Able Contracts Refurbishment Ltd - Accounts to registrar

REGISTERED NUMBER: 03456630

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Able Contracts Refurbishment Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

K P Twelvetrees

SECRETARY:

Mrs S J Twelvetrees

REGISTERED OFFICE:

Unit 5 Forest Court

Oaklands Park

Wokingham

Berkshire

RG41 2FD

REGISTERED NUMBER:

03456630

ACCOUNTANTS:

Smiths Chartered Accountants

Unit 114, Boston House

Grove Technology Park

Wantage

Oxon

OX12 9FF

FIXED ASSETS

Tangible assets

4

37,778

26,195

CURRENT ASSETS

Stocks

272,700

132,200

Debtors

5

508,195

108,687

Cash at bank and in hand

199,344

206,936

980,239

447,823

CREDITORS

Amounts falling due within one year

6

502,464

333,222

NET CURRENT ASSETS

477,775

114,601

TOTAL ASSETS LESS CURRENT
LIABILITIES

515,553

140,796

CAPITAL AND RESERVES

Called up share capital

7

2

Retained earnings

8

515,551

140,794

SHAREHOLDERS' FUNDS

515,553

140,796

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 director acknowledges his 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 director on 31 August 2017 and were signed by:

K P Twelvetrees - Director

1.	STATUTORY INFORMATION

Able Contracts Refurbishment Ltd is a private company, limited by shares , registered in Not

specified/Other. 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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

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

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

COST

At 1 April 2016

26,628

2,205

28,833

Additions

31,472

611

32,083

Disposals

(7,956

)

-

(7,956

)

At 31 March 2017

50,144

2,816

52,960

DEPRECIATION

At 1 April 2016

2,487

151

2,638

Charge for year

11,957

760

12,717

Eliminated on disposal

(173

)

-

(173

)

At 31 March 2017

14,271

911

15,182

NET BOOK VALUE

At 31 March 2017

35,873

1,905

37,778

At 31 March 2016

24,141

2,054

26,195

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

Trade debtors

407,261

100,451

Other debtors

100,934

8,236

508,195

108,687

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

Trade creditors

174,784

80,455

Taxation and social security

151,341

62,857

Other creditors

176,339

189,910

502,464

333,222

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

2

Ordinary

£1

2

8.

RESERVES

Retained

earnings

£

At 1 April 2016

140,794

Profit for the year

452,757

Dividends

(78,000

)

At 31 March 2017

515,551

9.	ULTIMATE CONTROLLING PARTY

The company was under the ultimate control of K P Twelvetrees and S J Twelvetrees throughout the

current year and previous year.

10.	FIRST YEAR ADOPTION

The Company has transitioned to FRS 102 from previously being prepared under the historical cost

convention and in accordance with the Financial Reporting Standards for Smaller Entities (effective

from 1st January) as at 1st January 2015.

Reconciliation of equity

No transitional adjustments were required.

Reconciliation of profit or loss for the year

No transitional adjustments were required.