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 2020

for

Alan Snow Agricultural Engineers

(Launceston) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr F W Rundle

Mrs S T 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

75

99

Tangible assets

6

101,667

92,347

101,742

92,446

CURRENT ASSETS

Stocks

2,214,161

1,652,690

Debtors

7

569,514

412,096

Cash at bank and in hand

357,873

283,550

3,141,548

2,348,336

CREDITORS

Amounts falling due within one year

8

2,539,428

1,827,002

NET CURRENT ASSETS

602,120

521,334

TOTAL ASSETS LESS CURRENT LIABILITIES

703,862

613,780

CREDITORS

Amounts falling due after more than one year

9

(237,095

)

-

PROVISIONS FOR LIABILITIES

(15,183

)

(11,019

)

NET ASSETS

451,584

602,761

CAPITAL AND RESERVES

Called up share capital

11

200

400

Capital redemption reserve

200

-

Retained earnings

451,184

602,361

SHAREHOLDERS' FUNDS

451,584

602,761

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2021 and were signed on its behalf by:

Mr F W Rundle - Director

Mrs S T Rundle - 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.

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 21 (2019 - 19 ) .

5.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 October 2019

and 30 September 2020

3,345

AMORTISATION

At 1 October 2019

3,246

Amortisation for year

24

At 30 September 2020

3,270

NET BOOK VALUE

At 30 September 2020

75

At 30 September 2019

99

6.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 October 2019

136,353

60,698

12,992

Additions

-

10,430

2,523

Disposals

-

(2,458

)

-

At 30 September 2020

136,353

68,670

15,515

DEPRECIATION

At 1 October 2019

99,944

49,081

6,418

Charge for year

13,628

5,420

2,256

Eliminated on disposal

-

(2,051

)

-

At 30 September 2020

113,572

52,450

8,674

NET BOOK VALUE

At 30 September 2020

22,781

16,220

6,841

At 30 September 2019

36,409

11,617

6,574

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 October 2019

117,950

32,668

360,661

Additions

35,754

1,711

50,418

Disposals

(4,500

)

(689

)

(7,647

)

At 30 September 2020

149,204

33,690

403,432

DEPRECIATION

At 1 October 2019

88,597

24,274

268,314

Charge for year

16,122

2,444

39,870

Eliminated on disposal

(3,898

)

(470

)

(6,419

)

At 30 September 2020

100,821

26,248

301,765

NET BOOK VALUE

At 30 September 2020

48,383

7,442

101,667

At 30 September 2019

29,353

8,394

92,347

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

536,538

393,518

Other debtors

32,976

18,578

569,514

412,096

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

56,285

-

Trade creditors

691,630

498,547

Taxation and social security

194,902

142,829

Other creditors

1,596,611

1,185,626

2,539,428

1,827,002

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

237,095

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

293,380

-

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

Mr F W Rundle, the director, has given a personal guarantee for the bank loan up to £100,000.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

200

Ordinary

£1

200

400

During the year ended 30 September 2020 the company purchased 200 of its own shares with a nominal value of £200. The aggregate amount of consideration paid by the company for the shares was £495,000.