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Registration number: 06130909

ABTC Projects Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2017

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
ABTC Projects Limited
for the Year Ended 28 February 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of ABTC Projects Limited for the year ended 28 February 2017 as set out on pages 2 to 8 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of ABTC Projects 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 ABTC Projects Limited and state those matters that we have agreed to state to the Board of Directors of ABTC Projects Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ABTC Projects Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that ABTC Projects 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 ABTC Projects Limited. You consider that ABTC Projects 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 ABTC Projects 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.

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

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

22 June 2017

 

(Registration number: 06130909)
Balance Sheet as at 28 February 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

3,223

4,358

Current assets

 

Stocks

5

4,641

-

Debtors

6

14,320

16,761

Cash at bank and in hand

 

-

249

 

18,961

17,010

Creditors: Amounts falling due within one year

7

(21,250)

(17,644)

Net current liabilities

 

(2,289)

(634)

Total assets less current liabilities

 

934

3,724

Creditors: Amounts falling due after more than one year

7

-

(2,712)

Provisions for liabilities

(644)

(872)

Net assets

 

290

140

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

288

138

Total equity

 

290

140

For the financial year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 29 March 2017 and signed on its behalf by:
 

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

Mr A Atherton

Director

 

Notes to the Financial Statements for the Year Ended 28 February 2017

1

General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

The principal place of business is:
112 The Grove
Sholing
Southampton
Hampshire
SO19 9LU
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Notes to the Financial Statements for the Year Ended 28 February 2017

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicle

25% reducing balance basis

Office equipment

33% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Notes to the Financial Statements for the Year Ended 28 February 2017

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2016 - 0).

 

Notes to the Financial Statements for the Year Ended 28 February 2017

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2016

2,376

11,989

14,365

At 28 February 2017

2,376

11,989

14,365

Depreciation

At 1 March 2016

1,811

8,196

10,007

Charge for the year

187

948

1,135

At 28 February 2017

1,998

9,144

11,142

Carrying amount

At 28 February 2017

378

2,845

3,223

At 29 February 2016

565

3,793

4,358

5

Stocks

2017
£

2016
£

Work in progress

4,641

-

6

Debtors

2017
£

2016
£

Trade debtors

7,385

3,456

Other debtors

6,935

13,305

Total current trade and other debtors

14,320

16,761

7

Creditors

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

8

7,300

2,958

Taxation and social security

 

2,301

2,957

Other creditors

 

11,649

11,729

 

21,250

17,644

Due after one year

 

Loans and borrowings

8

-

2,712

 

Notes to the Financial Statements for the Year Ended 28 February 2017

8

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Bank borrowings

-

2,712

2017
£

2016
£

Current loans and borrowings

Bank borrowings

2,712

2,958

Bank overdrafts

4,588

-

7,300

2,958

9

Dividends

 

2017

2016

 

£

£

Interim dividend of £16,600.00 (2016 - £16,600.00) per ordinary share

33,200

33,200

10

Related party transactions

Transactions with directors

2017

At 1 March 2016
£

Advances to directors
£

Repayments by director
£

At 28 February 2017
£

Mr A Atherton

Directors loan account

12,235

47,981

(53,424)

6,792

         
       

 

2016

At 1 March 2015
£

Advances to directors
£

Repayments by director
£

At 29 February 2016
£

Mr A Atherton

Directors loan account

11,022

54,371

(53,159)

12,235

         
       

 

Dividends paid to directors

 

Notes to the Financial Statements for the Year Ended 28 February 2017

 

2017
£

2016
£

Mr A Atherton

   

Mr A Atherton

16,600

16,600

     
         

Mrs B Atherton

   

Mrs B Atherton

16,600

16,600

     
         

 

Other transactions with directors

Included in other debtors is the directors loan account as detailed above which is undated, unsecured, interest free and repayable demand.

11

Transition to FRS 102

This is the first year the company has presented its financial statements under Financial Reporting Standard 102 Section 1A (FRS 102) issued by the Financial Reporting Council. The last financial statements, for the year ended 29 February 2016, were prepared under the Financial Reporting Standard for Smaller Entities effective January 2015 (FRSSE 2015). The transition date to FRS 102 was 01 March 2016.

There were no material adjustments required on transition to FRS102 and as such it has not been necessary to restate prior year comparatives following the implementation of FRS102.