Registered number
05337391
Aber Wrought Iron Ltd
Filleted Accounts
30 April 2017
Aber Wrought Iron Ltd
Registered number: 05337391
Balance Sheet
as at 30 April 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 2 34,000 34,000
Tangible assets 3 153,712 125,381
187,712 159,381
Current assets
Stocks 105,000 105,000
Debtors 4 180,587 92,316
Cash at bank and in hand 11,334 20,035
296,921 217,351
Creditors: amounts falling due within one year 5 (180,441) (122,397)
Net current assets 116,480 94,954
Total assets less current liabilities 304,192 254,335
Creditors: amounts falling due after more than one year 6 (86,017) (65,402)
Net assets 218,175 188,933
Capital and reserves
Called up share capital 2 2
Profit and loss account 218,173 188,931
Shareholders' funds 218,175 188,933
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.
Mrs L M Aston
Director
Approved by the board on 31 October 2017
Aber Wrought Iron 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 (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. 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 20% reducing balalnce
Motor vehicles 20% reducing balalnce
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2016 34,000
At 30 April 2017 34,000
Amortisation
At 30 April 2017 -
Net book value
At 30 April 2017 34,000
At 30 April 2016 34,000
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2016 59,942 173,962 233,904
Additions 55,175 60,265 115,440
Disposals (3,376) (68,023) (71,399)
At 30 April 2017 111,741 166,204 277,945
Depreciation
At 1 May 2016 43,178 65,345 108,523
Charge for the year 14,234 24,196 38,430
On disposals (2,603) (20,117) (22,720)
At 30 April 2017 54,809 69,424 124,233
Net book value
At 30 April 2017 56,932 96,780 153,712
At 30 April 2016 16,764 108,617 125,381
4 Debtors 2017 2016
£ £
Trade debtors 164,036 80,087
Other debtors 16,551 12,229
180,587 92,316
5 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 9,738 9,266
Obligations under finance lease and hire purchase contracts 28,480 20,047
Trade creditors 68,734 48,595
Taxation and social security costs 19,472 3,330
Other creditors 54,017 41,159
180,441 122,397
6 Creditors: amounts falling due after one year 2017 2016
£ £
Obligations under finance lease and hire purchase contracts 86,017 65,402
7 Transactions with directors
The company uses premises owned by the directors. Rent of £28,050 was paid to the directors during the year ended 30 April 2017. This is considered to not exceed a market rate.
8 Other information
Aber Wrought Iron Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit M, Bowen Industrial Estate
Aberbargoed
Bargoed
Caerphilly
CF81 9EP
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