REGISTERED NUMBER: 02441095 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2018

for

A.B.I. Garage Doors Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S L Pierce

Mrs C M Pierce

SECRETARY:

Mrs C M Pierce

REGISTERED OFFICE:

159-163 Buslingthorpe Lane

Off Meanwood Road

Leeds

West Yorkshire

LS7 2DQ

REGISTERED NUMBER:

02441095 (England and Wales)

ACCOUNTANTS:

Crowther Chartered Accountants

Abacus House

Pennine Business Park

Longbow Close

Huddersfield

West Yorkshire

HD2 1GQ

FIXED ASSETS

Tangible assets

4

263,270

244,757

CURRENT ASSETS

Stocks

5

79,280

60,287

Debtors

6

246,563

283,525

Cash at bank and in hand

153,130

102,680

478,973

446,492

CREDITORS

Amounts falling due within one year

7

257,798

239,486

NET CURRENT ASSETS

221,175

207,006

TOTAL ASSETS LESS CURRENT LIABILITIES

484,445

451,763

CREDITORS

Amounts falling due after more than one year

8

(61,433

)

(158,874

)

PROVISIONS FOR LIABILITIES

(13,516

)

(9,249

)

NET ASSETS

409,496

283,640

CAPITAL AND RESERVES

Called up share capital

105

100

Revaluation reserve

11

75,311

76,167

Retained earnings

11

334,080

207,373

SHAREHOLDERS' FUNDS

409,496

283,640

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 2 July 2018 and were signed on its behalf by:

Mr S L Pierce - Director

Mrs C M Pierce - Director

1.	STATUTORY INFORMATION

A.B.I. Garage Doors Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2017 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 May 2017

225,600

-

24,246

Additions

-

2,000

4,146

At 30 April 2018

225,600

2,000

28,392

DEPRECIATION

At 1 May 2017

34,928

-

23,882

Charge for year

2,256

400

901

Eliminated on disposal

-

-

-

At 30 April 2018

37,184

400

24,783

NET BOOK VALUE

At 30 April 2018

188,416

1,600

3,609

At 30 April 2017

190,672

-

364

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 May 2017

86,201

1,300

337,347

Additions

42,630

2,083

50,859

Disposals

(15,316

)

-

(15,316

)

At 30 April 2018

113,515

3,383

372,890

DEPRECIATION

At 1 May 2017

32,480

1,300

92,590

Charge for year

22,755

694

27,006

Eliminated on disposal

(9,976

)

-

(9,976

)

At 30 April 2018

45,259

1,994

109,620

NET BOOK VALUE

At 30 April 2018

68,256

1,389

263,270

At 30 April 2017

53,721

-

244,757

Included within motor vehicles are assets held under hire purchase. The NBV of these is £58,298

(2017-£41,283) and depreciation charged in the P&L of £19,435 (2017-£13,762)

5.

STOCKS

30.4.18

30.4.17

£

£

Stocks

79,280

60,287

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.18

30.4.17

£

£

Trade debtors

214,009

241,392

Other debtors

16,013

19,483

Directors' loan accounts

11,529

18,746

VAT

1,954

-

Prepayments

3,058

3,904

246,563

283,525

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.18

30.4.17

£

£

Hire purchase contracts (see note 9)

17,831

10,741

Trade creditors

191,762

153,628

Tax

33,075

44,600

Social security and other taxes

5,179

5,345

VAT

-

10,531

Other creditors

2,334

-

Directors' loan accounts

1,373

-

Accrued expenses

6,244

14,641

257,798

239,486

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.18

30.4.17

£

£

Hire purchase contracts (see note 9)

61,433

45,164

Trade creditors

-

113,710

61,433

158,874

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.4.18

30.4.17

£

£

Net obligations repayable:

Within one year

17,831

10,741

Between one and five years

61,433

45,164

79,264

55,905

Non-cancellable

operating leases

30.4.18

30.4.17

£

£

Within one year

10,499

2,472

Between one and five years

3,979

6,700

14,478

9,172

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.18

30.4.17

£

£

Hire purchase contracts

79,264

55,905

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 May 2017

207,373

76,167

283,540

Profit for the year

154,001

154,001

Dividends

(28,150

)

(28,150

)

Transfer of realised profit

856

(856

)

-

At 30 April 2018

334,080

75,311

409,391

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2018 and

30 April 2017:

30.4.18

30.4.17

£

£

Director 1

Balance outstanding at start of year

18,137

6,030

Amounts advanced

11,540

18,182

Amounts repaid

(18,150

)

(6,075

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

11,527

18,137

Director 2

Balance outstanding at start of year

608

676

Amounts advanced

3019

608

Amounts repaid

(5,000

)

(676

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,373

)

608

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £23,150 were paid to the directors .

14.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr S L Pierce.