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Registration number: 09413152

ARC Workwear & PPE Limited

Information for Filing with The Registrar

31 January 2017

 

ARC Workwear & PPE Limited

(Registration number: 09413152)

Balance Sheet

31 January 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

11,953

2,700

Current assets

 

Stocks

11,000

6,451

Debtors

5

29,008

14,460

Cash at bank and in hand

 

13,687

10,110

 

53,695

31,021

Creditors: Amounts falling due within one year

6

(47,727)

(33,347)

NET CURRENT ASSETS/(LIABILITIES)

 

5,968

(2,326)

TOTAL ASSETS LESS CURRENT LIABILITIES

 

17,921

374

Creditors: Amounts falling due after more than one year

6

(15,208)

-

Provision for liabilities

(2,100)

-

 

613

374

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

611

372

TOTAL EQUITY

 

613

374

For the financial year ending 31 January 2017 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 accounts for the year in question in accordance with section 476; and

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

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.

As permitted by section 444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's Profit and Loss Account.

Approved and authorised by the Board on 16 October 2017 and signed on its behalf by:


R.A. Chapman

Director

 

ARC Workwear & PPE Limited

Notes to the Accounts

Year Ended 31 January 2017

1

General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Unit 3, Sherburn Ent Centre
Aviation Road
Sherburn in Elmet, Leeds
LS25 6NB

These financial statements were authorised for issue by the Board on 16 October 2017.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

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.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises corporation and deferred tax.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

ARC Workwear & PPE Limited

Notes to the Accounts

Year Ended 31 January 2017

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & equipment

10 years straight line basis.

Furniture, fittings and equipment

3 years straight line basis.

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. 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.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 5 (2016 - 4).

 

ARC Workwear & PPE Limited

Notes to the Accounts

Year Ended 31 January 2017

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 February 2016

-

3,000

3,000

Additions

1,055

12,500

13,555

Disposals

-

(3,000)

(3,000)

At 31 January 2017

1,055

12,500

13,555

Depreciation

At 1 February 2016

-

300

300

Charge for the period

352

1,250

1,602

Eliminated on disposal

-

(300)

(300)

At 31 January 2017

352

1,250

1,602

Carrying amount

At 31 January 2017

703

11,250

11,953

At 31 January 2016

-

2,700

2,700

5

Debtors

2017
£

2016
£

Trade debtors

27,225

13,472

Other debtors

1,783

988

29,008

14,460

 

ARC Workwear & PPE Limited

Notes to the Accounts

Year Ended 31 January 2017

6

Creditors

Note

2017
£

2016
£

Due within one year

 

Loans and borrowings

7

2,500

-

Trade creditors

 

23,190

13,274

Amounts due to related parties

14,942

13,900

Corporation tax

 

-

3,596

Other taxes and social security

 

5,045

1,577

Other creditors

 

2,050

1,000

 

47,727

33,347

Due after one year

 

Loans and borrowings

7

15,208

-

7

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Bank borrowings

15,208

-

2017
£

2016
£

Current loans and borrowings

Bank borrowings

2,500

-

8

Transition to FRS 102

No adjustment was required to the results to 31 January 2016, as reported, by adopting FRS 102 Section 1A.