Abbey Glass (Cardiff) Limited Company Accounts

COMPANY REGISTRATION NUMBER: 02759615

Abbey Glass (Cardiff) Limited

Filleted Unaudited Financial Statements

30 November 2017

Abbey Glass (Cardiff) Limited

Financial Statements

Year ended 30 November 2017

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Statement of changes in equity	4

Notes to the financial statements	5

Abbey Glass (Cardiff) Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Abbey Glass (Cardiff) Limited

Year ended 30 November 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Abbey Glass (Cardiff) Limited for the year ended 30 November 2017, which comprise the statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Abbey Glass (Cardiff) Limited, as a body, in accordance with the terms of our engagement letter dated 29 July 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Abbey Glass (Cardiff) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbey Glass (Cardiff) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Abbey Glass (Cardiff) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Abbey Glass (Cardiff) Limited. You consider that Abbey Glass (Cardiff) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Abbey Glass (Cardiff) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

CARSTON Chartered Accountants

1st Floor, Tudor House 16 Cathedral Road Cardiff CF11 9LJ

26 March 2018

Abbey Glass (Cardiff) Limited

Statement of Financial Position

30 November 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	1,217	–
Tangible assets	6	492,214	302,056
		---------	---------
		493,431	302,056

Current assets

Stocks		17,618	14,885
Debtors	7	1,407,914	1,966,947
Cash at bank and in hand		343,610	237,545
		------------	------------
		1,769,142	2,219,377

Creditors: amounts falling due within one year	8	1,045,045		1,396,652
		------------		------------
Net current assets			724,097	822,725
			------------	------------
Total assets less current liabilities			1,217,528	1,124,781

Creditors: amounts falling due after more than one year	9	88,004	79,073
		------------	------------
Net assets		1,129,524	1,045,708
		------------	------------

Capital and reserves

Called up share capital	105	105
Share premium account	6,995	6,995
Profit and loss account	1,122,424	1,038,608
	------------	------------
Shareholders funds	1,129,524	1,045,708
	------------	------------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 November 2017 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 .

Abbey Glass (Cardiff) Limited

Statement of Financial Position (continued)

30 November 2017

These financial statements were approved by the board of directors and authorised for issue on 26 March 2018 , and are signed on behalf of the board by:

R.B. Green

Director

Company registration number: 02759615

Abbey Glass (Cardiff) Limited

Statement of Changes in Equity

Year ended 30 November 2017

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£
At 1 December 2015	100	–	679,678	679,778

Profit for the year			508,930	508,930
	----	----	---------	---------
Total comprehensive income for the year	–	–	508,930	508,930

Issue of shares	5	6,995	–	7,000
Dividends paid and payable	–	–	( 150,000)	( 150,000)
	----	-------	---------	---------
Total investments by and distributions to owners	5	6,995	( 150,000)	( 143,000)

At 30 November 2016	105	6,995	1,038,608	1,045,708

Profit for the year			213,816	213,816
	----	-------	------------	------------
Total comprehensive income for the year	–	–	213,816	213,816

Dividends paid and payable	–	–	( 130,000)	( 130,000)
	----	----	---------	---------
Total investments by and distributions to owners	–	–	( 130,000)	( 130,000)

	----	-------	------------	------------
At 30 November 2017	105	6,995	1,122,424	1,129,524
	----	-------	------------	------------

Abbey Glass (Cardiff) Limited

Notes to the Financial Statements

Year ended 30 November 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3 Ynyshir Industrial Estate, Llanwonno Road, Porth, CF39 0HU.

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

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:

	Intangible Assets	-	20% straight line

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.

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:

Leasehold Property	-	20% straight line
Plant & Machinery	-	20% straight line
Fixtures & Fittings	-	20% straight line
Motor Vehicles	-	25% straight line

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 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 45 (2016: 37 ).

5. Intangible assets

	Patents, trademarks and licences
	£
Cost
Additions	1,259
	-------
At 30 November 2017	1,259
	-------
Amortisation
Charge for the year	42
	-------
At 30 November 2017	42
	-------
Carrying amount
At 30 November 2017	1,217
	-------
At 30 November 2016	–
	-------

6. Tangible assets

	Long leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 December 2016	16,686	420,614	28,054	157,339	622,693
Additions	60,439	250,528	7,420	–	318,387
	--------	---------	--------	---------	---------
At 30 November 2017	77,125	671,142	35,474	157,339	941,080
	--------	---------	--------	---------	---------
Depreciation
At 1 December 2016	8,705	207,479	23,232	81,221	320,637
Charge for the year	9,738	90,214	2,274	26,003	128,229
	--------	---------	--------	---------	---------
At 30 November 2017	18,443	297,693	25,506	107,224	448,866
	--------	---------	--------	---------	---------
Carrying amount
At 30 November 2017	58,682	373,449	9,968	50,115	492,214
	--------	---------	--------	---------	---------
At 30 November 2016	7,981	213,135	4,822	76,118	302,056
	--------	---------	--------	---------	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	886,773	1,104,602
Other debtors	521,141	862,345
	------------	------------
	1,407,914	1,966,947
	------------	------------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	141,560	( 19,851)
Trade creditors	531,382	977,243
Corporation tax	32,061	110,994
Social security and other taxes	74,061	90,349
Other creditors	265,981	237,917
	------------	------------
	1,045,045	1,396,652
	------------	------------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	88,004	79,073
	--------	--------

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
R.B. Green	22,861	115,615	( 90,000)	48,476
A. Worgan	( 1,520)	48,409	( 40,000)	6,889
	--------	---------	---------	--------
	21,341	164,024	( 130,000)	55,365
	--------	---------	---------	--------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
R.B. Green	( 50,473)	183,334	( 110,000)	22,861
A. Worgan	–	46,980	( 48,500)	( 1,520)
	--------	---------	---------	--------
	( 50,473)	230,314	( 158,500)	21,341
	--------	---------	---------	--------

11. Related party transactions

The company was under the control of R.B. Green throughout the current and previous year. R.B. Green is the managing director and majority shareholder.

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.

No transitional adjustments were required in equity or profit or loss for the year.