Abbeyview (GMLS) Ltd Company accounts

COMPANY REGISTRATION NUMBER: 04986315

Abbeyview (GMLS) Ltd

Unaudited Financial Statements

31 March 2018

Abbeyview (GMLS) Ltd

Financial Statements

Year ended 31 March 2018

Contents	Page

Directors' report	1

Statement of comprehensive income	2

Statement of financial position	3

Statement of changes in equity	4

Notes to the financial statements	5

Abbeyview (GMLS) Ltd

Directors' Report

Year ended 31 March 2018

The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2018 .

Directors

The directors who served the company during the year were as follows:

Mr M Rogers
Mr D Griffiths

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 2 October 2018 and signed on behalf of the board by:

Mr M Rogers	Mr D Griffiths
Director	Director

Karen Rogers
Company Secretary

Registered office:

20 Beech Close

Liverpool

L32 1EW

Abbeyview (GMLS) Ltd

Statement of Comprehensive Income

Year ended 31 March 2018

	2018	2017
Note	£	£
Turnover	304,257	397,397

Cost of sales	173,626	208,667
	---------	---------
Gross profit	130,631	188,730

Administrative expenses	79,289	112,749
	---------	---------
Operating profit	51,342	75,981

Interest payable and similar expenses		3,143	5,133
		---------	---------
Profit before taxation	5	48,199	70,848

Tax on profit	11,000	13,427
	--------	--------
Profit for the financial year and total comprehensive income	37,199	57,421
	--------	--------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

Abbeyview (GMLS) Ltd

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	6	9,750	9,750
Tangible assets	7	73,379	87,811
		--------	--------
		83,129	97,561

Current assets

Stocks		1,700	1,480
Debtors	8	21,417	25,764
Cash at bank and in hand		32,275	15,189
		--------	--------
		55,392	42,433

Creditors: amounts falling due within one year	9	39,889		58,561
		--------		--------
Net current assets/(liabilities)			15,503	( 16,128)
			--------	--------
Total assets less current liabilities			98,632	81,433
			--------	--------

Capital and reserves

Called up share capital	10	10
Profit and loss account	98,622	81,423
	--------	--------
Shareholders funds	98,632	81,433
	--------	--------

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 March 2018 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their 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 2 October 2018 , and are signed on behalf of the board by:

Mr M Rogers	Mr D Griffiths
Director	Director

Company registration number: 04986315

Abbeyview (GMLS) Ltd

Statement of Changes in Equity

Year ended 31 March 2018

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 April 2016	2	54,002	54,004

Profit for the year		57,421	57,421
	----	--------	--------
Total comprehensive income for the year	–	57,421	57,421

Issue of shares	8	–	8
Dividends paid and payable	–	( 30,000)	( 30,000)
	----	--------	--------
Total investments by and distributions to owners	8	( 30,000)	( 29,992)

At 31 March 2017	10	81,423	81,433

Profit for the year		37,199	37,199
	----	--------	--------
Total comprehensive income for the year	–	37,199	37,199

Dividends paid and payable	–	( 20,000)	( 20,000)
	----	--------	--------
Total investments by and distributions to owners	–	( 20,000)	( 20,000)

	----	--------	--------
At 31 March 2018	10	98,622	98,632
	----	--------	--------

Abbeyview (GMLS) Ltd

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Beech Close, Liverpool, L32 1EW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Amortisation

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

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

***The following text should be used as a guide, please amend reportpad FinancialInstrumPolR as appropriate.*** Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2017: Nil).

5. Profit before taxation

Profit before taxation is stated after charging:

	2018	2017
	£	£
Depreciation of tangible assets	14,432	17,350
	--------	--------

6. Intangible assets

	Goodwill
	£
Cost
At 1 April 2017 and 31 March 2018	22,750
	--------
Amortisation
At 1 April 2017 and 31 March 2018	13,000
	--------
Carrying amount
At 31 March 2018	9,750
	--------
At 31 March 2017	9,750
	--------

7. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2017 and 31 March 2018	150,843	1,071	56,642	208,556
	---------	-------	--------	---------
Depreciation
At 1 April 2017	89,014	309	31,422	120,745
Charge for the year	9,274	114	5,044	14,432
	---------	-------	--------	---------
At 31 March 2018	98,288	423	36,466	135,177
	---------	-------	--------	---------
Carrying amount
At 31 March 2018	52,555	648	20,176	73,379
	---------	-------	--------	---------
At 31 March 2017	61,829	762	25,220	87,811
	---------	-------	--------	---------

8. Debtors

	2018	2017
	£	£
Trade debtors	12,855	13,620
Other debtors	8,562	12,144
	--------	--------
	21,417	25,764
	--------	--------

9. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	2,865	4,265
Trade creditors	7,301	7,215
Corporation tax	17,702	14,702
Social security and other taxes	8,108	12,847
Other creditors	3,913	19,532
	--------	--------
	39,889	58,561
	--------	--------

10. Directors' advances, credits and guarantees

11. Related party transactions

The company was under the control of Mr M Rogers throughout the current and previous year. Mr M Rogers is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.