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Registration number: 04672071

Abbey Vending Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Moffatt & Co
Chartered Accountants
Progress House
396 Wilmslow Road
Withington
Manchester
M20 3BN

 

Abbey Vending Services Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 8

 

Abbey Vending Services Limited

Company Information

Directors

Mr Norman Stuart Pidd

Mrs Gemma McCann

Company secretary

Mrs Diane Pidd

Registered office

Progress House
396 Wilmslow Road
Withington
Manchester
M20 3BN

Accountants

Moffatt & Co
Chartered Accountants
Progress House
396 Wilmslow Road
Withington
Manchester
M20 3BN

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Abbey Vending Services Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Abbey Vending Services Limited for the year ended 31 March 2017 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Abbey Vending Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Abbey Vending Services Limited and state those matters that we have agreed to state to the Board of Directors of Abbey Vending Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbey Vending Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Abbey Vending Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Abbey Vending Services Limited. You consider that Abbey Vending Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Abbey Vending Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Moffatt & Co
Chartered Accountants
Progress House
396 Wilmslow Road
Withington
Manchester
M20 3BN

10 August 2017

 

Abbey Vending Services Limited

(Registration number: 04672071)
Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

3

183,400

171,424

Current assets

 

Stocks

4

12,353

11,293

Debtors

5

43,068

37,274

Cash at bank and in hand

 

114,275

73,036

 

169,696

121,603

Creditors: Amounts falling due within one year

6

(60,566)

(45,904)

Net current assets

 

109,130

75,699

Total assets less current liabilities

 

292,530

247,123

Creditors: Amounts falling due after more than one year

6

(8,823)

(8,428)

Provisions for liabilities

(35,339)

(32,649)

Net assets

 

248,368

206,046

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

248,268

205,946

Total equity

 

248,368

206,046

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Abbey Vending Services Limited

(Registration number: 04672071)
Balance Sheet as at 31 March 2017

Approved and authorised by the Board on 10 August 2017 and signed on its behalf by:
 

.........................................

Mr Norman Stuart Pidd

Director

 

Abbey Vending Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Progress House
396 Wilmslow Road
Withington
Manchester
M20 3BN
United Kingdom

These financial statements were authorised for issue by the Board on 10 August 2017.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

20% Reducing balance method

Motor Vehicles

25% Reducing balance method

Office Equipment

20% Reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Abbey Vending Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Abbey Vending Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2016

16,900

99,820

313,503

430,223

Additions

760

-

63,076

63,836

At 31 March 2017

17,660

99,820

376,579

494,059

Depreciation

At 1 April 2016

12,495

43,084

193,912

249,491

Charge for the year

1,292

14,183

45,693

61,168

At 31 March 2017

13,787

57,267

239,605

310,659

Carrying amount

At 31 March 2017

3,873

42,553

136,974

183,400

At 31 March 2016

4,405

47,428

119,591

171,424

4

Stocks

2017
£

2016
£

Other inventories

12,353

11,293

5

Debtors

2017
£

2016
£

Trade debtors

38,826

35,382

Other debtors

4,242

1,892

Total current trade and other debtors

43,068

37,274

 

Abbey Vending Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

6

Creditors

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

7

5,490

5,647

Amounts owed to group undertakings and undertakings in which the company has a participating interest

19,598

7,767

Taxation and social security

 

23,077

23,427

Other creditors

 

12,401

9,063

 

60,566

45,904

Due after one year

 

Loans and borrowings

7

8,823

8,428

7

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Finance lease liabilities

8,823

8,428

2017
£

2016
£

Current loans and borrowings

Finance lease liabilities

5,490

5,647

8

Transition to FRS 102

These financial statements for the year ended 31st March 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is the 1st April 2015.

In preparing the accounts, the directors have considered whether in applying the accounting policies required by FRS 102 Section 1A Small Entities a restatement of comparative items was required. No restatement are required as result of the transition to FRS 102 Section 1A Small Entities.