August 2018
Aiseandan Plant Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Aiseandan Plant Limited
Directors and other information
Directors Aisling Dwyer
Bulent Osman
Company number 06303869
Registered office 54 Oxford Road
Denham
Uxbridge
UB9 4DN
Accountants Sterling Accounting Solutions Ltd
Kings House Business Centre
Home Park Industrial Estate
Kings Langley
Hertfordshire
WD4 8LZ
Aiseandan Plant Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Aiseandan Plant Limited
Period ended 31 August 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aiseandan Plant Limited for the period ended 31 August 2018 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Aiseandan Plant Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Aiseandan Plant Limited and state those matters that we have agreed to state to the board of directors of Aiseandan Plant Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aiseandan Plant Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Aiseandan Plant Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aiseandan Plant Limited. You consider that Aiseandan Plant Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Aiseandan Plant Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Sterling Accounting Solutions Ltd
Chartered Accountants
Kings House Business Centre
Home Park Industrial Estate
Kings Langley
Hertfordshire
WD4 8LZ
30 May 2019
Aiseandan Plant Limited
Statement of financial position
31 August 2018
31/08/18 31/07/17
Note £ £ £ £
Fixed assets
Tangible assets 7 7,256,393 2,896,099
_______ _______
7,256,393 2,896,099
Current assets
Debtors 8 2,481,509 323,611
Cash at bank and in hand 61,025 5,948
_______ _______
2,542,534 329,559
Creditors: amounts falling due
within one year 9 ( 2,432,229) ( 1,120,902)
_______ _______
Net current assets/(liabilities) 110,305 ( 791,343)
_______ _______
Total assets less current liabilities 7,366,698 2,104,756
Creditors: amounts falling due
after more than one year 10 ( 4,853,744) ( 474,118)
Provisions for liabilities 12 ( 427,106) ( 262,948)
_______ _______
Net assets 2,085,848 1,367,690
_______ _______
Capital and reserves
Called up share capital 14 3 3
Profit and loss account 2,085,845 1,367,687
_______ _______
Shareholders funds 2,085,848 1,367,690
_______ _______
For the period ending 31 August 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 period 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 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 May 2019 , and are signed on behalf of the board by:
Aisling Dwyer
Director
Company registration number: 06303869
Aiseandan Plant Limited
Notes to the financial statements
Period ended 31 August 2018
1. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
2. 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 - 10 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Hire purchase and finance leases
Assets held under finance leases are recognised in the 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.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the year end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expenses immediately, with a corresponding provision for an onerous contract being recognised. Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
4. Operating profit
Operating profit is stated after charging/(crediting):
Period Year
ended ended
31/08/18 31/07/17
£ £
Depreciation of tangible assets 584,256 313,265
(Gain)/loss on disposal of tangible assets ( 66,838) ( 200,789)
_______ _______
5. Interest payable and similar expenses
Period Year
ended ended
31/08/18 31/07/17
£ £
Bank loans and overdrafts 41,399 13
Other loans made to the company:
Finance leases and hire purchase contracts 172,656 84,465
_______ _______
214,055 84,478
_______ _______
6. Tax on profit
Major components of tax expense
Period Year
ended ended
31/08/18 31/07/17
£ £
Current tax:
UK current tax expense/income 4,299 ( 26,521)
_______ _______
Deferred tax:
Origination and reversal of timing differences 164,158 70,053
_______ _______
Tax on profit 168,457 43,532
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the period is the same as (2017: lower than) the standard rate of corporation tax in the UK of 19.00 % (2017: 19.67%).
Period Year
ended ended
31/08/18 31/07/17
£ £
Profit before taxation 886,615 286,858
_______ _______
Profit multiplied by rate of tax 168,457 56,425
Effect of capital allowances and depreciation - 25,176
Utilisation of tax losses - ( 26,521)
Change in tax rate - ( 11,548)
_______ _______
Tax on profit 168,457 43,532
_______ _______
7. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 August 2017 3,609,548 - 3,609,548
Additions 5,151,451 107,935 5,259,386
Disposals ( 601,630) - ( 601,630)
_______ _______ _______
At 31 August 2018 8,159,369 107,935 8,267,304
_______ _______ _______
Depreciation
At 1 August 2017 713,449 - 713,449
Charge for the year 579,380 4,875 584,255
Disposals ( 286,793) - ( 286,793)
_______ _______ _______
At 31 August 2018 1,006,036 4,875 1,010,911
_______ _______ _______
Carrying amount
At 31 August 2018 7,153,333 103,060 7,256,393
_______ _______ _______
At 31 July 2017 2,896,099 - 2,896,099
_______ _______ _______
8. Debtors
31/08/18 31/07/17
£ £
Trade debtors 2,139,992 241,496
VAT receivable 183,418 24,735
Other debtors 158,099 57,380
_______ _______
2,481,509 323,611
_______ _______
9. Creditors: amounts falling due within one year
31/08/18 31/07/17
£ £
Bank loans and overdrafts 90,950 -
Trade creditors 313,222 547,104
Corporation tax 4,299 1,373
Obligations under finance leases 1,815,956 572,425
Other creditors 207,802 -
_______ _______
2,432,229 1,120,902
_______ _______
10. Creditors: amounts falling due after more than one year
31/08/18 31/07/17
£ £
Bank loans and overdrafts 327,149 -
Accruals and deferred income 613,468 -
Obligations under finance leases 3,551,178 189,669
Other creditors 361,949 284,449
_______ _______
4,853,744 474,118
_______ _______
11. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
31/08/18 31/07/17
£ £
Not later than 1 year 1,815,956 572,425
Later than 1 year and not later than 5 years 3,551,178 189,669
_______ _______
5,367,134 762,094
_______ _______
Present value of minimum lease payments 5,367,134 762,094
_______ _______
31/08/18 31/07/17
12. Provisions
Deferred tax (note 13) Total
£ £
At 1 August 2017 262,948 262,948
Additions 164,158 164,158
_______ _______
At 31 August 2018 427,106 427,106
_______ _______
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
31/08/18 31/07/17
£ £
Included in provisions (note 12) 427,106 262,948
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
31/08/18 31/07/17
£ £
Accelerated capital allowances 427,106 262,948
_______ _______
14. Called up share capital
Issued, called up and fully paid
31/08/18 31/07/17
No £ No £
Ordinary shares of £ 1.00 each 3 3 3 3
_______ _______ _______ _______