Abbey Memorials (Stonecraft) Limited - Period Ending 2016-08-31

Abbey Memorials (Stonecraft) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016

Colin Richardson Accountants Limited
Waterloo House
17 Waterloo Road
Norwich
Norfolk
NR3 1EH

Abbey Memorials (Stonecraft) Limited
Contents

Abbreviated Balance Sheet

Notes to the Abbreviated Accounts

2 to 4

Abbey Memorials (Stonecraft) Limited
(Registration number: 05210271)
Abbreviated Balance Sheet at 31 August 2016

	Note	2016 £	2015 £
Fixed assets
Intangible		160,000	160,000
Tangible		1,006,853	1,001,433
Investments		2	2
		1,166,855	1,161,435
Current assets
Stocks		50,050	36,500
Debtors		839,741	747,772
Cash at bank		54,609	39,849
		944,400	824,121
Creditors: Amounts falling due within one year		(122,914)	(88,998)
Net current assets		821,486	735,123
Total assets less current liabilities		1,988,341	1,896,558
Creditors: Amounts falling due after more than one year		(6,897)	(11,922)
Net assets		1,981,444	1,884,636
Capital and reserves
Called up share capital	3	1	1
Profit and loss account		1,981,443	1,884,635
Shareholder's funds		1,981,444	1,884,636

For the year ending 31 August 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 30 June 2017 and signed on its behalf by:

.........................................
T V Matless
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Abbey Memorials (Stonecraft) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	0%

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life on a reducing balance basis as follows:

Asset class	Depreciation method and rate
Plant and equipment	20% per annum
Furniture, fixtures and fittings	20% per annum
Office equipment	20% per annum
Motor vehicles	25% per annum

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 2

Abbey Memorials (Stonecraft) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Assets held for use in operating leases are included as a separate category in fixed assets at cost and depreciated over their useful life. Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

	Intangible assets £	Tangible assets £	Investments £	Total £
Cost
At 1 September 2015	160,000	1,063,893	2	1,223,895
Additions	-	16,134	-	16,134
At 31 August 2016	160,000	1,080,027	2	1,240,029
Depreciation
At 1 September 2015	-	62,460	-	62,460
Charge for the year	-	10,714	-	10,714
At 31 August 2016	-	73,174	-	73,174
Net book value
At 31 August 2016	160,000	1,006,853	2	1,166,855
At 31 August 2015	160,000	1,001,433	2	1,161,435

Page 3

Abbey Memorials (Stonecraft) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016			2015
		No.	£		No.	£
Ordinary of £1 each		1	1		1	1

Page 4