REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 AUGUST 2021 TO 30 JULY 2022 |
FOR |
AP MACHINERY & HIRE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 AUGUST 2021 TO 30 JULY 2022 |
FOR |
AP MACHINERY & HIRE LIMITED |
AP MACHINERY & HIRE LIMITED (REGISTERED NUMBER: 09301579) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 AUGUST 2021 TO 30 JULY 2022 |
Page |
Statement of Financial Position | 1 | to | 2 |
Notes to the Financial Statements | 3 | to | 7 |
AP MACHINERY & HIRE LIMITED (REGISTERED NUMBER: 09301579) |
STATEMENT OF FINANCIAL POSITION |
30 JULY 2022 |
30.7.22 | 31.7.21 |
as | restated |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | 5,555 |
( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
AP MACHINERY & HIRE LIMITED (REGISTERED NUMBER: 09301579) |
STATEMENT OF FINANCIAL POSITION - continued |
30 JULY 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
AP MACHINERY & HIRE LIMITED (REGISTERED NUMBER: 09301579) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 AUGUST 2021 TO 30 JULY 2022 |
1. | STATUTORY INFORMATION |
AP Machinery & Hire Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
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: |
(i) Estimated useful lives and residual values of fixed assets |
Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods. |
REVENUE RECOGNITION |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the rendering of services is recognised by reference to the stage of completion at the balance sheet date; 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. |
AP MACHINERY & HIRE LIMITED (REGISTERED NUMBER: 09301579) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 AUGUST 2021 TO 30 JULY 2022 |
2. | ACCOUNTING POLICIES - continued |
TANGIBLE FIXED ASSETS |
Plant and machinery | - |
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. |
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. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
TAXATION |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
AP MACHINERY & HIRE LIMITED (REGISTERED NUMBER: 09301579) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 AUGUST 2021 TO 30 JULY 2022 |
2. | ACCOUNTING POLICIES - continued |
IMPAIRMENT |
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. |
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. |
The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units. |
PROVISIONS |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. |
GOING CONCERN |
The directors have reviewed the company's trading and cashflow position and have provided assurances that they will continue to provide support to the company in order that it may continue its activities as hitherto. Consequently, the directors are of the opinion that the financial statements should be prepared on the going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
AP MACHINERY & HIRE LIMITED (REGISTERED NUMBER: 09301579) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 AUGUST 2021 TO 30 JULY 2022 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
£ |
COST |
At 1 August 2021 |
and 30 July 2022 |
DEPRECIATION |
At 1 August 2021 |
Charge for period |
At 30 July 2022 |
NET BOOK VALUE |
At 30 July 2022 |
At 31 July 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.7.22 | 31.7.21 |
as | restated |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.7.22 | 31.7.21 |
as | restated |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
AP MACHINERY & HIRE LIMITED (REGISTERED NUMBER: 09301579) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 AUGUST 2021 TO 30 JULY 2022 |
7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the period ended 30 July 2022 and the year ended 31 July 2021: |
30.7.22 | 31.7.21 |
as | restated |
£ | £ |
Balance outstanding at start of period | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
The director loan account is interest free and repayable on demand. |