Registered number
02614795
Aberdare Demolition Limited
Filleted Accounts
31 May 2017
Aberdare Demolition Limited
Registered number: 02614795
Balance Sheet
as at 31 May 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 806,511 649,520
Current assets
Debtors 4 412,452 409,596
Cash at bank and in hand 74 280
412,526 409,876
Creditors: amounts falling due within one year 5 (732,012) (620,808)
Net current liabilities (319,486) (210,932)
Total assets less current liabilities 487,025 438,588
Creditors: amounts falling due after more than one year 6 (176,144) (135,862)
Provisions for liabilities (141,767) (128,498)
Net assets 169,114 174,228
Capital and reserves
Called up share capital 100 100
Profit and loss account 169,014 174,128
Shareholder's funds 169,114 174,228
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr Kevin Jones
Director
Approved by the board on 27 February 2018
Aberdare Demolition Limited
Notes to the Accounts
for the year ended 31 May 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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Fixtures, fittings and equipment over 5 years Commencing
Plant and machinery etc over 5 years in the month
Motor vehicles over 5 years of purchase
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 15 19
3 Tangible fixed assets
Fixtures, fittings & equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2016 46,184 1,255,958 479,331 1,781,473
Additions 1,512 222,000 196,472 419,984
Disposals - (134,200) (82,758) (216,958)
At 31 May 2017 47,696 1,343,758 593,045 1,984,499
Depreciation
At 1 June 2016 36,335 907,758 187,860 1,131,953
Charge for the year 3,044 102,190 74,345 179,579
On disposals - (77,291) (56,253) (133,544)
At 31 May 2017 39,379 932,657 205,952 1,177,988
Net book value
At 31 May 2017 8,317 411,101 387,093 806,511
At 31 May 2016 9,849 348,200 291,471 649,520
4 Debtors 2017 2016
£ £
Trade debtors 273,345 231,460
Director's loan account 75,468 106,554
Other debtors 63,639 71,582
412,452 409,596
5 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 94,170 17,012
Obligations under finance lease and hire purchase contracts 213,417 174,589
Trade creditors 76,350 74,571
Taxation and social security costs 322,980 337,269
Other creditors 25,095 17,367
732,012 620,808
6 Creditors: amounts falling due after one year 2017 2016
£ £
Obligations under finance lease and hire purchase contracts 176,144 135,862
7 Other information
Aberdare Demolition Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Prospect House
Canal Road
Cwmbach
Rhondda Cynon Taff
CF44 0AG
8 Related party transactions
During the year the following related party transactions took place:
Nature of 2017 2016
Relationship Transaction £ £
Director Loan Account 75,468 106,554
Director Dividends 5,000 92,000
Associated Companies Loan Account 36,956 36,956
9 Controlling party
The company is controlled by the director who owns 100% of the issued share capital.
10 Presentation currency
The financial statements are presented in Sterling and rounded to the nearest £1.
11 First year adoption
This is the first year that the company has presented its results under FRS 102 Section 1a.
The last financial statements under previous UK GAAP were for the year ended 30 May 2016
and the date of transition to FRS 102 Section 1a was 1 June 2015
12 Reconciliations on adoption of FRS 102
The adoption of FRS 102 Section 1a resulted in no changes and no reconcilations were needed.
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