Abbey Plant (Whalley) Limited Company Accounts

COMPANY REGISTRATION NUMBER: 02027399

ABBEY PLANT (WHALLEY) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2017

ABBEY PLANT (WHALLEY) LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

CONTENTS	PAGES

Statement of financial position	1 to 2

Notes to the financial statements	3 to 6

ABBEY PLANT (WHALLEY) LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2017

	2017		2016
Note	£	£	£

FIXED ASSETS

Tangible assets	5		38,491	45,779

CURRENT ASSETS

Debtors	6	11,850	11,232
Cash at bank and in hand		49	49
		--------	--------
		11,899	11,281

CREDITORS: amounts falling due within one year	7	37,628		45,220
		--------		--------
NET CURRENT LIABILITIES			25,729	33,939
			--------	--------
TOTAL ASSETS LESS CURRENT LIABILITIES			12,762	11,840

CREDITORS: amounts falling due after more than one year	8		148	1,921

PROVISIONS

Taxation including deferred tax	6,929	9,156
	--------	--------
NET ASSETS	5,685	763
	--------	--------

CAPITAL AND RESERVES

Called up share capital	2	2
Profit and loss account	5,683	761
	-------	----
SHAREHOLDERS FUNDS	5,685	763
	-------	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

ABBEY PLANT (WHALLEY) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 21 November 2017 , and are signed on behalf of the board by:

K. J. Leyland
Director

Company registration number: 02027399

ABBEY PLANT (WHALLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sunnymeade, Club Street, Barrow, Clitheroe, BB7 9AY.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

(c) Revenue recognition

The turnover shown in the profit and loss account represents the invoice value of goods supplied and services provided during the year, exclusive of Value Added Tax.

(d) Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

(e) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(f) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Office Equipment	-	10% per annum reducing balance
Motor Vehicles	-	25% per annum reducing balance
Plant & Machinery	-	`15% per annum reducing balance`

(g) Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

(h) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. TANGIBLE ASSETS

	Office Equipment	Motor Vehicles	Plant & Machinery	Total
	£	£	£	£
Cost
At 1 April 2016 and 31 March 2017	2,000	10,343	246,186	258,529
	-------	--------	---------	---------
Depreciation
At 1 April 2016	1,672	5,980	205,098	212,750
Charge for the year	33	1,091	6,164	7,288
	-------	--------	---------	---------
At 31 March 2017	1,705	7,071	211,262	220,038
	-------	--------	---------	---------
Carrying amount
At 31 March 2017	295	3,272	34,924	38,491
	-------	--------	---------	---------
At 31 March 2016	328	4,363	41,088	45,779
	-------	--------	---------	---------

6. DEBTORS

	2017	2016
	£	£
Trade debtors	11,551	10,952
Prepayments and accrued income	299	280
	--------	--------
	11,850	11,232
	--------	--------

7. CREDITORS: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	2,467	2,459
Trade creditors	1,058	766
Accruals and deferred income	750	750
Corporation tax	5,040	4,698
Social security and other taxes	5,535	5,375
Obligations under finance leases and hire purchase contracts	1,773	1,773
Director loan accounts	21,005	29,399
	--------	--------
	37,628	45,220
	--------	--------

The bank borrowings are secured by charges on the company's assets. Obligations under finance leases and hire purchase contracts are secured.

8. CREDITORS: amounts falling due after more than one year

	2017	2016
	£	£
Obligations under finance leases and hire purchase contracts	148	1,921
	----	-------

Obligations under finance leases and hire purchase contracts are secured.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

There are no transactions with directors that require disclosure under FRS 102.

10. RELATED PARTY TRANSACTIONS

The company was under the control of the director throughout the year. During the year the company paid dividends to the director amounting to £5,000.

11. TRANSITION TO FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.