The Avec Corporation Limited - Accounts to registrar (filleted) - small 18.2
The Avec Corporation Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2017 |
for |
The Avec Corporation Limited |
The Avec Corporation Limited (Registered number: 02646095) |
Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
The Avec Corporation Limited (Registered number: 02646095) |
Balance Sheet |
31 December 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital | 8 |
Capital redemption reserve |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved and authorised for issue by the Board of Directors on |
The Avec Corporation Limited (Registered number: 02646095) |
Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
1. | Statutory information |
The Avec Corporation Limited is a |
Wales. The company's registered number and registered office address are as below: |
Registered number: | 02646095 |
Registered office: | 85 Church Road |
Hove |
East Sussex |
BN3 2BB |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A |
"Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in |
the UK and Republic of Ireland", including the Triennial review 2017 amendments, and the |
Companies Act 2006. The financial statements have been prepared under the historical cost |
convention. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, |
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. |
Goodwill |
Goodwill is initially recorded at cost and subsequently at cost less accumulated amortisation and |
impairment. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Tangible fixed assets are initially recorded at cost and subsequently at cost less accumulated |
depreciation and impairment. |
The Avec Corporation Limited (Registered number: 02646095) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
2. | Accounting policies - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
Stock is calculated on a first in, first out basis. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable |
profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period |
of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
The Avec Corporation Limited (Registered number: 02646095) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
Additions |
At 31 December 2017 |
Amortisation |
Amortisation for year |
At 31 December 2017 |
Net book value |
At 31 December 2017 |
5. | Tangible fixed assets |
Improvements | Fixtures |
to | and |
property | fittings | Totals |
£ | £ | £ |
Cost |
At 1 January 2017 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2017 |
Depreciation |
At 1 January 2017 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2017 |
Net book value |
At 31 December 2017 |
At 31 December 2016 |
The Avec Corporation Limited (Registered number: 02646095) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
6. | Debtors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
7. | Creditors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 96,069 | - |
Other creditors |
Accruals and deferred income |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
Ordinary | £1 | 80,320 | 80,320 |
9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | Off-balance sheet arrangements |
At the year end, the company had operating lease commitments amounting to £1,168,243 (2016: |
£133,313). |
11. | Related party disclosures |
At the year end, the company owed a company with a participating interest in The Avec Corporation |
Limited an amount of £19,548 (2016: £16,971). |
During the year, the company voted dividends of £nil (2016: £1,500,000) to companies with a |
participating interest in The Avec Corporation Limited. |