ABC Industrial Doors Limited - Filleted accounts

Registered number

04122111

ABC Industrial Doors Limited

Unaudited Filleted Accounts

30 April 2017

ABC Industrial Doors Limited
Registered number:		04122111
Balance Sheet
as at 30 April 2017

Notes			2017			2016
£				£
Fixed assets
Tangible assets	2		227,651			176,119

Current assets
Stocks		29,750			29,750
Debtors	3	1,205,986			755,392
Cash at bank and in hand		504			51,566
		1,236,240			836,708

Creditors: amounts falling due within one year	4	(777,827)			(554,814)

Net current assets			458,413			281,894

Total assets less current liabilities			686,064			458,013

Creditors: amounts falling due after more than one year	5		(106,745)			(103,490)

Provisions for liabilities			(42,538)			(34,405)


Net assets			536,781			320,118

Capital and reserves
Called up share capital			1,000			1,000
Profit and loss account			535,781			319,118

Shareholders' funds			536,781			320,118

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.




I Thomason
Director
Approved by the board on 5 July 2017

ABC Industrial Doors Limited
Notes to the Accounts
for the year ended 30 April 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.

	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 4/10 years
	Fixtures, fittings, tools and equipment			over 4 years

	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.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Tangible fixed assets
				Plant and machinery etc		Motor vehicles		Total
£					£		£
	Cost
	At 1 May 2016			179,237		216,720		395,957
	Additions			23,245		76,255		99,500
	Disposals			-		(6,236)		(6,236)
	At 30 April 2017			202,482		286,739		489,221

	Depreciation
	At 1 May 2016			162,553		57,285		219,838
	Charge for the year			4,933		40,035		44,968
	On disposals			-		(3,236)		(3,236)
	At 30 April 2017			167,486		94,084		261,570

	Net book value
	At 30 April 2017			34,996		192,655		227,651
	At 30 April 2016			16,684		159,435		176,119

	Included above are assets held under finance leases or hire purchase contracts with
	a net book value of £ 176,267 (2016: £ 140,468)

3	Debtors					2017		2016
£							£

	Trade debtors					901,925		595,702
	Other debtors					304,061		159,690
						1,205,986		755,392


4	Creditors: amounts falling due within one year					2017		2016
£							£

	Bank loans and overdrafts					12,786		10,773
	Obligations under finance lease and hire purchase contracts					59,813		41,332
	Trade creditors					173,837		179,258
	Corporation tax					128,563		105,943
	Other taxes and social security costs					166,224		148,824
	Other creditors					236,604		68,684
						777,827		554,814


5	Creditors: amounts falling due after one year					2017		2016
£							£

	Bank loans					9,915		20,836
	Obligations under finance lease and hire purchase contracts					96,830		82,654
						106,745		103,490


6	Loans					2017		2016
£							£
	Creditors include:

	Secured bank loans					22,701		31,609

	Loans are secured by a floating charge over the company's assets.

7	Other financial commitments					2017		2016
£							£

	Total future minimum payments under non-cancellable operating leases					26,633		7,365

8	Loans to directors
	Description and conditions	B/fwd	Paid		Repaid		C/fwd
£			£		£		£

	MC Todd	66,106		48,340		-		114,446

	I Thomason	58,946		67,970		-		126,916

		125,052		116,310		-		241,362


9	Related party transactions

	The company rented factory premises from MC Todd and I Thomason , the directors at £12,000 per annum. (2016 : £12,000). The company paid dividends to MC Todd and I Thomason of £25,200 each. The directors propose a dividend of £80 per share.

10	Other information

	ABC Industrial Doors Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Unit 11
	Wharfside Business Park
	Irlam
	Manchester
	M44 5PN