Registration number:
Able Lifting Equipment (Southern) Limited
for the Year Ended 31 October 2017
Able Lifting Equipment (Southern) Limited
Contents
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Balance Sheet |
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Notes to the Financial Statements |
Able Lifting Equipment (Southern) Limited
(Registration number: 02530653)
Balance Sheet as at 31 October 2017
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Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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.
Approved and authorised by the
.........................................
Mr M H Dunning
Director
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Page 1 |
Able Lifting Equipment (Southern) Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
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General information |
The company is a private company limited by share capital incorporated in England .
The address of its registered office is:
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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:
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Asset class |
Depreciation method and rate |
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Motor vehicles |
25% reducing balance |
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Fixtures and fittings |
15% reducing balance |
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Plant and machinery |
15% reducing balance |
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Leasehold property |
over the period of the lease |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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Page 2 |
Able Lifting Equipment (Southern) Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
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2 |
Accounting policies (continued) |
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.
Stocks
Stock and work in progress is valued at the lower of cost and estimated net realisable value.
Cost of raw materials is determined on the first in first out basis. In the case of work in progress and
finished goods, cost includes all direct expenditure and production overheads based on the normal
level of activity. Net realisable value is the price at which the stock can be released in the normal
course of business, less further costs to completion of sale.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 November 2016 |
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At 31 October 2017 |
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Amortisation |
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At 1 November 2016 |
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At 31 October 2017 |
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Carrying amount |
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At 31 October 2017 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
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Page 3 |
Able Lifting Equipment (Southern) Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
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Tangible assets |
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Land and buildings |
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 November 2016 |
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Additions |
- |
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At 31 October 2017 |
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Depreciation |
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At 1 November 2016 |
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Charge for the year |
- |
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At 31 October 2017 |
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Carrying amount |
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At 31 October 2017 |
- |
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At 31 October 2016 |
- |
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Included within the net book value of land and buildings above is £Nil (2016 - £Nil) in respect of freehold land and buildings.
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Stocks |
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2017 |
2016 |
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Finished goods and goods for resale |
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Debtors |
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2017 |
2016 |
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Trade debtors |
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Other debtors |
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Page 4 |
Able Lifting Equipment (Southern) Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
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Creditors |
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2017 |
2016 |
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Due within one year |
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Trade creditors |
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Taxation |
37,323 |
33,472 |
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Amounts owed to connected parties |
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Other tax and social security |
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Other creditors |
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Due after one year |
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Other non-current financial liabilities |
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Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
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Page 5 |