| A AND K MCQUIRE LTD |
| Notes to the Accounts |
| for the year ended 30 April 2018 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
20% straight line |
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Motor vehicles |
25% straight line |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 May 2017 |
8,000 |
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At 30 April 2018 |
8,000 |
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Amortisation |
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At 1 May 2017 |
4,000 |
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Provided during the year |
2,000 |
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At 30 April 2018 |
6,000 |
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Net book value |
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At 30 April 2018 |
2,000 |
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At 30 April 2017 |
4,000 |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
|
Cost |
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At 1 May 2017 |
48,030 |
|
57,614 |
|
105,644 |
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Additions |
22,216 |
|
12,192 |
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34,408 |
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Disposals |
- |
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(28,688) |
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(28,688) |
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At 30 April 2018 |
70,246 |
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41,118 |
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111,364 |
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Depreciation |
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At 1 May 2017 |
14,831 |
|
21,576 |
|
36,407 |
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Charge for the year |
14,049 |
|
10,279 |
|
24,328 |
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On disposals |
- |
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(14,344) |
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(14,344) |
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At 30 April 2018 |
28,880 |
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17,511 |
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46,391 |
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Net book value |
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At 30 April 2018 |
41,366 |
|
23,607 |
|
64,973 |
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At 30 April 2017 |
33,199 |
|
36,038 |
|
69,237 |
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| 4 |
Debtors |
2018 |
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2017 |
| £ |
£ |
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Other debtors |
6,978 |
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6,158 |
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| 5 |
Creditors: amounts falling due within one year |
2018 |
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2017 |
| £ |
£ |
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Trade creditors |
77,693 |
|
98,905 |
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Corporation tax |
56,182 |
|
40,735 |
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Other taxes and social security costs |
14,302 |
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(9,519) |
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Other creditors |
25,930 |
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40,798 |
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174,107 |
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170,919 |
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| 6 |
Other information |
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A AND K MCQUIRE LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
12a Montpellier Parade |
|
Harrogate |
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HG1 2TJ |
