AC Brickwork Limited Filleted Accounts
Registered number: 05063545
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 4 46,382 388
Current assets
Work in progress 72,158 -
Stocks 500 500
Debtors 5 141,716 100,300
Cash at bank and in hand 327,241 282,051
541,615 382,851
Creditors: amounts falling due within one year 6 (66,013) (54,208)
Net current assets 475,602 328,643
Net assets 521,984 329,031
Capital and reserves
Called up share capital 100 100
Profit and loss account 521,884 328,931
Shareholders' funds 521,984 329,031
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Terence Anson
Director
Approved by the board on 16 June 2017
AC Brickwork Limited
Notes to the Accounts
for the year ended 31 December 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery Depreciated over 4 years at 25% on cost
Vehicles Depreciated over 5 years at 20% on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2016 2015
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2016 450,000
At 31 December 2016 450,000
Amortisation
At 1 January 2016 450,000
At 31 December 2016 450,000
Net book value
At 31 December 2016 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2016 7,390 20,297 27,687
Additions 290 49,463 49,753
Disposals - (20,297) (20,297)
At 31 December 2016 7,680 49,463 57,143
Depreciation
At 1 January 2016 7,002 20,297 27,299
Charge for the year 461 3,298 3,759
On disposals - (20,297) (20,297)
At 31 December 2016 7,463 3,298 10,761
Net book value
At 31 December 2016 217 46,165 46,382
At 31 December 2015 388 - 388
5 Debtors 2016 2015
£ £
Trade debtors 141,716 100,300
6 Creditors: amounts falling due within one year 2016 2015
£ £
Trade creditors 15,271 12,917
Corporation tax 36,817 34,630
Other taxes and social security costs 12,967 6,119
Other creditors 958 542
66,013 54,208
7 Other information
AC Brickwork Limited is a private company limited by shares and incorporated in England. Its registered office is:
3 Vine Grove Court, Mosborough, Sheffield, South Yorkshire S20 5FE
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