ACCOUNTS - Final Accounts


Caseware UK (AP4) 2016.0.181 2016.0.1812017-06-302017-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrueNo description of principal activityfalse2016-07-01013134202016-07-012017-06-30013134202015-07-012016-06-30013134202017-06-30013134202016-06-3001313420 c:Director5 2016-07-012017-06-3001313420 d:PlantMachinery 2016-07-012017-06-3001313420 d:PlantMachinery 2017-06-3001313420 d:PlantMachinery 2016-06-3001313420 d:PlantMachinery d:OwnedOrFreeholdAssets 2016-07-012017-06-3001313420 d:MotorVehicles 2016-07-012017-06-3001313420 d:MotorVehicles 2017-06-3001313420 d:MotorVehicles 2016-06-3001313420 d:MotorVehicles d:OwnedOrFreeholdAssets 2016-07-012017-06-3001313420 d:FurnitureFittings 2016-07-012017-06-3001313420 d:FurnitureFittings 2017-06-3001313420 d:FurnitureFittings 2016-06-3001313420 d:FurnitureFittings d:OwnedOrFreeholdAssets 2016-07-012017-06-3001313420 d:OfficeEquipment 2016-07-012017-06-3001313420 d:OfficeEquipment 2017-06-3001313420 d:OfficeEquipment 2016-06-3001313420 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-07-012017-06-3001313420 d:ComputerEquipment 2017-06-3001313420 d:ComputerEquipment 2016-06-3001313420 d:ComputerEquipment d:OwnedOrFreeholdAssets 2016-07-012017-06-3001313420 d:OwnedOrFreeholdAssets 2016-07-012017-06-3001313420 d:CurrentFinancialInstruments 2017-06-3001313420 d:CurrentFinancialInstruments 2016-06-3001313420 d:Non-currentFinancialInstruments 2017-06-3001313420 d:Non-currentFinancialInstruments 2016-06-3001313420 d:CurrentFinancialInstruments d:WithinOneYear 2017-06-3001313420 d:CurrentFinancialInstruments d:WithinOneYear 2016-06-3001313420 d:Non-currentFinancialInstruments d:AfterOneYear 2017-06-3001313420 d:Non-currentFinancialInstruments d:AfterOneYear 2016-06-3001313420 d:ShareCapital 2017-06-3001313420 d:ShareCapital 2016-06-3001313420 d:OtherMiscellaneousReserve 2017-06-3001313420 d:OtherMiscellaneousReserve 2016-06-3001313420 d:RetainedEarningsAccumulatedLosses 2017-06-3001313420 d:RetainedEarningsAccumulatedLosses 2016-06-3001313420 d:AcceleratedTaxDepreciationDeferredTax 2017-06-3001313420 c:FRS102 2016-07-012017-06-3001313420 c:AuditExempt-NoAccountantsReport 2016-07-012017-06-3001313420 c:FullAccounts 2016-07-012017-06-3001313420 c:PrivateLimitedCompanyLtd 2016-07-012017-06-30iso4217:GBPxbrli:pure

Registered number: 01313420









ACRE JOINERY LIMITED


UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

 
ACRE JOINERY LIMITED
REGISTERED NUMBER: 01313420

BALANCE SHEET
AS AT 30 JUNE 2017

2017
2016
Note
£
£

Fixed assets
  

Tangible assets
 4 
47,972
41,972

Current assets
  

Stocks
 5 
31,401
23,277

Debtors: amounts falling due within one year
 6 
141,996
167,238

Cash at bank and in hand
 7 
61,599
63,500

  
234,996
254,015

Creditors: amounts falling due within one year
 8 
(139,184)
(126,461)

Net current assets
  
 
 
95,812
 
 
127,554

Total assets less current liabilities
  
143,784
169,526

Creditors: amounts falling due after more than one year
 9 
(25,631)
(18,678)

Provisions for liabilities
  

Deferred tax
 10 
(6,843)
(5,747)

  
 
 
(6,843)
 
 
(5,747)

Net assets
  
111,310
145,101


Capital and reserves
  

Called up share capital 
  
90
90

Other reserves
  
10
10

Profit and loss account
  
111,210
145,001

  
111,310
145,101


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Page 1

 
ACRE JOINERY LIMITED
REGISTERED NUMBER: 01313420

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2017

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 February 2018.



D R Maeer
Director
The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
ACRE JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017

1.


General information

Acre Joinery Limited is a private company limited by shares, incorporated in England and Wales, with a company registration number of 01313420. The address of the registered office is given on the company information page of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Rendering of services

Rev from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
Range from 10-100%
Motor vehicles
-
25% reducing balance basis
Fixtures and office equipment
-
25% reducing balance basis
Website
-
25% reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Page 3

 
ACRE JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017

2.Accounting policies (continued)

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Page 4

 
ACRE JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017

2.Accounting policies (continued)

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 5

 
ACRE JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017

2.Accounting policies (continued)

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2016 - 12).

Page 6

 
ACRE JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2016
99,778
28,150
11,642
1,999
5,531
147,100


Additions
17,599
-
1,464
-
-
19,063



At 30 June 2017

117,377
28,150
13,106
1,999
5,531
166,163



Depreciation


At 1 July 2016
85,903
5,559
11,642
1,499
525
105,128


Charge for the year on owned assets
4,918
5,131
1,464
500
1,050
13,063



At 30 June 2017

90,821
10,690
13,106
1,999
1,575
118,191



Net book value



At 30 June 2017
26,556
17,460
-
-
3,956
47,972



At 30 June 2016
13,875
22,591
-
500
5,006
41,972

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2017
2016
£
£



Plant and machinery
16,000
-

Motor vehicles
17,460
22,591

33,460
22,591


5.


Stocks

2017
2016
£
£

Raw materials and consumables
31,401
23,277


Page 7

 
ACRE JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017

6.


Debtors

2017
2016
£
£


Trade debtors
75,024
109,898

Prepayments and accrued income
8,270
6,010

Amounts recoverable on long term contracts
58,702
51,330

141,996
167,238



7.


Cash and cash equivalents

2017
2016
£
£

Cash at bank and in hand
61,599
63,500



8.


Creditors: Amounts falling due within one year

2017
2016
£
£

Payments received on account
47,511
37,848

Trade creditors
36,244
33,890

Corporation tax
7,240
17,562

Other taxation and social security
32,355
25,011

Obligations under finance lease and hire purchase contracts
7,447
4,567

Other creditors
-
460

Accruals and deferred income
8,387
7,123

139,184
126,461



9.


Creditors: Amounts falling due after more than one year

2017
2016
£
£

Net obligations under finance leases and hire purchase contracts
25,631
18,678



Secured loans

The total amount of creditors for which security has been given by the company is £33,078 (2016: £23,245)

Page 8

 
ACRE JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017

10.


Deferred taxation



2017


£






At beginning of year
(5,747)


Charged to profit or loss
(1,096)



At end of year
(6,843)

The provision for deferred taxation is made up as follows:

2017
£


Accelerated capital allowances
(6,843)


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,530 (2016 - £2,934).
Contributions totalling £nil (2016 - £460) were payable to the fund at the balance sheet date and are included in creditors.


12.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to
FRS 102 and have not impacted on equity or profit or loss.

Page 9