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COMPANY REGISTRATION NUMBER: SC543630
A.C. Plant Sales Limited
Filleted Unaudited Financial Statements
31 August 2017
A.C. Plant Sales Limited
Financial Statements
Period from 24 August 2016 to 31 August 2017
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3
The following pages do not form part of the financial statements
Report to the board of directors on the preparation of the unaudited statutory financial statements
6
A.C. Plant Sales Limited
Statement of Financial Position
31 August 2017
31 Aug 17
Note
£
Current assets
Stocks
159,959
Debtors
5
413,752
Cash at bank and in hand
470,264
------------
1,043,975
Creditors: amounts falling due within one year
6
506,308
------------
Net current assets
537,667
---------
Total assets less current liabilities
537,667
---------
Net assets
537,667
---------
Capital and reserves
Called up share capital
500
Profit and loss account
537,167
---------
Shareholders funds
537,667
---------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 August 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 14 November 2017 , and are signed on behalf of the board by:
Mr A Campbell
Director
Company registration number: SC543630
A.C. Plant Sales Limited
Statement of Changes in Equity
Period from 24 August 2016 to 31 August 2017
Called up share capital
Profit and loss account
Total
£
£
£
At 24 August 2016
Profit for the period
537,167
537,167
----
---------
---------
Total comprehensive income for the period
537,167
537,167
Issue of shares
500
500
----
----
----
Total investments by and distributions to owners
500
500
----
---------
---------
At 31 August 2017
500
537,167
537,667
----
---------
---------
A.C. Plant Sales Limited
Notes to the Financial Statements
Period from 24 August 2016 to 31 August 2017
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 36 Huntly Street, Inverness, IV3 5PR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, '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.
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 3 .
5. Debtors
31 Aug 17
£
Trade debtors
373,127
Other debtors
40,625
---------
413,752
---------
6. Creditors: amounts falling due within one year
31 Aug 17
£
Trade creditors
375,840
Corporation tax
127,384
Social security and other taxes
1,268
Other creditors
1,816
---------
506,308
---------
7. Related party transactions
During the period the company sold goods amounting to £ 718,344 to five companies that have common directors. At 31 August 2017 the balance due from those companies was £ 60,025 . During the period the company purchased goods amounting to £ 2,405,717 from four companies that have common directors. At 31 August 2017 the balance due to those companies was £ 220,997
A.C. Plant Sales Limited
Management Information
Period from 24 August 2016 to 31 August 2017
The following pages do not form part of the financial statements.
A.C. Plant Sales Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of A.C. Plant Sales Limited
Period from 24 August 2016 to 31 August 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A.C. Plant Sales Limited for the period ended 31 August 2017, which comprise the statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of A.C. Plant Sales Limited, as a body, in accordance with the terms of our engagement letter dated 3 November 2017. Our work has been undertaken solely to prepare for your approval the financial statements of A.C. Plant Sales Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A.C. Plant Sales Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that A.C. Plant Sales Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A.C. Plant Sales Limited. You consider that A.C. Plant Sales Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of A.C. Plant Sales Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
RITSONS Chartered accountant
Forbes House 36 Huntly Street Inverness IV3 5PR
14 November 2017