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Registration number: 3788384

Abbey Scaffolding (Swindon) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

Aims Accountants for Business
Suite 4, The Syms Building
Bumpers Way
Bristol Road
Chippenham
Wiltshire
SN14 6LH

 

Abbey Scaffolding (Swindon) Limited
Contents

Accountants' Report

1

Abbreviated Balance Sheet

2 to 3

Notes to the Abbreviated Accounts

4 to 6

 

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Abbey Scaffolding (Swindon) Limited
for the Year Ended 31 August 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Abbey Scaffolding (Swindon) Limited for the year ended 31 August 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Abbey Scaffolding (Swindon) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Abbey Scaffolding (Swindon) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbey Scaffolding (Swindon) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Abbey Scaffolding (Swindon) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Abbey Scaffolding (Swindon) Limited. You consider that Abbey Scaffolding (Swindon) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Abbey Scaffolding (Swindon) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Aims Accountants for Business
Suite 4, The Syms Building
Bumpers Way
Bristol Road
Chippenham
Wiltshire
SN14 6LH

31 August 2016

 

Abbey Scaffolding (Swindon) Limited
(Registration number: 3788384)
Abbreviated Balance Sheet at 31 August 2016

   

Note

   

2016
£

   

2015
£

 

Fixed assets

 

             

Tangible fixed assets

 

   

981,495

   

934,253

 

Current assets

 

             

Debtors

 

3

   

682,189

   

880,804

 

Cash at bank and in hand

 

   

408,887

   

235,732

 
   

   

1,091,076

   

1,116,536

 

Creditors: Amounts falling due within one year

 

   

(511,514)

   

(573,531)

 

Net current assets

 

   

579,562

   

543,005

 

Total assets less current liabilities

 

   

1,561,057

   

1,477,258

 

Creditors: Amounts falling due after more than one year

 

   

(155,278)

   

(232,026)

 

Provisions for liabilities

 

   

(171,150)

   

(158,335)

 

Net assets

 

   

1,234,629

   

1,086,897

 

Capital and reserves

 

             

Called up share capital

 

4

   

5,000

   

5,000

 

Profit and loss account

 

   

1,229,629

   

1,081,897

 

Shareholders' funds

 

   

1,234,629

   

1,086,897

 

For the year ending 31 August 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 31 August 2016 and signed on its behalf by:

.........................................
Mr James Barnett
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

 

Abbey Scaffolding (Swindon) Limited
(Registration number: 3788384)
Abbreviated Balance Sheet at 31 August 2016
......... continued

.........................................
Mr Sean Barnett
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

 

Abbey Scaffolding (Swindon) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

1

Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Goodwill is amortised on a straight line basis over 10 years.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance

Vehicles

Straight line over 5 years

Office Equipment

33.3% reducing balance

Fixtures and fittings

Straight line over 7 years

Buildings

Straight line over 20 years

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

 

Abbey Scaffolding (Swindon) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2

Fixed assets

   

Tangible assets
£

   

Total
£

 

Cost

           

At 1 September 2015

 

1,625,528

   

1,625,528

 

Additions

 

178,454

   

178,454

 

Disposals

 

(152,298)

   

(152,298)

 

At 31 August 2016

 

1,651,684

   

1,651,684

 

Depreciation

           

At 1 September 2015

 

691,275

   

691,275

 

Charge for the year

 

111,406

   

111,406

 

Eliminated on disposals

 

(132,492)

   

(132,492)

 

At 31 August 2016

 

670,189

   

670,189

 

Net book value

           

At 31 August 2016

 

981,495

   

981,495

 

At 31 August 2015

 

934,253

   

934,253

 

3

Debtors

Debtors includes £nil (2015 - £nil) receivable after more than one year.

 

 

Abbey Scaffolding (Swindon) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

4

Share capital

Allotted, called up and fully paid shares

 

2016

2015

   

No.

   

£

   

No.

   

£

 

Ordinairy of £1 each

 

5,000

   

5,000

   

5,000

   

5,000

 
                         

5

Related party transactions

Directors' advances and credits

 

2016
Advance/ Credit
£

2016
Repaid
£

2015
Advance/ Credit
£

2015
Repaid
£

Mr Sean Barnett

Diretor Loan Account

155,841

-

6,085

-

         
         

Mr James Barnett

Director Loan

74,275

-

7,585

-