Able Renovation Contractors Limited
Registered number: 06688804
Balance Sheet
as at 31 July 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 3 12,867 16,084
Current assets
Debtors 4 36,000 36,000
Cash at bank and in hand 5,341 4,629
41,341 40,629
Creditors: amounts falling due within one year 5 (50,001) (35,820)
Net current (liabilities)/assets (8,660) 4,809
Net assets 4,207 20,893
Capital and reserves
Called up share capital 2 2
Profit and loss account 4,205 20,891
Shareholders' funds 4,207 20,893
The directors are 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 directors acknowledge their 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.
Mr Ilir Berisha
Director
Approved by the board on 7 April 2017
Able Renovation Contractors Limited
Notes to the Accounts
for the year ended 31 July 2016
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.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Motor Vehicle 20% Reducing Balance Basis
Fixtures, fittings, tools and equipment 20% Reducing Balance Basis
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. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2016 2015
Number Number
Average number of persons employed by the company 2 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2015 2,026 33,735 35,761
At 31 July 2016 2,026 33,735 35,761
Depreciation
At 1 August 2015 462 19,215 19,677
Charge for the year 313 2,904 3,217
At 31 July 2016 775 22,119 22,894
Net book value
At 31 July 2016 1,251 11,616 12,867
At 31 July 2015 1,564 14,520 16,084
4 Debtors 2016 2015
£ £
Other debtors 36,000 36,000
5 Creditors: amounts falling due within one year 2016 2015
£ £
Obligations under finance lease and hire purchase contracts 3,484 3,484
Trade creditors 2,554 6,081
Corporation tax 25,540 27,734
Other taxes and social security costs (3,238) (2,840)
Other creditors 21,661 1,361
50,001 35,820
6 Other information
Able Renovation Contractors Limited is a private company limited by shares and incorporated in England. Its registered office is:
43 Imperial Way
Croydon
Surrey
London
CR0 4RR
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