REGISTERED NUMBER: |
ABBOTT FASTENERS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
REGISTERED NUMBER: |
ABBOTT FASTENERS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
ABBOTT FASTENERS LIMITED (REGISTERED NUMBER: 01627240) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ABBOTT FASTENERS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2017 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
21 Lodge Lane |
Grays |
Essex |
RM17 5RY |
ABBOTT FASTENERS LIMITED (REGISTERED NUMBER: 01627240) |
BALANCE SHEET |
31 MAY 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
ABBOTT FASTENERS LIMITED (REGISTERED NUMBER: 01627240) |
BALANCE SHEET - continued |
31 MAY 2017 |
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 on its behalf by: |
ABBOTT FASTENERS LIMITED (REGISTERED NUMBER: 01627240) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
1. | STATUTORY INFORMATION |
Abbott Fasteners Limited is a |
The company's registered number and registered office address can be found on the Company |
Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Short leasehold | - |
Long leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
Taxation |
Taxation for the year 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 balance sheet date. |
ABBOTT FASTENERS LIMITED (REGISTERED NUMBER: 01627240) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet 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 year 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet |
and are depreciated over their estimated useful lives. |
The interest element of these obligations is charged to the profit and loss account over the relevent |
period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
Contributions to the company's defined contribution pension scheme are charged to the profit and loss |
account in the year they become payable in accordance with the rules of the scheme. |
Foreign currencies |
Assets and liabilities denominated in foreign currencies are translated into sterling at the rate of |
exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into |
sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into |
account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ABBOTT FASTENERS LIMITED (REGISTERED NUMBER: 01627240) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 June 2016 |
and 31 May 2017 |
AMORTISATION |
At 1 June 2016 |
and 31 May 2017 |
NET BOOK VALUE |
At 31 May 2017 |
At 31 May 2016 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 June 2016 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2017 |
DEPRECIATION |
At 1 June 2016 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2017 |
NET BOOK VALUE |
At 31 May 2017 |
At 31 May 2016 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Other debtors |
ABBOTT FASTENERS LIMITED (REGISTERED NUMBER: 01627240) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CONTINGENT LIABILITIES |
A counter guarantee of £10,000, arising from an indemnity of £10,000, given by the bank to Customs |
and Excise on behalf of the company. |
9. | RELATED PARTY DISCLOSURES |
Controlling party |
The company is controlled by the directors. |
Transactions with related parties |
During the year the company had the following transactions with the company pension scheme, the |
sole beneficiaries of which are the directors. |
2017 | 2016 |
£ | £ |
Paid rent for the use of the company's trading premises | 55,500 | 55,500 |
All transactions were made on normal commercial terms. |
During the year the company paid the directors and their wifes the following dividends: |
S.E. Brand and his wife | 134,600 | 182,600 |
C.T. Clark and his wife | 134,600 | 182,600 |
Balances with related parties |
At 31 May 2017 the company had balances with the following related parties:. |
2017 | 2016 |
£ | £ |
Director | - S.E. Brand (Creditor) | 61,000 | 779 |
Director | - C.T. Clark (Creditor) | 48,633 | 7,501 |
Pension scheme (Creditor) | 285 | 285 |
The balances represented unsecured, interest free loans repayable on demand. |