Company Registration No. 06388833 (England and Wales)
AVON CRANE & COMMERCIAL REPAIRS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2021
PAGES FOR FILING WITH REGISTRAR
St Matthew's House
Quays Office Park
Conference Avenue
Portishead
Bristol
BS20 7LZ
AVON CRANE & COMMERCIAL REPAIRS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
Schedule of administrative expenses
AVON CRANE & COMMERCIAL REPAIRS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs A Regan
Mr B N James
Mr P S Regan
Mr M P Regan
Secretary
Mrs A Regan
Company number
06388833
Registered office
Unit 6, Wincombe Trading Estate
Albert Road
St Philips
BRISTOL
BS2 0XW
Accountants
TC Group
St Matthew's House
Quays Office Park
Conference Avenue
Portishead
Bristol
BS20 7LZ
AVON CRANE & COMMERCIAL REPAIRS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2021
30 November 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
90,000
105,000
Tangible assets
4
19,583
31,957
109,583
136,957
Current assets
Stocks
13,200
18,352
Debtors
5
281,866
180,660
Cash at bank and in hand
434,588
240,172
729,654
439,184
Creditors: amounts falling due within one year
6
(396,965)
(183,924)
Net current assets
332,689
255,260
Total assets less current liabilities
442,272
392,217
Creditors: amounts falling due after more than one year
7
(36,461)
(45,276)
Provisions for liabilities
(3,423)
(5,709)
Net assets
402,388
341,232
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
402,288
341,132
Total equity
402,388
341,232
AVON CRANE & COMMERCIAL REPAIRS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2021
30 November 2021
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 17 August 2022 and are signed on its behalf by:
Mrs A Regan
Director
Company Registration No. 06388833
The notes on pages 4 to 10 form part of these financial statements
AVON CRANE & COMMERCIAL REPAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 4 -
1
Accounting policies
Company information

Avon Crane & Commercial Repairs Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6, Wincombe Trading Estate, Albert Road, St Philips, BRISTOL, BS2 0XW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

AVON CRANE & COMMERCIAL REPAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.3
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% straight line
Fixtures and fittings
20% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

AVON CRANE & COMMERCIAL REPAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

AVON CRANE & COMMERCIAL REPAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 7 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.11

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

1.12

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund

and the company has no legal or constructive obligation to pay further contributions even if the fund does

not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

 

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

AVON CRANE & COMMERCIAL REPAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 8 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
12
13
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2020 and 30 November 2021
300,000
Amortisation and impairment
At 1 December 2020
195,000
Amortisation charged for the year
15,000
At 30 November 2021
210,000
Carrying amount
At 30 November 2021
90,000
At 30 November 2020
105,000
AVON CRANE & COMMERCIAL REPAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 9 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2020 and 30 November 2021
49,240
13,311
123,333
185,884
Depreciation and impairment
At 1 December 2020
34,390
12,594
106,943
153,927
Depreciation charged in the year
1,942
332
10,100
12,374
At 30 November 2021
36,332
12,926
117,043
166,301
Carrying amount
At 30 November 2021
12,908
385
6,290
19,583
At 30 November 2020
14,850
717
16,390
31,957
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
236,017
135,718
Other debtors
43,831
34,016
Prepayments and accrued income
2,018
10,926
281,866
180,660
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
9,606
9,239
Trade creditors
252,651
59,298
Corporation tax
77,052
67,785
Other taxation and social security
44,574
40,756
Other creditors
7,081
1,550
Accruals and deferred income
6,001
5,296
396,965
183,924

The bounceback loan is secured by the government and interest is charged in line with the government initiative. It is repayable within 5 years.

AVON CRANE & COMMERCIAL REPAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 10 -
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
36,461
45,276
8
Financial commitments, guarantees and contingent liabilities

The total amount of financial commitments not included in the balance sheet is £270,375 (2020 - £418,200). These relate to commitments under non-cancellable operating leases.

2021-11-302020-12-01false17 August 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityMr B N JamesMr P S ReganMr Paul S ReganMr M P ReganMark P ReganMrs A Regan063888332020-12-012021-11-3006388833bus:CompanySecretaryDirector12020-12-012021-11-3006388833bus:Director12020-12-012021-11-3006388833bus:Director22020-12-012021-11-3006388833bus:Director42020-12-012021-11-3006388833bus:CompanySecretary12020-12-012021-11-3006388833bus:Director32020-12-012021-11-3006388833bus:Director52020-12-012021-11-3006388833bus:RegisteredOffice2020-12-012021-11-30063888332021-11-30063888332020-11-3006388833core:Goodwill2021-11-3006388833core:Goodwill2020-11-3006388833core:PlantMachinery2021-11-3006388833core:FurnitureFittings2021-11-3006388833core:MotorVehicles2021-11-3006388833core:PlantMachinery2020-11-3006388833core:FurnitureFittings2020-11-3006388833core:MotorVehicles2020-11-3006388833core:CurrentFinancialInstrumentscore:WithinOneYear2021-11-3006388833core:CurrentFinancialInstrumentscore:WithinOneYear2020-11-3006388833core:Non-currentFinancialInstrumentscore:AfterOneYear2021-11-3006388833core:Non-currentFinancialInstrumentscore:AfterOneYear2020-11-3006388833core:ShareCapital2021-11-3006388833core:ShareCapital2020-11-3006388833core:RetainedEarningsAccumulatedLosses2021-11-3006388833core:RetainedEarningsAccumulatedLosses2020-11-3006388833core:Goodwill2020-12-012021-11-3006388833core:PlantMachinery2020-12-012021-11-3006388833core:FurnitureFittings2020-12-012021-11-3006388833core:MotorVehicles2020-12-012021-11-30063888332019-12-012020-11-3006388833core:Goodwill2020-11-3006388833core:PlantMachinery2020-11-3006388833core:FurnitureFittings2020-11-3006388833core:MotorVehicles2020-11-30063888332020-11-3006388833core:CurrentFinancialInstruments2021-11-3006388833core:CurrentFinancialInstruments2020-11-3006388833core:Non-currentFinancialInstruments2021-11-3006388833core:Non-currentFinancialInstruments2020-11-3006388833bus:PrivateLimitedCompanyLtd2020-12-012021-11-3006388833bus:SmallCompaniesRegimeForAccounts2020-12-012021-11-3006388833bus:FRS1022020-12-012021-11-3006388833bus:AuditExemptWithAccountantsReport2020-12-012021-11-3006388833bus:FullAccounts2020-12-012021-11-30xbrli:purexbrli:sharesiso4217:GBP