Embee Engineering Ltd Small abridged accounts

Embee Engineering Ltd Small abridged accounts

EMBEE ENGINEERING LTD - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Embee Engineering Ltd have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 January 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 09401159
Embee Engineering Ltd
Unaudited Abridged Financial Statements
For the Year Ended
31 January 2017
Embee Engineering Ltd
Abridged Financial Statements
Year Ended 31 January 2017
Contents
Pages
Officers and Professional Advisers
1
Abridged Statement of Financial Position
2
Statement of Changes in Equity
3
Notes to the Abridged Financial Statements
4 to 5
Embee Engineering Ltd
Officers and Professional Advisers
Director
A Gupta
Registered Office
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
Embee Engineering Ltd
Abridged Statement of Financial Position
31 January 2017
2017
2016
Note
£
£
£
Current Assets
Debtors
6,993
–
Cash at bank and in hand
3,678
16,142
--------
--------
10,671
16,142
Creditors: amounts falling due within one year
( 10,669)
( 13,479)
--------
--------
Net Current Assets
2
2,663
----
------
Total Assets Less Current Liabilities
2
2,663
----
------
Net Assets
2
2,663
----
------
Capital and Reserves
Called up share capital
2
2
Profit and loss account
–
2,661
----
------
Members Funds
2
2,663
----
------
These abridged 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 abridged statement of comprehensive income has not been delivered.
For the year ending 31 January 2017 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 abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 15 March 2017 , and are signed on behalf of the board by:
A Gupta Director
Company registration number: 09401159
Embee Engineering Ltd
Statement of Changes in Equity
Year Ended 31 January 2017
Called up share capital
Profit and loss account
Total
£
£
£
At 22 January 2015
–
–
–
Profit for the year
31,728
31,728
----
--------
--------
Total Comprehensive Income for the Year
–
31,728
31,728
Issue of shares
2
–
2
Dividends paid and payable
–
( 29,067)
( 29,067)
----
--------
--------
Total Investments by and Distributions to Owners
2
( 29,067)
( 29,065)
At 31 January 2016
2
2,661
2,663
Profit for the year
32,260
32,260
----
--------
--------
Total Comprehensive Income for the Year
–
32,260
32,260
Dividends paid and payable
–
( 34,921)
( 34,921)
----
--------
--------
Total Investments by and Distributions to Owners
–
( 34,921)
( 34,921)
----
--------
--------
At 31 January 2017
2
–
2
----
--------
--------
Embee Engineering Ltd
Notes to the Abridged Financial Statements
Year Ended 31 January 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Worsley Court, High Street, Worsley, Manchester, M28 3NJ.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 22 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of services is recognised when the significant risks and rewards of ownership have transferred to the customer, 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 dates. 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.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to 1 (2016: 1).
5. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2017
2016
£
£
Financial assets that are debt instruments measured at amortised cost
Financial assets that are debt instruments measured at amortised cost
10,671
16,142
--------
--------
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost
115
5,373
----
------
6. Director's advances, credits and guarantees
At the balance sheet date the director owed the company £4,851 (2016: £5,373 debtor). This is an interest free loan and has no fixed date for repayment.
7. Related party transactions
During the year the director received a dividend of £34,921 (2016: £29,067).
8. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 22 January 2015.
No transitional adjustments were required in equity or profit or loss for the period.