Abbey Glass (Cardiff) Limited Small abbreviated accounts

COMPANY REGISTRATION NUMBER 02759615

ABBEY GLASS (CARDIFF) LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

30 November 2016

CARSTON

Chartered Accountants

1st Floor, Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

ABBEY GLASS (CARDIFF) LIMITED

ABBREVIATED BALANCE SHEET

30 November 2016

		2016		2015
Note		£	£	£
FIXED ASSETS	2
Tangible assets			302,056	238,225
			----------	----------

CURRENT ASSETS

Stocks	14,885		11,346
Debtors	1,884,925		1,672,124
Cash at bank and in hand	237,545		108,303
	-------------		-------------
	2,137,355		1,791,773
CREDITORS: Amounts falling due within one year	1,314,630		1,259,314
	-------------		-------------
NET CURRENT ASSETS		822,725	532,459
		-------------	----------
TOTAL ASSETS LESS CURRENT LIABILITIES		1,124,781	770,684

CREDITORS: Amounts falling due after more than one year		79,073	60,189

PROVISIONS FOR LIABILITIES	-	30,717
	-------------	----------
	1,045,708	679,778
	-------------	----------

CAPITAL AND RESERVES

Called up equity share capital	3	105	100
Share premium account		6,995	-
Profit and loss account		1,038,608	679,678
		-------------	----------
SHAREHOLDERS' FUNDS		1,045,708	679,778
		-------------	----------

For the year ended 30 November 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 abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 9 March 2017 , and are signed on their behalf by:

R.B. Green

Company Registration Number: 02759615

ABBEY GLASS (CARDIFF) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 30 NOVEMBER 2016

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover comprises amounts receivable in the ordinary course of business from the principal activities of the company, exclusive of value added tax and discounts where applicable.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Freehold Property-2% straight line

Leasehold Property-20% straight line

Plant & Machinery-20% straight line

Fixtures & Fittings-20% straight line

Motor Vehicles-25% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

2. FIXED ASSETS

	Tangible Assets
	£

COST

At 1 December 2015	485,446
Additions	151,672
Disposals	( 14,425)
	----------
At 30 November 2016	622,693
	----------

DEPRECIATION

At 1 December 2015	247,221
Charge for year	83,903
On disposals	( 10,487)
	----------
At 30 November 2016	320,637
	----------

NET BOOK VALUE

At 30 November 2016	302,056
	----------

At 30 November 2015	238,225
	----------

3. SHARE CAPITAL

Allotted, called up and fully paid:

	2016		2015
	No.	£	No.	£
Ordinary A shares of £ 1 each	100	100	100	100
Ordinary B shares of £ 1 each	5	5	-	-
	----	----	----	----
	105	105	100	100
	----	----	----	----