Directors Report 1

Director's Report Year ended 31 August 2017 The director presents his report and the unaudited financial statements of the company for the year ended 31 August 2017 . Principal activities The principal activity of the company during the year was professional, scientific and technical work Director The director who served the company during the year was as follows: Mr S Hasan Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. This report was approved by the board of directors on 22 March 2018 and signed on behalf of the board by: Mr S Hasan Director
Advanced Chemeng14 Limited Statement of Income and Retained Earnings Year ended 31 August 2017 Sheet1 Advanced Chemeng14 Limited Statement of Financial Position 2017-08-31 00:00:00 Sheet2 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. For the year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Director's responsibilities: - The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ; - The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements . These financial statements were approved by the board of directors and authorised for issue on 22 March 2018 , and are signed on behalf of the board by: Mr S Hasan Director Company registration number: 07731072
Advanced Chemeng14 Limited Notes to the Financial Statements Year ended 31 August 2017 1.General information The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Barclay Chambers, 1 Derby Street, Leigh, Lancashire, VVN7 4PF. 2.Statement of compliance These financial statements have been prepared in compliance with Section 1A "Small Entities" of Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" and the Companies Act 2006 3.Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Transition to FRS 102 The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. This is based on the requirements of Section 1A "Small Entities" of Financial Reporting Standard 102 Judgements and key sources of estimation uncertainty 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. Revenue recognition Turnover shown in the profit and loss account represents the net invoice value of services provided net of VAT during the year. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, 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. Tangible assets 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. 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: Fixture and Fittings 100% Annual Investment Allowance Computer Equipment 100% Annual Investment Allowance Impairment of fixed assets 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. 4. Employee numbers The average number of persons employed by the company during the year amounted to 1 (2016: 1 ). 5. Tangible assets Sheet3 4.Ultimate controlling party The company was under the control of Mr S Hasan throughout the current period. Mr Hasan is the managing director and majority shareholder. 5.Director's advances, credits and guarantees Other creditors is in respect of Mr S Hasan. There are no fixed repayment terms and no interest is charged to the company in respect of this balance.
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