DW Archer Engineering Limited Company Accounts

DW Archer Engineering Limited Company Accounts


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COMPANY REGISTRATION NUMBER: SC441230
DW Archer Engineering Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2017
DW Archer Engineering Limited
Financial Statements
Year ended 31 March 2017
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
DW Archer Engineering Limited
Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Current assets
Debtors
4
93,373
18,731
Cash at bank and in hand
71
96,580
--------
---------
93,444
115,311
Creditors: amounts falling due within one year
5
600
1,758
--------
---------
Net current assets
92,844
113,553
--------
---------
Total assets less current liabilities
92,844
113,553
--------
---------
Net assets
92,844
113,553
--------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
92,744
113,453
--------
---------
Members funds
92,844
113,553
--------
---------
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.
For the year ending 31 March 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 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 financial statements .
These financial statements were approved by the board of directors and authorised for issue on 1 November 2017 , and are signed on behalf of the board by:
D W Archer
Director
Company registration number: SC441230
DW Archer Engineering Limited
Notes to the Financial Statements
Year ended 31 March 2017
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 33 Kittoch Street, East Kilbride, G74 4JW.
2. 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 the Republic of Ireland'.
3. 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Revenue recognition
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.
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 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.
4. Debtors
2017
2016
£
£
Other debtors
93,373
18,731
--------
--------
5. Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
858
Other creditors
600
900
----
-------
600
1,758
----
-------
6. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
D W Archer
18,731
96,400
( 21,758)
93,373
--------
--------
--------
--------
2016
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
D W Archer
( 8,540)
45,271
( 18,000)
18,731
-------
--------
--------
--------
7. Related party transactions
Control:- The company was under the control of D W Archer throughout the period under review. D W Archer is the sole director and shareholder. Transactions:- No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
8. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.