Abbey Plastics (South West) Limited - Accounts to registrar (filleted)

ABBEY PLASTICS (SOUTH WEST) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P S Johnson-King

Mrs J Johnson-King

SECRETARY:

Mrs J Johnson-King

REGISTERED OFFICE:

22 Union Street

Newton Abbot

Devon

TQ12 2JX

REGISTERED NUMBER:

04907886 (England and Wales)

ACCOUNTANTS:

Barretts

Chartered Accountants &

Chartered Tax Advisers

22 Union Street

Newton Abbot

Devon

TQ12 2JS

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

1,596

2,128

1,596

2,128

CURRENT ASSETS

Stocks

3,000

Debtors

6

14,809

5,293

Investments

7

-

60,000

Cash at bank

31,289

34,513

49,098

102,806

CREDITORS

Amounts falling due within one year

8

44,784

88,390

NET CURRENT ASSETS

4,314

14,416

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,910

16,544

PROVISIONS FOR LIABILITIES

-

236

NET ASSETS

5,910

16,308

CAPITAL AND RESERVES

Called up share capital

9

1

Retained earnings

10

5,909

16,307

SHAREHOLDERS' FUNDS

5,910

16,308

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 14 June 2018 and were signed on its behalf by:

P S Johnson-King - Director

1.	STATUTORY INFORMATION

Abbey Plastics (South West) Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, was amortised over its

estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

3.	EMPLOYEES INCLUDING EMPLOYED DIRECTORS

The average number of employees during the year was 2 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2016

and 30 September 2017

30,000

AMORTISATION

At 1 October 2016

and 30 September 2017

30,000

NET BOOK VALUE

At 30 September 2017

-

At 30 September 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2016

and 30 September 2017

39,608

DEPRECIATION

At 1 October 2016

37,480

Charge for year

532

At 30 September 2017

38,012

NET BOOK VALUE

At 30 September 2017

1,596

At 30 September 2016

2,128

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade debtors

14,809

2,001

Prepayments

-

3,292

14,809

5,293

7.	CURRENT ASSET INVESTMENTS

2017

2016

£

Unlisted investments

-

60,000

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade creditors

40,174

16,747

Tax

-

2,059

Social security and other taxes

400

496

VAT

1,560

1,064

Directors' current accounts

2,650

68,024

44,784

88,390

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

1

Ordinary

£1

1

10.

RESERVES

Retained

earnings

£

At 1 October 2016

16,307

Deficit for the year

(5,398

)

Dividends

(5,000

)

At 30 September 2017

5,909