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Abbey Landscapes (Formby) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Stubbs Parkin
Chartered Accountants
55 Hoghton Street
Southport
Merseyside
PR9 0PG

Abbey Landscapes (Formby) Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

Abbey Landscapes (Formby) Limited

(Registration number: 05308740)
Balance Sheet as at 31 December 2016

	Note	2016 £		2015 £
Fixed assets
Intangible assets	4		36,000		36,000
Tangible assets	5		9,590		12,182
			45,590		48,182
Current assets
Debtors	6	13,538		2,008
Cash at bank and in hand		3,739		1,710
		17,277		3,718
Creditors: Amounts falling due within one year	7	(53,730)		(43,389)
Net current liabilities			(36,453)		(39,671)
Total assets less current liabilities			9,137		8,511
Creditors: Amounts falling due after more than one year	7		(3,914)		(8,185)
Net assets			5,223		326
Capital and reserves
Called up share capital		100		100
Profit and loss account		5,123		226
Total equity			5,223		326

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Abbey Landscapes (Formby) Limited

(Registration number: 05308740)
Balance Sheet as at 31 December 2016

For the financial year ending 31 December 2016 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 August 2017 and signed on its behalf by:
 

.........................................

Mr G P Burgess

Director

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Abbey Landscapes (Formby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

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

The address of its registered office is:
55 Hoghton Street
Southport
Merseyside
PR9 0PG

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.

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.

Page 3

Abbey Landscapes (Formby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

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 and machinery	15% reducing balance
Fixtures and fittings	15% reducing balance
Motor vehicles	25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

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.

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.

Page 4

Abbey Landscapes (Formby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2015 - 3).

Page 5

Abbey Landscapes (Formby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2016	36,000	36,000
At 31 December 2016	36,000	36,000
Amortisation
Carrying amount
At 31 December 2016	36,000	36,000
At 31 December 2015	36,000	36,000

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2016	2,774	25,729	28,503
Additions	367	-	367
At 31 December 2016	3,141	25,729	28,870
Depreciation
At 1 January 2016	1,447	14,874	16,321
Charge for the year	245	2,714	2,959
At 31 December 2016	1,692	17,588	19,280
Carrying amount
At 31 December 2016	1,449	8,141	9,590
At 31 December 2015	1,327	10,855	12,182

6

Debtors

	2016 £	2015 £
Trade debtors	13,333	1,800
Other debtors	205	208
Total current trade and other debtors	13,538	2,008

Page 6

Abbey Landscapes (Formby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

7

Creditors

	Note	2016 £	2015 £
Due within one year
Bank loans and overdrafts	8	4,270	4,270
Trade creditors		23,187	17,261
Amounts owed to related parties	9	267	1,558
Taxation and social security		7,132	4,748
Other creditors		18,874	15,552
		53,730	43,389
Due after one year
Loans and borrowings	8	3,914	8,185