House of Allington Limited
Registered number: 04130015
Balance Sheet
as at 31 December 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 3 666 -
Tangible assets 4 50,093 26,758
50,759 26,758
Current assets
Stocks 135,754 127,431
Debtors 5 31,467 13,512
Cash at bank and in hand 224,972 209,713
392,193 350,656
Creditors: amounts falling due within one year 6 (131,836) (137,922)
Net current assets 260,357 212,734
Total assets less current liabilities 311,116 239,492
Creditors: amounts falling due after more than one year 7 (46,286) (15,643)
Net assets 264,830 223,849
Capital and reserves
Called up share capital 100 100
Profit and loss account 264,730 223,749
Shareholders' funds 264,830 223,849
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.
R Williams
Director
Approved by the board on 17 May 2018
House of Allington Limited
Notes to the Accounts
for the year ended 31 December 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.
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 20% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stock is valued at the lower of costs and net realisable value. Cost is determined on a first in first out basis. NRV represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where NRV is less than cost.
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.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill & Website:
Cost
At 1 January 2017 110,000
Additions 833
At 31 December 2017 110,833
Amortisation
At 1 January 2017 110,000
Provided during the year 167
At 31 December 2017 110,167
Net book value
At 31 December 2017 666
Goodwill and Website are being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2017 32,708 59,498 92,206
Additions - 63,284 63,284
Disposals - (59,498) (59,498)
At 31 December 2017 32,708 63,284 95,992
Depreciation
At 1 January 2017 29,420 36,028 65,448
Charge for the year 658 15,821 16,479
On disposals - (36,028) (36,028)
At 31 December 2017 30,078 15,821 45,899
Net book value
At 31 December 2017 2,630 47,463 50,093
At 31 December 2016 3,288 23,470 26,758
5 Debtors 2017 2016
£ £
Trade debtors - 3,011
Deferred tax asset 6,436 8,724
Other debtors 25,031 1,777
31,467 13,512
6 Creditors: amounts falling due within one year 2017 2016
£ £
Obligations under finance lease and hire purchase contracts 3,672 8,938
Trade creditors 87,294 79,690
Corporation tax 8,007 14,083
Other taxes and social security costs 30,064 31,862
Other creditors 2,799 3,349
131,836 137,922
7 Creditors: amounts falling due after one year 2017 2016
£ £
Obligations under finance lease and hire purchase contracts 46,286 15,643
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr & Mrs Williams
Directors loan account 394 83,729 (60,656) 23,467
394 83,729 (60,656) 23,467
The balance of £23,467 (2016:£394 ), is included in other debtors. The maximum overdrawn balance during the year was £27,402. Interest has been charged on overdrawn balances greater than £10,000 at the official rate of 3.0% to 5/4/17 and 2.5% thereafter. The loan has been repaid after the year end by funds and dividends.
9 Controlling party
The company is controlled by the directors by virtue of their 100% shareholding in the company.
10 Other information
House of Allington Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Borough
Wedmore
Somerset
BS28 4EB
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