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Registration number: 06590875

Abbey-Hull Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2017

Whitethorn Accountants Limited
One Business Village
1 Emily Street
Hull
East Yorkshire
HU9 1ND

 

Abbey-Hull Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Abridged Financial Statements

9 to 12

 

Abbey-Hull Limited

Company Information

Director

Mr Christian James Lister

Company secretary

Mrs Lindsey Lister

Registered office

6 Lilac Avenue
Garden Village
Hull
HU8 8PT

Accountants

Whitethorn Accountants Limited
One Business Village
1 Emily Street
Hull
East Yorkshire
HU9 1ND

 

Abbey-Hull Limited

Director's Report for the Year Ended 31 May 2017

The director presents his report and the abridged financial statements for the year ended 31 May 2017.

Director of the company

The director who held office during the year was as follows:

Mr Christian James Lister

Principal activity

The principal activity of the company is electrical engineering.

Small companies provision statement

This report has 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.

Approved by the Board on 16 February 2018 and signed on its behalf by:

.........................................
Mr Christian James Lister
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Abbey-Hull Limited
for the Year Ended 31 May 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-Hull Limited for the year ended 31 May 2017 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Abbey-Hull 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-Hull Limited and state those matters that we have agreed to state to the Board of Directors of Abbey-Hull Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbey-Hull Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Abbey-Hull 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-Hull Limited. You consider that Abbey-Hull 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-Hull 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.

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

Whitethorn Accountants Limited
One Business Village
1 Emily Street
Hull
East Yorkshire
HU9 1ND

16 February 2018

 

Abbey-Hull Limited

Abridged Profit and Loss Account for the Year Ended 31 May 2017

Note

Total
31 May
2017
£

Total
31 May
2016
£

Gross profit

 

55,708

59,422

Administrative expenses

 

(30,376)

(39,859)

Interest payable and similar expenses

 

(525)

-

Profit before tax

3

24,807

19,563

Taxation

 

(4,288)

(3,913)

Profit for the financial year

 

20,519

15,650

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Abbey-Hull Limited

Statement of Comprehensive Income for the Year Ended 31 May 2017

Note

2017
£

2016
£

Profit for the year

 

20,519

15,650

Total comprehensive income for the year

 

20,519

15,650

 

Abbey-Hull Limited

(Registration number: 06590875)
Abridged Balance Sheet as at 31 May 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

26,791

20,583

Current assets

 

Debtors

26,006

37,804

Cash at bank and in hand

 

557

12,313

 

26,563

50,117

Prepayments and accrued income

 

426

1,060

Creditors: Amounts falling due within one year

(21,248)

(65,023)

Net current assets/(liabilities)

 

5,741

(13,846)

Total assets less current liabilities

 

32,532

6,737

Creditors: Amounts falling due after more than one year

(10,153)

-

Provisions for liabilities

(5,285)

(4,117)

Accruals and deferred income

 

(655)

(1,700)

Net assets

 

16,439

920

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

16,437

918

Total equity

 

16,439

920

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

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Director's responsibilities:

 

Abbey-Hull Limited

(Registration number: 06590875)
Abridged Balance Sheet as at 31 May 2017

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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

Director's 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 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 16 February 2018
 

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

Mr Christian James Lister

Director

 

Abbey-Hull Limited

Statement of Changes in Equity for the Year Ended 31 May 2017

Share capital
£

Profit and loss account
£

Total
£

At 1 June 2016

2

918

920

Profit for the year

-

20,519

20,519

Total comprehensive income

-

20,519

20,519

Dividends

-

(5,000)

(5,000)

At 31 May 2017

2

16,437

16,439

Share capital
£

Profit and loss account
£

Total
£

At 1 June 2015

2

268

270

Profit for the year

-

15,650

15,650

Total comprehensive income

-

15,650

15,650

Dividends

-

(15,000)

(15,000)

At 31 May 2016

2

918

920

 

Abbey-Hull Limited

Notes to the Abridged Financial Statements for the Year Ended 31 May 2017

1

General information

The company is a private company limited by share capital incorporated in United Kingdom.

The address of its registered office is:
6 Lilac Avenue
Garden Village
Hull
HU8 8PT
England

These financial statements were authorised for issue by the director on 16 February 2018.

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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged 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.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Abbey-Hull Limited

Notes to the Abridged Financial Statements for the Year Ended 31 May 2017

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Motor vehicles

Reducing balance at 25.00%

Plant and machinery

Reducing balance at 15.00%

Computer equipment

Reducing balance at 25.00%

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.

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.

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.

 

Abbey-Hull Limited

Notes to the Abridged Financial Statements for the Year Ended 31 May 2017

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.

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

Profit before tax

Arrived at after charging/(crediting)

2017
£

2016
£

Depreciation expense

4,546

4,103

 

Abbey-Hull Limited

Notes to the Abridged Financial Statements for the Year Ended 31 May 2017

4

Tangible assets

Total
£

Cost or valuation

At 1 June 2016

27,467

Additions

13,642

Disposals

(4,400)

At 31 May 2017

36,709

Depreciation

At 1 June 2016

6,884

Charge for the year

4,545

Eliminated on disposal

(1,511)

At 31 May 2017

9,918

Carrying amount

At 31 May 2017

26,791

At 31 May 2016

20,583

5

Dividends

Interim dividends paid

 

2017
£

2016
£

Interim dividend of £1 per each Ordinary share

5,000

15,000