Company Registration No. 05819228 (England and Wales)
ABSOLUTE POWDER COATINGS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
ABSOLUTE POWDER COATINGS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
ABSOLUTE POWDER COATINGS LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
113,448
107,714
Current assets
Stocks
5,900
6,300
Debtors
70,416
45,689
Cash at bank and in hand
2
67
76,318
52,056
Creditors: amounts falling due within one year
3
(133,929)
(98,509)
Net current liabilities
(57,611)
(46,453)
Total assets less current liabilities
55,837
61,261
Creditors: amounts falling due after more than one year
4
(38,566)
(48,060)
Provisions for liabilities
(3,542)
(2,993)
13,729
10,208
Capital and reserves
Called up share capital
5
100
100
Profit and loss account
13,629
10,108
Shareholders' funds
13,729
10,208
ABSOLUTE POWDER COATINGS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 31 May 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 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 23 February 2017
Mr S Robertson
Director
Company Registration No. 05819228
ABSOLUTE POWDER COATINGS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% Straight line
Fixtures, fittings & equipment
25% Straight line
Motor vehicles
25% Straight line
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
ABSOLUTE POWDER COATINGS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2015
154,609
Additions
42,780
Disposals
(19,967)
At 31 May 2016
177,422
Depreciation
At 1 June 2015
46,895
On disposals
(10,467)
Charge for the year
27,546
At 31 May 2016
63,974
Net book value
At 31 May 2016
113,448
At 31 May 2015
107,714
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £33,773 (2015 - £28,418).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £38,566 (2015 - £48,060).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100