Authentic Design and Build Limited Company Accounts

AUTHENTIC DESIGN AND BUILD LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07606824

Authentic Design and Build Limited

Unaudited Financial Statements

30 April 2017

Authentic Design and Build Limited

Financial Statements

Year ended 30 April 2017

Contents	Page

Director's report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	5

The following pages do not form part of the financial statements

Detailed income statement	11

Notes to the detailed income statement	12

Authentic Design and Build Limited

Director's Report

Year ended 30 April 2017

The director presents his report and the unaudited financial statements of the company for the year ended 30 April 2017 .

Director

The director who served the company during the year was as follows:

Mr T Ashby

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 30 January 2018 and signed on behalf of the board by:

Mr T Ashby
Director

Registered office:

Brooks House

1 Albion Place

Maidstone

Kent

England

ME14 5DY

Authentic Design and Build Limited

Statement of Income and Retained Earnings

Year ended 30 April 2017

	2017	2016
Note	£	£
Turnover	314,579	542,411

Cost of sales	57,056	469,014
	---------	---------
Gross profit	257,523	73,397

Administrative expenses	16,747	62,251
	---------	--------
Operating profit	240,776	11,146

Interest payable and similar expenses		–	737
		---------	--------
Profit before taxation	5	240,776	10,409

Tax on profit	47,812	–
	---------	--------
Profit for the financial year and total comprehensive income	192,964	10,409
	---------	--------

Dividends paid and payable	( 75,000)	–

Retained losses at the start of the year	( 5,791)	( 16,200)
	---------	--------
Retained earnings/(losses) at the end of the year	112,173	( 5,791)
	---------	--------

All the activities of the company are from continuing operations.

Authentic Design and Build Limited

Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		11,663	36,235

Current assets

Stocks		200,000	219,580
Debtors	7	150,895	105,694
Cash at bank and in hand		7,720	66,311
		---------	---------
		358,615	391,585

Creditors: amounts falling due within one year	8	258,103		423,009
		---------		---------
Net current assets/(liabilities)			100,512	( 31,424)
			---------	--------
Total assets less current liabilities			112,175	4,811

Creditors: amounts falling due after more than one year	9	–	10,600
		---------	--------
Net assets/(liabilities)		112,175	( 5,789)
		---------	--------

Capital and reserves

Called up share capital	2	2
Profit and loss account	112,173	( 5,791)
	---------	-------
Members funds/(deficit)	112,175	( 5,789)
	---------	-------

These financial statements have been prepared 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'.

For the year ending 30 April 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 .

Authentic Design and Build Limited

Statement of Financial Position (continued)

30 April 2017

These financial statements were approved by the board of directors and authorised for issue on 30 January 2018 , and are signed on behalf of the board by:

Mr T Ashby
Director

Company registration number: 07606824

Authentic Design and Build Limited

Notes to the Financial Statements

Year ended 30 April 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 Brooks House, 1 Albion Place, Maidstone, Kent, ME14 5DY, England.

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 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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 & Machinery	-	25% straight line
Fixtures & Fittings	-	25% straight line
Motor Vehicles	-	25% straight line
Equipment	-	25% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts 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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2016: 3 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	4,804	6,517
	-------	-------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 May 2016	19,195	1,909	20,189	11,021	52,314
Disposals	–	–	( 20,189)	–	( 20,189)
	--------	-------	--------	--------	--------
At 30 April 2017	19,195	1,909	–	11,021	32,125
	--------	-------	--------	--------	--------
Depreciation
At 1 May 2016	4,616	1,909	421	9,133	16,079
Charge for the year	2,916	–	–	1,888	4,804
Disposals	–	–	( 421)	–	( 421)
	--------	-------	--------	--------	--------
At 30 April 2017	7,532	1,909	–	11,021	20,462
	--------	-------	--------	--------	--------
Carrying amount
At 30 April 2017	11,663	–	–	–	11,663
	--------	-------	--------	--------	--------
At 30 April 2016	14,579	–	19,768	1,888	36,235
	--------	-------	--------	--------	--------

7. Debtors

	2017	2016
	£	£
Trade debtors	47,188	105,694
Other debtors	103,707	–
	---------	---------
	150,895	105,694
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	2,553	22,095
Corporation tax	47,812	–
Social security and other taxes	4,080	31,300
Other creditors	203,658	369,614
	---------	---------
	258,103	423,009
	---------	---------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	–	10,600
	----	--------

10. Director's advances, credits and guarantees

During the year under review the company had related party transactions with its director. These transactions were limited to interest free loans. At the close of business on 30th April 2017, the company owed the director £202,544 (2016 £336,434).

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.

Authentic Design and Build Limited

Management Information

Year ended 30 April 2017

The following pages do not form part of the financial statements.

Authentic Design and Build Limited

Detailed Income Statement

Year ended 30 April 2017

	2017	2016
	£	£
Turnover	314,579	542,411

Cost of sales

Purchases	45,019	241,182
Subcontractor costs	12,037	227,832
	--------	---------
	57,056	469,014

	---------	---------
Gross profit	257,523	73,397

Overheads

Administrative expenses	16,747	62,251

	---------	--------
Operating profit	240,776	11,146

Interest payable and similar expenses	–	(737)

	---------	--------
Profit before taxation	240,776	10,409
	---------	--------

Authentic Design and Build Limited

Notes to the Detailed Income Statement

Year ended 30 April 2017

	2017	2016
	£	£

Administrative expenses

Directors salaries	–	8,400
Wages and salaries	–	16,800
Insurance	6,298	7,785
Use of home as office	–	1,800
Travel and subsistence	5,512	6,644
Telephone	200	437
General expenses (allowable)	383	2,857
Entertaining	595	1,018
Legal and professional fees (allowable)	–	5,984
Accountancy fees	4,445	3,508
Depreciation of tangible assets	4,804	6,517
(Gain)/loss on disposal of tangible assets	(5,982)	–
Bank charges	492	501
	--------	--------
	16,747	62,251
	--------	--------

Interest payable and similar expenses

Interest on hire purchase and finance lease contracts	–	737
	----	----