REGISTERED NUMBER: 01896149 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

A.B. WALLACE ENGRAVING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A B Wallace

Mrs K Wallace

Mrs V L J Adams

B Adams

SECRETARY:

Mrs K Wallace

REGISTERED OFFICE:

21-23 Braunstone Gate

Leicester

LE3 5LH

REGISTERED NUMBER:

01896149 (England and Wales)

ACCOUNTANTS:

Hayles Leicester Limited

Chartered Accountants

39 Castle Street

Leicester

LE1 5WN

FIXED ASSETS

Tangible assets

4

13,566

3,713

CURRENT ASSETS

Stocks

28,813

30,173

Debtors

5

4,952

5,067

Cash at bank and in hand

16,471

20,000

50,236

55,240

CREDITORS

Amounts falling due within one year

6

38,209

32,038

NET CURRENT ASSETS

12,027

23,202

TOTAL ASSETS LESS CURRENT LIABILITIES

25,593

26,915

PROVISIONS FOR LIABILITIES

2,713

743

NET ASSETS

22,880

26,172

CAPITAL AND RESERVES

Called up share capital

5,100

5,100

Retained earnings

17,780

21,072

SHAREHOLDERS' FUNDS

22,880

26,172

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 1 September 2017 and were signed on its behalf by:

A B Wallace - Director

1.	STATUTORY INFORMATION

A.B. Wallace Engraving 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 represents net invoiced sales of goods, excluding value added tax.

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

-

15% on reducing balance

Fixtures and fittings

-

15% 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2016

35,501

19,679

55,180

Additions

11,746

542

12,288

Disposals

-

(807

)

(807

)

At 31 December 2016

47,247

19,414

66,661

DEPRECIATION

At 1 January 2016

33,069

18,398

51,467

Charge for year

2,126

267

2,393

Eliminated on disposal

-

(765

)

(765

)

At 31 December 2016

35,195

17,900

53,095

NET BOOK VALUE

At 31 December 2016

12,052

1,514

13,566

At 31 December 2015

2,432

1,281

3,713

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

2,917

3,817

Prepayments

2,035

1,250

4,952

5,067

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

17,554

6,146

Tax

-

1,467

Social security and other taxes

1,086

790

VAT

4,472

6,175

Directors' current accounts

14,002

16,310

Accruals and deferred income

1,095

1,150

38,209

32,038

7.	RELATED PARTY DISCLOSURES

Loans from the directors totalling £ 14,002 (2015 - £16,310) are included within other creditors. These loans

are interest free and repayable on demand.

During the year the company paid rent on a property owned by A B Wallace. The total amount paid was

£4,104 (2015 - £4,104).

8.	ULTIMATE CONTROLLING PARTY

The controlling party is AB & Mrs K Wallace.