REGISTERED NUMBER: 03314297 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

ABLEWAY DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

9

DIRECTORS:

J P Simpson

K Simpson

SECRETARY:

K Simpson

REGISTERED OFFICE:

C/O Kelsall Steele

Woodlands Court

Truro Business Park

Truro

Cornwall

TR4 9NH

REGISTERED NUMBER:

03314297 (England and Wales)

ACCOUNTANTS:

Kelsall Steele Ltd

Chartered Accountants

Woodlands Court

Truro Business Park

Truro

Cornwall

TR4 9NH

FIXED ASSETS

Property, plant and equipment

4

141,898

144,303

Investments

5

1

2

Investment property

6

80,000

80,000

221,899

224,305

CURRENT ASSETS

Inventories

1,338,239

896,079

Debtors

7

29,180

24,535

Cash at bank

901,792

1,468,866

2,269,211

2,389,480

CREDITORS

Amounts falling due within one year

8

218,443

372,534

NET CURRENT ASSETS

2,050,768

2,016,946

TOTAL ASSETS LESS CURRENT LIABILITIES

2,272,667

2,241,251

PROVISIONS FOR LIABILITIES

9

24,123

28,861

NET ASSETS

2,248,544

2,212,390

CAPITAL AND RESERVES

Called up share capital

10

101

101

Retained earnings

2,248,443

2,212,289

SHAREHOLDERS' FUNDS

2,248,544

2,212,390

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 22 December 2017 and were signed on its behalf by:

J P Simpson - Director

1.	STATUTORY INFORMATION

Ableway Developments Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The 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. The financial statements have been prepared under the historical cost

convention.

The financial statements are prepared in sterling which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest pound sterling.

The directors, after making enquiries and having considered the company's business, its financial

plans and the facilities available to finance the business, have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the going concern basis is adopted in preparing the financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Ableway Developments Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The company

has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated

financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102

Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to

disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents the total invoice value of sales made during the year, excluding value added tax,

adjusted by income and losses recognised on long term contracts.

Revenue recognition

Revenue from the sale of property is recognised in full at the date of exchange in accordance with

solicitors' statements, unless the project falls under long term contracts where revenue is recognised in

relation to stage complete taking into consideration any anticipated future losses.

Work in progress

Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct

expenses and an appropriate proportion of fixed assets and variable overheads.

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales

value of the work done after provisions for contingencies and anticipated future losses on contracts,

less amounts received as progress payments on account. Excess progress payments are included in

creditors as payments received on account.

Tangible fixed assets

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over

its expected useful life, as follows;

Plant & Machinery

-

10% Reducing Balance

Fixtures and Fittings

-

10% Straight Line

Motor Vehicles

-

25% Reducing Balance

Computer Equipment

-

33% Straight Line

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to

determine whether there is any indication that those assets have suffered an impairment loss. If any

such indication exists, the recoverable amount of the asset is estimated in order to determine the

extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of

an individual asset, the company estimates the recoverable amount of the cash-generating unit to

which the asset belongs.

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing

value in use, the estimated future cash flows are discounted to their present value using a pre-tax

discount rate that reflects current market assessments of the time value of money and the risks

specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying

amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable

amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have

ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset

(or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the

increased carrying amount does not exceed the carrying amount that would have been determined had

no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of

an impairment loss is recognised immediately in profit or loss.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and

Section 12 "Other Financial Instruments" of FRS102 to all of its financial instruments.

Financial assets and liabilities are recognised in the company's statement of financial position when

the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are classified into specified categories. The classification depends on

the nature and purpose of the financial asset or liability and is determined at the time of recognition.

Basic financial assets, which include trade and other receivables, including staff loans and cash and

bank balances, are initially measured at transaction price including transaction costs and are

subsequently carried at amortised cost using the effective interest method, unless the arrangement

constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest.

Basic financial liabilities, which include trade and other payables are initially measured at transaction

price, unless the arrangement constitutes a financing transaction, where the debt instrument is

measured at the present value of the future payments discounted at a market rate of interest.

Other financial assets and / or liabilities are initially measured at their fair value, which is normally the

transaction price and are subsequently carried at fair value with all changes being recognised in the

profit or loss.

Financial liabilities are derecognised when, and only when, the company's obligations are discharged,

cancelled, or they expire.

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax

assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to the profit or loss, except when it relates to items

charged or credited to other comprehensive income or equity, when the tax follows the transaction or

event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are

offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends

either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive

income because it excludes items of income or expense that are taxable or deductible in other periods.

Current tax assets and liabilities are measured using tax rates that have been enacted or substantively

enacted by the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date where transactions or events have occurred at that date that will result in an

obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions:

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely

than not that there will be suitable taxable profits from which the future reversal of the underlying timing

differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the

periods in which timing differences reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2016 - 7 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2016

107,813

1,889

78,930

7,508

196,140

Additions

-

-

22,016

2,093

24,109

At 31 March 2017

107,813

1,889

100,946

9,601

220,249

DEPRECIATION

At 1 April 2016

14,571

831

31,347

5,088

51,837

Charge for year

9,324

189

15,565

1,436

26,514

At 31 March 2017

23,895

1,020

46,912

6,524

78,351

NET BOOK VALUE

At 31 March 2017

83,918

869

54,034

3,077

141,898

At 31 March 2016

93,242

1,058

47,583

2,420

144,303

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2016

2

Additions

15

Disposals

(16

)

At 31 March 2017

1

NET BOOK VALUE

At 31 March 2017

1

At 31 March 2016

2

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

80,000

NET BOOK VALUE

At 31 March 2017

80,000

At 31 March 2016

80,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

1,485

936

VAT

19,742

19,582

Prepayments

7,953

4,017

29,180

24,535

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

100,000

100,000

Trade creditors

49,946

74,002

Corp. tax payable

51,001

144,845

PAYE

2,593

2,938

Other Creditors

247

315

Deposits received

1,000

1,000

Directors' loan accounts

9,029

45,162

Accrued expenses

4,627

4,272

218,443

372,534

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

24,123

28,861

Deferred

tax

£

Balance at 1 April 2016

28,861

Movement in year

(4,738

)

Balance at 31 March 2017

24,123

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary A

1

100

100

1

Ordinary B

1

1

1

101

101

11.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The total contributions made by the

company for directors and other employees totalled £221 (2016: £nil). At the balance sheet date the

company owed the scheme £52 (2016: £nil).

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Interest has been charged at the official rate.

13.	ULTIMATE CONTROLLING PARTY

By virtue of a 100% shareholding in the company, J P Simpson & K Simpson are the controlling party.