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COMPANY REGISTRATION NUMBER: 02323194
A.C. Supply Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2021
A.C. Supply Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
138,038
131,840
Investments
6
1
1
---------
---------
138,039
131,841
Current assets
Stocks
341,918
306,736
Debtors
7
364,285
407,956
Cash at bank and in hand
38,581
166,372
---------
---------
744,784
881,064
Creditors: amounts falling due within one year
8
572,889
666,308
---------
---------
Net current assets
171,895
214,756
---------
---------
Total assets less current liabilities
309,934
346,597
Provisions
Taxation including deferred tax
34,509
25,049
---------
---------
Net assets
275,425
321,548
---------
---------
Capital and reserves
Called up share capital
88
99
Share premium account
3,620
3,620
Capital redemption reserve
40
29
Profit and loss account
271,677
317,800
---------
---------
Shareholders funds
275,425
321,548
---------
---------
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 Section 1A of 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 year ending 31 December 2021 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 year 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 .
A.C. Supply Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 5 September 2022 , and are signed on behalf of the board by:
D Williams
Director
Company registration number: 02323194
A.C. Supply Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
During the year, the UK experienced a pandemic of the coronavirus. The potential effects to the company and its future prospects cannot be fully quantified but the directors remain committed to the protection of the business. This is being regularly reviewed by the directors. Accordingly the financial statements have been prepared on a going concern basis.
Consolidation
The financial statements contain information relating to the entity only as the company is exempt from preparing consolidated financial statements on the basis that the company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006.
Revenue recognition
The turnover shown in the statement of comprehensive income represents goods supplied during the year net of value added tax and trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, 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.
Operating leases
Operating lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Leasehold improvements
-
over the length of the lease
Motor vehicles
-
25% straight line
Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks of goods for resale are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost of goods for resale is calculated as the invoice price of goods purchased plus additional charges such as transport and handling costs.
Government grants
Government grants are recognised using the accrual model. Grants receivable under the Coronavirus Job Retention Scheme are recognised in the period in which the company recognised the related staffing costs for which the grant is intended to compensate. Other discretionary grants, which do not have specified performance-related criteria, are recognised when they are received.
Defined contribution pension plans
The company makes contributions to the personal pension schemes of certain employees and directors. The annual contributions payable are charged to the statement of comprehensive income on an accruals basis.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2020: 13 ).
5. Tangible assets
Leasehold improvements
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2021
98,503
1
75,255
148,158
321,917
Additions
43,715
9,861
53,576
Disposals
( 4,999)
( 1,100)
( 6,099)
---------
----
--------
---------
---------
At 31 December 2021
137,219
1
75,255
156,919
369,394
---------
----
--------
---------
---------
Depreciation
At 1 January 2021
53,097
42,091
94,889
190,077
Charge for the year
16,323
16,441
14,615
47,379
Disposals
( 5,000)
( 1,100)
( 6,100)
---------
----
--------
---------
---------
At 31 December 2021
64,420
58,532
108,404
231,356
---------
----
--------
---------
---------
Carrying amount
At 31 December 2021
72,799
1
16,723
48,515
138,038
---------
----
--------
---------
---------
At 31 December 2020
45,406
1
33,164
53,269
131,840
---------
----
--------
---------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2021 and 31 December 2021
1
----
Impairment
At 1 January 2021 and 31 December 2021
----
Carrying amount
At 31 December 2021
1
----
At 31 December 2020
1
----
The company owns 100% of the issued share capital of Screws & Fasteners Limited, a company incorporated in England and Wales. Screws & Fasteners Limited is a dormant company.
7. Debtors
2021
2020
£
£
Trade debtors
312,882
361,326
Other debtors
51,403
46,630
---------
---------
364,285
407,956
---------
---------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
76,572
Trade creditors
350,860
511,381
Social security and other taxes
115,987
101,257
Other creditors
29,470
53,670
---------
---------
572,889
666,308
---------
---------
The company's bank overdraft and factoring facility is secured by a fixed and floating charge over the company's assets.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2021
2020
£
£
Included in provisions
34,509
25,049
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2021
2020
£
£
Accelerated capital allowances
34,509
25,049
--------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2021
2020
£
£
Not later than 1 year
41,384
37,920
Later than 1 year and not later than 5 years
47,628
--------
--------
89,012
37,920
--------
--------