A B PLASTERING LTD
Registered number: 06312135
Balance Sheet
as at 30 June 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 706 8,062
Current assets
Debtors 3 2,085 8,859
Cash at bank and in hand 4,569 14,759
6,654 23,618
Creditors: amounts falling due within one year 4 (7,331) (20,294)
Net current (liabilities)/assets (677) 3,324
Net assets 29 11,386
Capital and reserves
Called up share capital 2 2
Profit and loss account 27 11,384
Shareholder's funds 29 11,386
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Bradbury
Director
Approved by the board on 1 March 2017
A B PLASTERING LTD
Notes to the Accounts
for the year ended 30 June 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2015 3,078 9,495 12,573
Disposals - (9,495) (9,495)
At 30 June 2016 3,078 - 3,078
Depreciation
At 1 July 2015 2,137 2,374 4,511
Charge for the year 235 - 235
On disposals - (2,374) (2,374)
At 30 June 2016 2,372 - 2,372
Net book value
At 30 June 2016 706 - 706
At 30 June 2015 941 7,121 8,062
3 Debtors 2016 2015
£ £
Other debtors 2,085 8,859
4 Creditors: amounts falling due within one year 2016 2015
£ £
Corporation tax 2,750 9,445
Other taxes and social security costs 52 -
Other creditors 4,529 10,849
7,331 20,294
5 Other information
A B PLASTERING LTD is a private company limited by shares and incorporated in England. Its registered office is:
10 Broad o'th Lane
Shevington
Wigan
WN6 8EA
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