Registration number:
Avon Material Supplies Limited
for the Year Ended 30 April 2023
Avon Material Supplies Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Avon Material Supplies Limited
Company Information
Directors |
Mr K Hawkins Mr I Mariner Mr S Mariner Mrs J Leach |
Company secretary |
Mrs L A Mariner |
Registered office |
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Accountants |
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Auditors |
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Avon Material Supplies Limited
(Registration number: 02808339)
Balance Sheet as at 30 April 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
10,000 |
10,000 |
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Retained earnings |
3,243,270 |
2,891,335 |
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Shareholders' funds |
3,253,270 |
2,901,335 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
These financial statements were approved by the
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Avon Material Supplies Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The principal place of business is:
Unit 26-28 Thorne Way
Woolsbridge Industrial Estate
Three Legged Cross
Wimborne
Dorset
BH21 6FB
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
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 £.
Name of parent of group
These financial statements are consolidated in the financial statements of Avon Material Supplies (Holdings) Limited..
The financial statements of Avon Material Supplies (Holdings) Limited. may be obtained from Unit 26-28 Thorne Way, Woolsbridge Industrial Estate, Three Legged Cross, Wimborne, Dorset, BH21 6FB.
Judgements
The directors believe that no material judgements or estimates have been used within the financial statements. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Government grants
Grants of a revenue nature are recognised in income in the period the related costs are incurred and for which the grant is intended to compensate.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of UK tax rates and laws.
Avon Material Supplies Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
Straight line over 3 years |
Fixtures and fittings |
Straight line over 4 years |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Straight line over 3 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Avon Material Supplies Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Avon Material Supplies Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Audit report
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
Avon Material Supplies Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Auditors' remuneration |
2023 |
2022 |
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Audit of the financial statements |
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Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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Avon Material Supplies Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Intangible assets |
Goodwill |
Total |
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Cost |
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At 1 May 2022 |
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At 30 April 2023 |
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Amortisation |
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At 1 May 2022 |
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At 30 April 2023 |
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Carrying amount |
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At 30 April 2023 |
- |
- |
Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 May 2022 |
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Additions |
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At 30 April 2023 |
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Depreciation |
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At 1 May 2022 |
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Charge for the year |
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At 30 April 2023 |
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Carrying amount |
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At 30 April 2023 |
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At 30 April 2022 |
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Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by group undertakings |
- |
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Prepayments |
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Other debtors |
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Avon Material Supplies Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
Unaudited |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings, undertakings in which the company has a participating interest and other related parties |
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Taxation and social security |
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Other creditors |
- |
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Accrued expenses |
117,452 |
62,254 |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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10,000 |
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10,000 |
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Avon Material Supplies Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Avon Material Supplies Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Bank borrowings - Secured
National Westminster Bank Plc hold a debenture dated 28/11/19 to secure all bank borrowings. |
Dividends |
Interim dividends paid
2023 |
2022 |
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Interim dividend of £ |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
Parent and subsidiary transactions:
The company is a qualifying entity for the purposes of Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', being a member of a group where the parent of that group prepares publicly available consolidated financial statements. The company has therefore taken advantage of exemptions from disclosure of related party transactions with its parent company and fellow wholly owned subsidiaries.
Other related parties and transactions:
During the year the company traded at preferential rates with an entity in which three of the directors of this company are also directors. The company made sales of £1,421,773 (2022: £954,893) to this entity and purchased £3,778,907 (2022: £3,922,405) worth of goods and materials from this entity. At the year-end there was a debtor balance of £323,951 (2022: £203,506) and a creditor balance of £721,086 (2022: £402,881) with this entity.
During the year transactions took place between the company and Waste & Aggregate Management Ltd, a company in which the parent company holds a 50% share. Services costing £66,548 were purchased from this entity.
Avon Material Supplies Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Summary of transactions with key management
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Transactions with directors |
2023 |
At 1 May 2022 |
Advances to director |
Repayments by director |
At 30 April 2023 |
Loan to company |
( |
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( |
( |
2022 |
At 1 May 2021 |
Advances to director |
Repayments by director |
At 30 April 2022 |
Loan to company |
( |
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( |
( |
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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Contributions paid to money purchase schemes |
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- |
295,272 |
183,595 |
Avon Material Supplies Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Parent and ultimate parent undertaking |
The company's immediate parent and ultimate controlling party is