Abi Engineering Limited - Filleted accounts

Registered number

05373319

Abi Engineering Limited

Filleted Accounts

31 March 2017

Abi Engineering Limited
Registered number:		05373319
Balance Sheet
as at 31 March 2017

Notes			2017			2016
£				£
Fixed assets
Tangible assets	3		56,045			56,510

Current assets
Debtors	4	712,246			750,385
Cash at bank and in hand		245,436			462,264
		957,682			1,212,649

Creditors: amounts falling due within one year	5	(95,074)			(239,671)

Net current assets			862,608			972,978

Net assets			918,653			1,029,488

Capital and reserves
Called up share capital			1			1
Profit and loss account			918,652			1,029,487

Shareholder's funds			918,653			1,029,488

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 her 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.




Mrs A Taylor
Director
Approved by the board on 31 August 2017

Abi Engineering Limited
Notes to the Accounts
for the year ended 31 March 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:

	Plant and machinery			over five years
	Office equipment and furniture			over five years
	Motor vehicles			over five years

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	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.

	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					7		7


3	Tangible fixed assets
		Plant & machinery		Office equipment & furniture		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 April 2016	527,446		31,269		105,721		664,436
	Additions	41,000		1,583		-		42,583
	Disposals	-		-		(19,583)		(19,583)
	At 31 March 2017	568,446		32,852		86,138		687,436

	Depreciation
	At 1 April 2016	496,431		26,709		84,786		607,926
	Charge for the year	34,510		2,068		(13,113)		23,465
	At 31 March 2017	530,941		28,777		71,673		631,391

	Net book value
	At 31 March 2017	37,505		4,075		14,465		56,045
	At 31 March 2016	31,015		4,560		20,935		56,510


4	Debtors					2017		2016
£							£

	Trade debtors					190,636		158,445
	Directors loan					408,645		473,095
	Associated company loan					101,515		101,515
	Other debtors					11,450		17,330
						712,246		750,385


5	Creditors: amounts falling due within one year					2017		2016
£							£

	Trade creditors					43,003		132,898
	Corporation tax					28,770		48,828
	Other taxes and social security costs					19,551		54,195
	Other creditors					3,750		3,750
						95,074		239,671


6	Other financial commitments					2017		2016
£							£

	Total future minimum payments under non-cancellable operating leases					20,000		20,000


7	Related party transactions					2017		2016
£							£
	Mrs A Taylor

	Directors loan					408,645		473,095

	Seven Property Management Limited

	Associated company loan					101,515		101,515


8	Controlling party

	The company is controlled by the director.


9	Other information

	Abi Engineering Limited is a private company limited by shares and incorporated in England. Its registered office is:

	Unit 2C
	Oldbury Building
	Northway Lane
	Tewkesbury
	Glos