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Registration number: 06830542

Abbey Catering Equipment Hire Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 27 February 2018

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Abbey Catering Equipment Hire Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 8

 

Abbey Catering Equipment Hire Ltd

Company Information

Directors

Mrs O McCaffrey

Mrs D Monk

Registered office

Unit 1 E Riv I E, Branch Rd,
Lr Darwen, Blackburn
Lancashire
BB3 0PR

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Abbey Catering Equipment Hire Ltd
for the Year Ended 27 February 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Abbey Catering Equipment Hire Ltd for the year ended 27 February 2018 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Abbey Catering Equipment Hire Ltd. Our work has been undertaken solely to prepare for your approval the accounts of Abbey Catering Equipment Hire Ltd and state those matters that we have agreed to state to the Board of Directors of Abbey Catering Equipment Hire Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbey Catering Equipment Hire Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Abbey Catering Equipment Hire Ltd 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 Catering Equipment Hire Ltd. You consider that Abbey Catering Equipment Hire Ltd 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 Catering Equipment Hire Ltd. 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.

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

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

26 November 2018

 

Abbey Catering Equipment Hire Ltd

(Registration number: 06830542)
Balance Sheet as at 27 February 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

5

72,148

78,480

Current assets

 

Stocks

6

3,020

3,215

Debtors

7

16,084

17,165

Cash at bank and in hand

 

1,597

1,039

 

20,701

21,419

Creditors: Amounts falling due within one year

8

(7,276)

(8,275)

Net current assets

 

13,425

13,144

Total assets less current liabilities

 

85,573

91,624

Creditors: Amounts falling due after more than one year

8

(65,000)

(74,000)

Net assets

 

20,573

17,624

Capital and reserves

 

Called up share capital

45,000

45,000

Profit and loss account

(24,427)

(27,376)

Total equity

 

20,573

17,624

For the financial year ending 27 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

 

Abbey Catering Equipment Hire Ltd

(Registration number: 06830542)
Balance Sheet as at 27 February 2018

Approved and authorised by the Board on 26 November 2018 and signed on its behalf by:
 

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

Mrs O McCaffrey

Director

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

Mrs D Monk

Director

 

Abbey Catering Equipment Hire Ltd

Notes to the Financial Statements for the Year Ended 27 February 2018

1

General information

The address of its registered office is:
Unit 1 E Riv I E, Branch Rd,
Lr Darwen, Blackburn
Lancashire
BB3 0PR
United Kingdom

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 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:

Asset class

Depreciation method and rate

Plant & machinery

10% straight line

Fixtures & fittings

10% straight line

Motor vehicles

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

33.33 straight line

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.

 

Abbey Catering Equipment Hire Ltd

Notes to the Financial Statements for the Year Ended 27 February 2018

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2017 - 2).

 

Abbey Catering Equipment Hire Ltd

Notes to the Financial Statements for the Year Ended 27 February 2018

4

Intangible assets

Website
 £

Total
£

Cost or valuation

At 28 February 2017

2,070

2,070

At 27 February 2018

2,070

2,070

Amortisation

At 28 February 2017

2,070

2,070

At 27 February 2018

2,070

2,070

Carrying amount

At 27 February 2018

-

-

5

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Plant and equipment
 £

Total
£

Cost or valuation

At 28 February 2017

29,408

4,200

158,655

192,263

Additions

-

-

14,518

14,518

At 27 February 2018

29,408

4,200

173,173

206,781

Depreciation

At 28 February 2017

22,303

1,838

89,642

113,783

Charge for the period

2,941

591

17,318

20,850

At 27 February 2018

25,244

2,429

106,960

134,633

Carrying amount

At 27 February 2018

4,164

1,771

66,213

72,148

At 27 February 2017

7,105

2,362

69,013

78,480

6

Stocks

2018
£

2017
£

Other inventories

3,020

3,215

 

Abbey Catering Equipment Hire Ltd

Notes to the Financial Statements for the Year Ended 27 February 2018

7

Debtors

2018
£

2017
£

Trade debtors

9,147

10,064

Other debtors

6,937

7,101

Total current trade and other debtors

16,084

17,165

8

Creditors

Note

2018
£

2017
£

Due within one year

 

Loans and borrowings

9

544

3,270

Trade creditors

 

612

565

Other creditors

 

6,120

4,440

 

7,276

8,275

Due after one year

 

Loans and borrowings

9

65,000

74,000

9

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Other borrowings

65,000

74,000

2018
£

2017
£

Current loans and borrowings

Bank borrowings

-

3,232

Other borrowings

544

38

544

3,270