ABRASIVE POWER TOOLS LIMITED

Company Registration Number:
03671997 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2021

Period of accounts

Start date: 1 January 2021

End date: 31 December 2021

ABRASIVE POWER TOOLS LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2021

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

ABRASIVE POWER TOOLS LIMITED

Directors' report period ended 31 December 2021

The directors present their report with the financial statements of the company for the period ended 31 December 2021

Principal activities of the company

The principal activity of the company in the year under review was that of a distributor of power tools and abrasives.



Directors

The director shown below has held office during the whole of the period from
1 January 2021 to 31 December 2021

Andrew Mumford


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
9 September 2022

And signed on behalf of the board by:
Name: Andrew Mumford
Status: Director

ABRASIVE POWER TOOLS LIMITED

Profit And Loss Account

for the Period Ended 31 December 2021

2021 2020


£

£
Turnover: 242,447 196,194
Cost of sales: ( 155,896 ) ( 164,736 )
Gross profit(or loss): 86,551 31,458
Administrative expenses: ( 87,216 )
Other operating income: 10,000
Operating profit(or loss): (665) 41,458
Interest receivable and similar income: 172,934
Interest payable and similar charges: ( 129,616 )
Profit(or loss) before tax: (665) 84,776
Profit(or loss) for the financial year: (665) 84,776

ABRASIVE POWER TOOLS LIMITED

Balance sheet

As at 31 December 2021

Notes 2021 2020


£

£
Fixed assets
Tangible assets: 3 21,271 29,605
Total fixed assets: 21,271 29,605
Current assets
Stocks: 4 89,221 94,737
Debtors: 5 52,009 46,251
Cash at bank and in hand: 20,297 52,228
Total current assets: 161,527 193,216
Creditors: amounts falling due within one year: 6 ( 26,673 ) ( 38,000 )
Net current assets (liabilities): 134,854 155,216
Total assets less current liabilities: 156,125 184,821
Creditors: amounts falling due after more than one year: 7 ( 147,960 ) ( 175,991 )
Total net assets (liabilities): 8,165 8,830
Capital and reserves
Called up share capital: 1,400 1,400
Share premium account: 399,600 399,600
Other reserves: (392,170) (476,946 )
Profit and loss account: (665 ) 84,776
Total Shareholders' funds: 8,165 8,830

The notes form part of these financial statements

ABRASIVE POWER TOOLS LIMITED

Balance sheet statements

For the year ending 31 December 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

This report was approved by the board of directors on 9 September 2022
and signed on behalf of the board by:

Name: Andrew Mumford
Status: Director

The notes form part of these financial statements

ABRASIVE POWER TOOLS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover represents amounts receivable for goods supplied during the year, excluding value added tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership ofthe goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can bemeasured reliably, it is probable that the economic benefits associated with the transaction will flow tothe entity and the costs incurred or to be incurred in respect of the transaction can be measuredreliably.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, netof depreciation and any impairment losses.Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated towrite off the cost less estimated residual value of each asset over its expected useful life, as follows:Office & computer equipment 4 years straight lineImprov. to property 4 years straight linePlant and machinery 3 years straight lineMotor vehicles & demo kits 4 years straight lineThe gain or loss arising on the disposal of an asset is determined as the difference between the saleproceeds and the carrying value of the asset, and is credited or charged to profit or loss .

ABRASIVE POWER TOOLS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 2. Employees

    2021 2020
    Average number of employees during the period 2 2

ABRASIVE POWER TOOLS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2021 5,148 24,457 29,605
Additions 4,096 4,096
Disposals ( 12,430 ) ( 12,430 )
Revaluations
Transfers
At 31 December 2021 9,244 12,027 21,271
Depreciation
At 1 January 2021
Charge for year
On disposals
Other adjustments
At 31 December 2021
Net book value
At 31 December 2021 9,244 12,027 21,271
At 31 December 2020 5,148 24,457 29,605

ABRASIVE POWER TOOLS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

4. Stocks

2021 2020
£ £
Stocks 89,221 94,737
Total 89,221 94,737

ABRASIVE POWER TOOLS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

5. Debtors

2021 2020
£ £
Trade debtors 52,009 46,251
Total 52,009 46,251
Debtors due after more than one year: 0 0

ABRASIVE POWER TOOLS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

6. Creditors: amounts falling due within one year note

2021 2020
£ £
Trade creditors 26,673 38,000
Total 26,673 38,000

ABRASIVE POWER TOOLS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

7. Creditors: amounts falling due after more than one year note

2021 2020
£ £
Bank loans and overdrafts 36,666 38,000
Other creditors 111,294 137,991
Total 147,960 175,991