Abbeyvale Builders Limited Accounts






Abbeyvale Builders Limited
	Company No. 03105593
		Information for Filing with The Registrar
		30 September 2017

The Director presents his report and the accounts for the year ended 30 September 2017.

Principal activities
The principal activity of the company during the year under review was general builders.




Director

The Director who served at any time during the year was as follows:

M.E. Sykes



































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

M.E. Sykes
Director
16 April 2018

at	30 September 2017

Company No.		03105593	Notes	2017	2016
				£	£
Fixed assets

	Tangible assets		2	27,699	15,600


				27,699	15,600
Current assets
	Stocks		3	-	935
	Debtors		4	38,958	18,048

	Cash at bank and in hand			123,389	110,776
				162,347	129,759
Creditors: Amount falling due within one year			5	(134,444)	(127,152)
Net current assets				27,903	2,607
Total assets less current liabilities				55,602	18,207

Provisions for liabilities
	Deferred taxation		6	(3,325)	-

Net assets				52,277	18,207

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		7	52,177	18,107

Total equity				52,277	18,207


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 September 2017 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 16 April 2018

And signed on its behalf by:

M.E. Sykes
Director

for the year ended 30 September 2017

Accounting policies

Basis of preparation

The accounts have been prepared 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) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers. Contract turnover includes the value of work completed during the financial year after reference to the total sales value and stage of completion of the contract.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Leasehold land and buildings

10% on cost

Motor vehicles

25% on cost

Furniture, fittings and equipment

20% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other 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.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).
Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

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 profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet 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 balance sheet.

2	Tangible fixed assets
			Land and buildings	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£
		Cost or revaluation
		At 1 October 2016	17,000	16,915	15,038	48,953
		Additions	-	20,345	-	20,345



		At 30 September 2017	17,000	37,260	15,038	69,298
		Depreciation
		At 1 October 2016	5,100	15,029	13,224	33,353
		Charge for the year	1,700	6,029	517	8,246



		At 30 September 2017	6,800	21,058	13,741	41,599
		Net book values
		At 30 September 2017	10,200	16,202	1,297	27,699
		At 30 September 2016	11,900	1,886	1,814	15,600

3	Stocks
			2017	2016
			£	£
		Raw materials and consumables	-	935


			-	935

4	Debtors
			2017	2016
			£	£
		Trade debtors	8,000	(5,678)


		Deferred tax asset	-	2,879


		Amounts recoverable on contracts	30,958	20,847

			38,958	18,048

5	Creditors:
		amounts falling due within one year
			2017	2016
			£	£




		Trade creditors	78,682	75,845

		Corporation tax	4,056	-
		Other taxes and social security	22,028	18,626
		Loans from directors	24,888	22,721
		Other creditors	2,176	1,375
		Accruals and deferred income	2,614	8,585
			134,444	127,152

6	Provisions for liabilities
		Deferred taxation

			Accelerated capital allowances, losses and other timing differences	Arising from revaluation	Total
			£	£	£
		At 1 October 2016	(2,879)	-	(2,879)
		Charge to the profit and loss account for the period	6,204		6,204

		At 30 September 2017	3,325	-	3,325

		Deferred tax asset (see note 4)

			2017		2016
			£		£
		Accelerated capital allowances	3,325		327
		Tax losses	-		(3,206)


			3,325		(2,879)

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

8	Dividends
			2017	2016
			£	£
		Dividends for the period:
		Dividends paid in the period	6,667	20,000

			6,667	20,000

		Dividends by type:

		Equity dividends	6,667	20,000
			6,667	20,000

Related party disclosures

Controlling party

Immediate controlling party

- M.E. Sykes

Additional information

Its registered number is:

03105593

Its registered office is:

49 Duchess Drive

Newmarket

Suffolk

CB8 8AJ