Registered number
02867427
Aberconwy Developments Limited
Filleted Accounts
31 July 2017
Aberconwy Developments Limited
Registered number: 02867427
Balance Sheet
as at 31 July 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 1,234 1,645
Investments 4 305,581 304,384
306,815 306,029
Current assets
Debtors 5 70,558 73,306
Cash at bank and in hand 50,606 43,083
121,164 116,389
Creditors: amounts falling due within one year 6 (249,654) (241,518)
Net current liabilities (128,490) (125,129)
Net assets 178,325 180,900
Capital and reserves
Called up share capital 85,100 85,100
Profit and loss account 93,225 95,800
Shareholder's funds 178,325 180,900
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
ALUN EDWARDS
Director
Approved by the board on 6 April 2018
Aberconwy Developments Limited
Notes to the Accounts
for the year ended 31 July 2017
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 over 4 years
Motor vehicles over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2016 14,829 24,947 39,776
At 31 July 2017 14,829 24,947 39,776
Depreciation
At 1 August 2016 14,133 23,998 38,131
Charge for the year 174 237 411
At 31 July 2017 14,307 24,235 38,542
Net book value
At 31 July 2017 522 712 1,234
At 31 July 2016 696 949 1,645
4 Investments
Other
investments
£
Cost
At 1 August 2016 304,384
Additions 1,197
At 31 July 2017 305,581
5 Debtors 2017 2016
£ £
Trade debtors 70,558 73,306
6 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 11,308 13,478
Taxation and social security costs 35,998 33,141
Other creditors 202,348 194,899
249,654 241,518
7 Other information
Aberconwy Developments Limited is a private company limited by shares and incorporated in England. Its registered office is:
Speechleys
23 Wynnstay Road
Colwyn Bay
Conwy
LL29 8Nt
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