Caseware UK (AP4) 2016.0.181 2016.0.181 2018-01-312018-01-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2017-02-01 02203259 2017-02-01 2018-01-31 02203259 2018-01-31 02203259 2017-01-31 02203259 c:Director1 2017-02-01 2018-01-31 02203259 d:PlantMachinery 2017-02-01 2018-01-31 02203259 d:PlantMachinery 2018-01-31 02203259 d:PlantMachinery 2017-01-31 02203259 d:PlantMachinery d:OwnedOrFreeholdAssets 2017-02-01 2018-01-31 02203259 d:FurnitureFittings 2017-02-01 2018-01-31 02203259 d:FurnitureFittings 2018-01-31 02203259 d:FurnitureFittings 2017-01-31 02203259 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-02-01 2018-01-31 02203259 d:OwnedOrFreeholdAssets 2017-02-01 2018-01-31 02203259 d:CurrentFinancialInstruments 2018-01-31 02203259 d:CurrentFinancialInstruments 2017-01-31 02203259 d:CurrentFinancialInstruments d:WithinOneYear 2018-01-31 02203259 d:CurrentFinancialInstruments d:WithinOneYear 2017-01-31 02203259 d:ShareCapital 2018-01-31 02203259 d:ShareCapital 2017-01-31 02203259 d:SharePremium 2018-01-31 02203259 d:SharePremium 2017-01-31 02203259 d:RetainedEarningsAccumulatedLosses 2018-01-31 02203259 d:RetainedEarningsAccumulatedLosses 2017-01-31 02203259 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2018-01-31 02203259 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-01-31 02203259 d:TaxLossesCarry-forwardsDeferredTax 2018-01-31 02203259 d:TaxLossesCarry-forwardsDeferredTax 2017-01-31 02203259 c:FRS102 2017-02-01 2018-01-31 02203259 c:AuditExempt-NoAccountantsReport 2017-02-01 2018-01-31 02203259 c:FullAccounts 2017-02-01 2018-01-31 02203259 c:PrivateLimitedCompanyLtd 2017-02-01 2018-01-31 iso4217:GBP
02203259














ABBEY PRODUCTS (NORFOLK) LTD


UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2018

 
ABBEY PRODUCTS (NORFOLK) LTD
REGISTERED NUMBER:02203259

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2018

2018
2017
Note
£
£

Fixed assets
  

Tangible assets
 3 
46,771
37,824

  
46,771
37,824

Current assets
  

Stocks
  
83,822
79,798

Debtors: amounts falling due within one year
 4 
190,797
203,825

Cash at bank and in hand
 5 
7,957
7,545

  
282,576
291,168

Creditors: amounts falling due within one year
  
(286,195)
(333,046)

Net current liabilities
  
 
 
(3,619)
 
 
(41,878)

Total assets less current liabilities
  
43,152
(4,054)

Provisions for liabilities
  

Deferred tax
 7 
(5,943)
(5,008)

  
 
 
(5,943)
 
 
(5,008)

Net assets/(liabilities)
  
37,209
(9,062)


Capital and reserves
  

Called up share capital 
  
67,378
67,378

Share premium account
  
37,204
37,204

Profit and loss account
  
(67,373)
(113,644)

  
37,209
(9,062)


Page 1

 
ABBEY PRODUCTS (NORFOLK) LTD
REGISTERED NUMBER:02203259
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2018

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 
................................................
P J Andrews
Director

Date: 18 April 2018
Page 2

 
ABBEY PRODUCTS (NORFOLK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018

1.


General information

Abbey Products (Norfolk) Limited is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
ABBEY PRODUCTS (NORFOLK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
10% straight line
Fixtures & fittings
-
10-20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

 
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
ABBEY PRODUCTS (NORFOLK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018

2.Accounting policies (continued)

 
2.8

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 5

 
ABBEY PRODUCTS (NORFOLK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018

3.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 1 February 2017
278,864
26,927
305,791


Additions
15,403
1,836
17,239


Disposals
-
(11,815)
(11,815)



At 31 January 2018

294,267
16,948
311,215



Depreciation


At 1 February 2017
242,922
25,045
267,967


Charge for the year on owned assets
7,346
946
8,292


Disposals
-
(11,815)
(11,815)



At 31 January 2018

250,268
14,176
264,444



Net book value



At 31 January 2018
43,999
2,772
46,771



At 31 January 2017
35,942
1,882
37,824


4.


Debtors

2018
2017
£
£


Trade debtors
183,001
198,706

Other debtors
2,100
-

Prepayments and accrued income
5,696
5,119

190,797
203,825


Page 6

 
ABBEY PRODUCTS (NORFOLK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018

5.


Cash and cash equivalents

2018
2017
£
£

Cash at bank and in hand
7,957
7,545

7,957
7,545



6.


Financial instruments

2018
2017
£
£

Financial assets


Financial assets measured at fair value through profit or loss
7,957
7,545

7,957
7,545




7.


Deferred taxation




2018


£






At beginning of year
(5,008)


Charged to profit or loss
(935)



At end of year
(5,943)

The provision for deferred taxation is made up as follows:

2018
2017
£
£


Tax losses carried forward
(5,943)
(5,008)

(5,943)
(5,008)

 
Page 7