Acacia Carpentry Limited - Accounts to registrar

REGISTERED NUMBER: 03894126 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

FOR

ACACIA CARPENTRY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr N James

Mr A Smith

SECRETARY:

Mr A Smith

REGISTERED OFFICE:

13-14 Gelliwastad Road

Pontypridd

RCT

CF37 2BW

REGISTERED NUMBER:

03894126 (England and Wales)

ACCOUNTANTS:

Sullivans Chartered Accountants

13-14 Gelliwastad Road

Pontypridd

Rhondda Cynon Taf

CF37 2BW

FIXED ASSETS

Tangible assets

4

22,426

200,389

Investment property

5

119,244

-

141,670

200,389

CURRENT ASSETS

Stocks

320

1,200

Debtors

6

168,454

333,299

Investments

7

32,413

Cash at bank and in hand

245,634

210,178

446,821

577,090

CREDITORS

Amounts falling due within one year

8

89,713

180,188

NET CURRENT ASSETS

357,108

396,902

TOTAL ASSETS LESS CURRENT
LIABILITIES

498,778

597,291

CREDITORS

Amounts falling due after more than one
year

9

80,927

82,750

NET ASSETS

417,851

514,541

CAPITAL AND RESERVES

Called up share capital

11

2

Retained earnings

417,849

514,539

SHAREHOLDERS' FUNDS

417,851

514,541

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 6 July 2017 and were signed on its behalf by:

Mr A Smith - Director

Mr N James - Director

1.	STATUTORY INFORMATION

Acacia Carpentry Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going

concern have been identified by the directors.

Therefore the financial statements have been prepared on a going concern basis.

Turnover

Turnover represents the value of work, excluding value added tax, performed during the year with respect of

services provided to customers during the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on reducing balance, 25% on reducing balance and 20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net

realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow

moving, obsolete or damaged stock where the net realisable value is less than cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Employee benefit trusts

The company has purchased a trust for the benefit of employees and certain of their dependants. Monies held in

these trusts are held by independent trustees and managed at their discretion.

Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of

the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an

allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust

vest in identified individuals.

Where monies held in a trust are determined by the company on the basis of employees' past services to the

business and the company can obtain no future economic benefit from those monies, such monies, whether in the

trust or accrued for by the company are charged to the profit and loss account in the period to which they relate.

Employer-financed retirement benefit scheme (efrbs)

The company has established trusts for the benefit of employees and persons connected with them. Monies held

in these trusts are held by independent trustees and managed at their discretion. The trustees are empowered to

provide both retirement and other employee benefits.

Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of

the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an

allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust

vest in identified individuals.

Where monies held in a trust are determined by the company on the basis of employees’ past services to the

business and the company can obtain no future economic benefit from those monies, such monies, whether in the

trust or accrued for by the company are charged to the profit and loss account in the period to which

they relate.

Where monies held in a trust are determined by the company on the basis of employees’ past services to the

business and are payable after completion of the employment, such monies are charged to the profit and loss

account in the period during which services are rendered by employees.

Fixed asset investments

Fixed asset unlisted investments are included at market value at the date of the balance sheet.

Fixed asset listed investments are included at market value at the date of the balance sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 March 2016

171,811

51,880

223,691

Reclassification/transfer

(171,811

)

-

(171,811

)

At 28 February 2017

-

51,880

DEPRECIATION

At 1 March 2016

-

23,302

Charge for year

-

6,152

At 28 February 2017

-

29,454

NET BOOK VALUE

At 28 February 2017

-

22,426

At 29 February 2016

171,811

28,578

200,389

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Reclassification/transfer

171,811

At 28 February 2017

171,811

DEPRECIATION

Revaluation adjustments

52,567

At 28 February 2017

52,567

NET BOOK VALUE

At 28 February 2017

119,244

Cost or valuation at 28 February 2017 is represented by:

£

Cost

171,811

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/17

29/2/16

£

Trade debtors

153,411

304,239

Other debtors

15,043

29,060

168,454

333,299

7.	CURRENT ASSET INVESTMENTS

28/2/17

29/2/16

£

Other Investments

32,413

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/17

29/2/16

£

Bank loans and overdrafts

1,756

1,689

Trade creditors

7,992

77,669

Taxation and social security

4,688

20,961

Other creditors

75,277

79,869

89,713

180,188

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

28/2/17

29/2/16

£

Bank loans

80,927

82,750

10.	SECURED DEBTS

The following secured debts are included within creditors:

28/2/17

29/2/16

£

Hire purchase liabilities are secured on the assets to which they relate.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28/2/17

29/2/16

value:

£

2

Ordinary

1

2

12.	CONTINGENT LIABILITIES

The company has appointed assets to an Employer Financed Retirement Benefit Scheme. The company is liable

for PAYE/NIC that may arise on awards made by the Trustees. The Directors are of the opinion that the Trustees

will award most of the benefits in a way that will not result in a PAYE/NIC liability.

13.	ULTIMATE CONTROLLING PARTY

The company was owned and controlled by its directors throughout the period under review.

14.	FIRST YEAR ADOPTION

These financial statements for the year ended 28th February 2017 are the first financial statements that comply

with FRS 102 Section 1A small entities.

Upon regenerating the year end figures for 2016 under FRS 102 Section 1A, there were no transitional effects to

show.

There are no adjustments in the Reconciliation of Equity and Reconciliation of Profit or Loss reports.