Registration number:
Ablecare (Helston) Ltd
for the Year Ended 31 July 2017
Accountants & Business Advisors
237 Westcombe Hill
Blackheath
London
SE3 7DW
Ablecare (Helston) Ltd
Contents
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Company Information |
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Accountants' Report |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Ablecare (Helston) Ltd
Company Information
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Directors |
Mr D McInulty Mr J McInulty Miss J Akhurst Mrs C McInulty |
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Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ablecare (Helston) Ltd
for the Year Ended 31 July 2017
In accordance with your instructions, we have prepared the statutory accounts your approval for the year ended 31 July 2017 as set out on pages 3 to 9 from the company's accounting records and on the basis of information and explanations you have given to us.
You consider that Ablecare (Helston) Ltd is exempt from an audit for the year ended 31 July 2017. You have acknowledged, on the balance sheet, your responsibilities for ensuring that the company keeps adequate accounting records which comply with section 386 of the Companies Act 2006, and for preparing the statutory accounts that give a true and fair view of the state of affairs of the company and of its profit for the financial year.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these financial statements.
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Accountants & Business Advisors
Blackheath
London
SE3 7DW
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Page 2 |
Ablecare (Helston) Ltd
(Registration number: 05860966)
Abridged Balance Sheet as at 31 July 2017
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Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Accruals and deferred income |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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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.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
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Page 3 |
Ablecare (Helston) Ltd
(Registration number: 05860966)
Abridged Balance Sheet as at 31 July 2017
Approved and authorised by the
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Page 4 |
Ablecare (Helston) Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 July 2017
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General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 abridged 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 abridged 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.
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Page 5 |
Ablecare (Helston) Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 July 2017
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
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:
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Asset class |
Depreciation method and rate |
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Land & buildings |
25% Reducing balance |
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Furniture,fittings, tools and equipment |
25% Reducing balance |
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Plant and Machinery |
25% Reducing balance |
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.
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.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
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Page 6 |
Ablecare (Helston) Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 July 2017
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Profit before tax |
Arrived at after charging/(crediting)
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2017 |
2016 |
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Depreciation expense |
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Page 7 |
Ablecare (Helston) Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 July 2017
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 August 2016 |
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Additions |
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At 31 July 2017 |
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Depreciation |
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At 1 August 2016 |
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Charge for the year |
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At 31 July 2017 |
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Carrying amount |
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At 31 July 2017 |
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At 31 July 2016 |
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Included within the net book value of land and buildings above is £1,304 (2016 - £1,739) in respect of long leasehold land and buildings.
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Share capital |
Allotted, called up and fully paid shares
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2017 |
2016 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £1 each |
100 |
100 |
100 |
100 |
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Dividends |
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2017 |
2016 |
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£ |
£ |
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Interim dividend of £ |
90,157 |
65,445 |
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Page 8 |
Ablecare (Helston) Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 July 2017
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Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
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2017 |
2016 |
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Contributions paid to money purchase schemes |
- |
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Page 9 |