A B C Flooring Ltd - Filleted accounts

A B C Flooring Ltd
Registered number:		03761414
Balance Sheet
as at 30 April 2017

Notes			2017			2016
£				£
Fixed assets
Tangible assets	2		562			749

Current assets
Stocks		5,735			5,735
Debtors	3	3,000			3,000
Cash at bank and in hand		532			53
		9,267			8,788

Creditors: amounts falling due within one year	4	(10,791)			(19,261)

Net current liabilities			(1,524)			(10,473)

Total assets less current liabilities			(962)			(9,724)

Creditors: amounts falling due after more than one year	5		(3,810)			(7,461)



Net liabilities			(4,772)			(17,185)

Capital and reserves
Called up share capital			1,000			1,000
Profit and loss account			(5,772)			(18,185)

Shareholders' funds			(4,772)			(17,185)

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 members have 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.




A Parsons
Director
Approved by the board on 25 January 2018

A B C Flooring Ltd
Notes to the Accounts
for the year ended 30 April 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.

	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	25% reducing balance
	Motor vehicles	25% reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	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. 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.


2	Tangible fixed assets
		Plant and machinery etc		Motor vehicles		Total
£			£		£
	Cost
	At 1 May 2016	922		7,000		7,922
	At 30 April 2017	922		7,000		7,922

	Depreciation
	At 1 May 2016	873		6,300		7,173
	Charge for the year	12		175		187
	At 30 April 2017	885		6,475		7,360

	Net book value
	At 30 April 2017	37		525		562
	At 30 April 2016	49		700		749




3	Debtors			2017		2016
£					£

	Trade debtors			3,000		3,000


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

	Bank loans and overdrafts			2,630		7,305
	Trade creditors			1,620		1,835
	Corporation tax			11		11
	Other creditors			6,530		10,110
				10,791		19,261


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

	Bank loans			3,810		7,461


6	Other information

	A B C Flooring Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	46 Victoria Road
	Netherfield
	Nottingham
	Nottinghamshire
	NG4 2HG