Abbreviated Company Accounts - ABBEY GLASS LIMITED

ABBEY GLASS LIMITED Registered Number 02685041

Abbreviated Balance Sheet as at 31 March 2014

	Notes	31/03/2014	30/04/2013
		£	£
Fixed assets
Tangible assets	2	150,347	170,345
		150,347	170,345
Current assets
Stocks		22,786	23,434
Debtors		204,092	192,556
Cash at bank and in hand		83,770	98,892
		310,648	314,882
Creditors: amounts falling due within one year	3	(92,075)	(121,971)
Net current assets (liabilities)		218,573	192,911
Total assets less current liabilities		368,920	363,256
Creditors: amounts falling due after more than one year	3	-	(1,545)
Provisions for liabilities		(6,417)	(8,193)
Total net assets (liabilities)		362,503	353,518
Capital and reserves
Called up share capital	4	93	93
Profit and loss account		362,410	353,425
Shareholders' funds		362,503	353,518

For the year ending 31 March 2014 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 2 March 2015

And signed on their behalf by:
Mr P F Martin, Director

ABBEY GLASS LIMITED Registered Number 02685041

Notes to the Abbreviated Accounts for the period ended 31 March 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents the amount of goods and services provided during the period, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Leasehold Property Improvements - 10% straight line
Plant & Machinery - 20% and 33% reducing balance
Motor Vehicles - 25% reducing balance

Valuation information and policy
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Other accounting policies
Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account at a constant rate of charge on the balance of capital repayments outstanding.

Deferred taxation

Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.

2Tangible fixed assets

	£
Cost
At 1 May 2013	322,551
Additions	8,983
Disposals	-
Revaluations	-
Transfers	-
At 31 March 2014	331,534
Depreciation
At 1 May 2013	152,206
Charge for the year	28,981
On disposals	-
At 31 March 2014	181,187
Net book values
At 31 March 2014	150,347
At 30 April 2013	170,345

3Creditors

	31/03/2014 £	30/04/2013 £
Secured Debts	1,795	5,319

4Called Up Share Capital
Allotted, called up and fully paid:

	31/03/2014 £	30/04/2013 £
90 A Ordinary shares of £1 each	90	90
3 B Ordinary shares of £1 each	3	3

5Transactions with directors

Name of director receiving advance or credit:	Mr P F Martin
Description of the transaction:	Loan
Balance at 1 May 2013:	-
Advances or credits made:	£ 7,716
Advances or credits repaid:	-
Balance at 31 March 2014:	£ 7,716

Name of director receiving advance or credit:	Mr F C Martin
Description of the transaction:	Loan
Balance at 1 May 2013:	-
Advances or credits made:	£ 23,034
Advances or credits repaid:	-
Balance at 31 March 2014:	£ 23,034

Included in debtors at 31 March 2014 was an amount of £7,716 owed from Mr P F Martin to the company (2013 - £25,919 owed from the company to the director). The balance at the period end was the maximum amount outstanding throughout the period. Interest of £121 has been charged on this loan.

Included in debtors at 31 March 2014 was an amount of £23,034 owed from Mr F C Martin to the company (2013 - £20,479 owed from the company to the director). The balance at the period end was the maximum amount outstanding throughout the period. Interest of £199 has been charged on this loan.