A D Y Pallets & Bags Limited - Period Ending 2017-07-31

A D Y Pallets & Bags Limited - Period Ending 2017-07-31


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Registration number: 02782160

A D Y Pallets & Bags Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2017

Williams & Co Accountants
Pelican House
119c Eastbank Street
Southport
Merseyside
PR8 1DQ

 

A D Y Pallets & Bags Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Abridged Financial Statements

4 to 7

 

A D Y Pallets & Bags Limited

Company Information

Directors

Mrs Joan Ferris

Mr Michael Ferris

Registered office

Antrim Road
Dallam
Warrinton
Cheshire
WA2 8JT

Accountants

Williams & Co Accountants
Pelican House
119c Eastbank Street
Southport
Merseyside
PR8 1DQ

 

A D Y Pallets & Bags Limited

(Registration number: 02782160)
Abridged Balance Sheet as at 31 July 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

3

14,802

18,549

Current assets

 

Stocks

4,804

44,736

Other financial assets

452

452

Cash at bank and in hand

 

28,128

16,503

 

33,384

61,691

Creditors: Amounts falling due within one year

(13,553)

(20,951)

Net current assets

 

19,831

40,740

Total assets less current liabilities

 

34,633

59,289

Creditors: Amounts falling due after more than one year

-

(1,343)

Provisions for liabilities

(2,835)

(3,431)

Accruals and deferred income

 

(3,000)

(6,674)

Net assets

 

28,798

47,841

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

28,598

47,641

Total equity

 

28,798

47,841

For the financial year ending 31 July 2017 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

A D Y Pallets & Bags Limited

(Registration number: 02782160)
Abridged Balance Sheet as at 31 July 2017

Approved and authorised by the Board on 9 January 2018 and signed on its behalf by:
 

.........................................

Mr Michael Ferris

Director

 

A D Y Pallets & Bags Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2017

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:
Antrim Road
Dallam
Warrinton
Cheshire
WA2 8JT

These financial statements were authorised for issue by the Board on 9 January 2018.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

A D Y Pallets & Bags Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2017

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

25% and 33% on cost

Plant & machinery

20% reducing balance basis

Motor vehicles

20% reducing balance basis

Computer equipment

20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

A D Y Pallets & Bags Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2017

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

A D Y Pallets & Bags Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2017

3

Tangible assets

Total
£

Cost or valuation

At 1 August 2016

124,095

At 31 July 2017

124,095

Depreciation

At 1 August 2016

105,546

Charge for the year

3,747

At 31 July 2017

109,293

Carrying amount

At 31 July 2017

14,802

At 31 July 2016

18,549

Included within the net book value of land and buildings above is £Nil (2016 - £Nil) in respect of freehold land and buildings.