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COMPANY REGISTRATION NUMBER: 04553491
Keith Mason Agricultural Engineer Limited
Unaudited Financial Statements
28 February 2018
Keith Mason Agricultural Engineer Limited
Financial Statements
Year ended 28 February 2018
Contents
Page
Officers and professional advisers
1
Director's report
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
The following pages do not form part of the financial statements
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
13
Keith Mason Agricultural Engineer Limited
Officers and Professional Advisers
Director
Mr K Mason
Company secretary
Mrs B Mason
Registered office
Broadacres
Chapel Hill Road
Wreay
Carlisle
Cumbria
CA4 0RP
Accountants
Saint and Co
Chartered accountants
4 Mason Court
Gillan Way
Penrith 40 Business Park
Penrith
Cumbria
CA11 9GR
Keith Mason Agricultural Engineer Limited
Director's Report
Year ended 28 February 2018
The director presents his report and the unaudited financial statements of the company for the year ended 28 February 2018 .
Director
The director who served the company during the year was as follows:
Mr K Mason
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 15 November 2018 and signed on behalf of the board by:
Mrs B Mason
Company Secretary
Registered office:
Broadacres
Chapel Hill Road
Wreay
Carlisle
Cumbria
CA4 0RP
Keith Mason Agricultural Engineer Limited
Statement of Income and Retained Earnings
Year ended 28 February 2018
2018
2017
Note
£
£
Turnover
88,148
86,328
Cost of sales
24,901
28,220
---------
---------
Gross profit
63,247
58,108
Administrative expenses
43,143
42,083
---------
---------
Operating profit
20,104
16,025
Interest payable and similar expenses
1,597
1,860
---------
---------
Profit before taxation
18,507
14,165
Tax on profit
4,244
3,658
---------
---------
Profit for the financial year and total comprehensive income
14,263
10,507
---------
---------
Dividends paid and payable
( 12,000)
( 15,000)
Retained earnings at the start of the year
11,244
15,737
---------
---------
Retained earnings at the end of the year
13,507
11,244
---------
---------
All the activities of the company are from continuing operations.
Keith Mason Agricultural Engineer Limited
Statement of Financial Position
28 February 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
39,574
43,211
Current assets
Stocks
5,900
8,000
Debtors
6
16,595
14,057
Cash at bank and in hand
465
---------
---------
22,495
22,522
Creditors: amounts falling due within one year
7
( 25,835)
( 23,094)
---------
---------
Net current liabilities
( 3,340)
( 572)
---------
---------
Total assets less current liabilities
36,234
42,639
Creditors: amounts falling due after more than one year
8
( 22,627)
( 31,295)
---------
---------
Net assets
13,607
11,344
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
13,507
11,244
---------
---------
Shareholders funds
13,607
11,344
---------
---------
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 28 February 2018 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 .
Keith Mason Agricultural Engineer Limited
Statement of Financial Position (continued)
28 February 2018
These financial statements were approved by the board of directors and authorised for issue on 15 November 2018 , and are signed on behalf of the board by:
Mr K Mason
Director
Company registration number: 04553491
Keith Mason Agricultural Engineer Limited
Notes to the Financial Statements
Year ended 28 February 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Broadacres, Chapel Hill Road, Wreay, Carlisle, CA4 0RP, Cumbria.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - None Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - None
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.
Taxation
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.
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.
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:
Freehold Property
-
1% reducing balance
Plant & Machinery
-
20% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
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.
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 1 (2017: 1 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2017 and 28 February 2018
33,581
21,061
3,117
17,257
75,016
---------
---------
--------
---------
---------
Depreciation
At 1 March 2017
4,303
18,297
2,928
6,277
31,805
Charge for the year
293
552
47
2,745
3,637
---------
---------
--------
---------
---------
At 28 February 2018
4,596
18,849
2,975
9,022
35,442
---------
---------
--------
---------
---------
Carrying amount
At 28 February 2018
28,985
2,212
142
8,235
39,574
---------
---------
--------
---------
---------
At 28 February 2017
29,278
2,764
189
10,980
43,211
---------
---------
--------
---------
---------
6. Debtors
2018
2017
£
£
Trade debtors
16,595
14,057
---------
---------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
5,678
5,314
Trade creditors
5,467
4,747
Corporation tax
5,902
3,658
Social security and other taxes
2,422
1,995
Other creditors
6,366
7,380
---------
---------
25,835
23,094
---------
---------
8. Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
20,742
26,583
Other creditors
1,885
4,712
---------
---------
22,627
31,295
---------
---------
9. Director's advances, credits and guarantees
The director was not advanced any amounts during the period.
10. Related party transactions
At the year end the company owed Mr Mason £1,459 (2017: £2,853) by way of an interest free loan. This loan is included in other creditors. No transactions with related parties were undertaken, other than disclosed in the notes, such as are required to be disclosed under the FRS102 Section 1A.
Keith Mason Agricultural Engineer Limited
Management Information
Year ended 28 February 2018
The following pages do not form part of the financial statements.
Keith Mason Agricultural Engineer Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Keith Mason Agricultural Engineer Limited
Year ended 28 February 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Keith Mason Agricultural Engineer Limited for the year ended 28 February 2018, which comprise the statement of income and retained earnings, statement of financial position 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Keith Mason Agricultural Engineer Limited in accordance with the terms of our engagement letter dated 15 November 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Keith Mason Agricultural Engineer Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Keith Mason Agricultural Engineer Limited and its director for our work or for this report.
It is your duty to ensure that Keith Mason Agricultural Engineer 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 Keith Mason Agricultural Engineer Limited. You consider that Keith Mason Agricultural Engineer Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Keith Mason Agricultural Engineer 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.
Saint and Co Chartered accountants
4 Mason Court Gillan Way Penrith 40 Business Park Penrith Cumbria CA11 9GR
15 November 2018