ABA Building Products Limited 03836961 false 2016-04-01 2017-03-31 2017-03-31 The principal activity of the company is the wholesale of building materials. Digita Accounts Production Advanced 6.20.8420.1 Software true 03836961 2016-04-01 2017-03-31 03836961 2017-03-31 03836961 core:RetainedEarningsAccumulatedLosses 2017-03-31 03836961 core:ShareCapital 2017-03-31 03836961 core:CurrentFinancialInstruments core:WithinOneYear 2017-03-31 03836961 bus:SmallEntities 2016-04-01 2017-03-31 03836961 bus:AuditExemptWithAccountantsReport 2016-04-01 2017-03-31 03836961 bus:AbridgedAccounts 2016-04-01 2017-03-31 03836961 bus:RegisteredOffice 2016-04-01 2017-03-31 03836961 bus:Director1 2016-04-01 2017-03-31 03836961 bus:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 03836961 core:FurnitureFittings 2016-04-01 2017-03-31 03836961 core:MotorVehicles 2016-04-01 2017-03-31 03836961 core:OfficeEquipment 2016-04-01 2017-03-31 03836961 countries:AllCountries 2016-04-01 2017-03-31 03836961 2016-03-31 03836961 2016-03-31 03836961 core:RetainedEarningsAccumulatedLosses 2016-03-31 03836961 core:ShareCapital 2016-03-31 03836961 core:CurrentFinancialInstruments core:WithinOneYear 2016-03-31 iso4217:GBP

Registration number: 03836961

ABA Building Products Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2017

 

ABA Building Products Limited

(Registration number: 03836961)
Abridged Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

3

3,218

2,413

Current assets

 

Debtors

286,123

77,920

Cash at bank and in hand

 

407,586

458,680

 

693,709

536,600

Creditors: Amounts falling due within one year

(626,382)

(496,433)

Net current assets

 

67,327

40,167

Total assets less current liabilities

 

70,545

42,580

Provisions for liabilities

(197)

-

Accruals and deferred income

 

(3,481)

(3,603)

Net assets

 

66,867

38,977

Capital and reserves

 

Called up share capital

2,200

2,200

Profit and loss account

64,667

36,777

Total equity

 

66,867

38,977

 

ABA Building Products Limited

(Registration number: 03836961)
Abridged Balance Sheet as at 31 March 2017

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 14 November 2017
 

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

AB Armitage

Director

 

ABA Building Products Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

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:
The Star Inn
Guildhall Street
Newark
NG24 1UH

These financial statements were authorised for issue by the director on 14 November 2017.

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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

ABA Building Products Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

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

Fixtures and fittings

15% per annum reducing balance basis

Motor vehicles

25% per annum reducing balance basis

Office equipment

15% per annum reducing balance basis

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.

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.

 

ABA Building Products Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Tangible assets

Total
£

Cost or valuation

At 1 April 2016

11,799

Additions

1,237

At 31 March 2017

13,036

Depreciation

At 1 April 2016

9,386

Charge for the year

432

At 31 March 2017

9,818

Carrying amount

At 31 March 2017

3,218

At 31 March 2016

2,413