Abbeydale (Ilkley) Limited Company Accounts

COMPANY REGISTRATION NUMBER: 01861332

ABBEYDALE (ILKLEY) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2017

ABBEYDALE (ILKLEY) LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

Contents	Page

Balance sheet 1

Notes to the financial statements 3

ABBEYDALE (ILKLEY) LIMITED

BALANCE SHEET

31 March 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	5	1,040,882	1,048,421

Current assets

Stocks	6	2,715	239,281
Debtors	7	564,137	573,444
Cash at bank and in hand		408,949	316,098
		------------	------------
		975,801	1,128,823

Creditors: amounts falling due within one year	8	( 314,252)	( 429,334)
		------------	------------
Net current assets		661,549	699,489
		------------	------------
Total assets less current liabilities		1,702,431	1,747,910

Creditors: amounts falling due after more than one year	9	( 301,421)	( 393,311)

Provisions

Taxation including deferred tax	( 6,884)	( 9,638)
	------------	------------
Net assets	1,394,126	1,344,961
	------------	------------

Capital and reserves

Called up share capital	11	2,002	2,002
Profit and loss account		1,392,124	1,342,959
		------------	------------
Members funds		1,394,126	1,344,961
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 31 March 2017 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

ABBEYDALE (ILKLEY) LIMITED

BALANCE SHEET (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 30 November 2017 , and are signed on behalf of the board by:

R B Dey Director

Company registration number: 01861332

ABBEYDALE (ILKLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Abbeydale House, Grove Road, Ilkley, West Yorkshire, LS29 2QE.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 14.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings	-	20% reducing balance
Motor Vehicles	-	25% reducing balance
Office equipment	-	20% reducing balance

No depreciation is provided in respect of the freehold property.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 52 (2016: 57 ).

5. Tangible assets

	Freehold property	Fixtures and fittings	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost
At 1 April 2016	970,698	545,660	42,135	31,676	1,590,169
Additions	–	–	13,150	–	13,150
Disposals	–	–	( 4,330)	–	( 4,330)
	------------	------------	------------	------------	------------
At 31 March 2017	970,698	545,660	50,955	31,676	1,598,989
	------------	------------	------------	------------	------------
Depreciation
At 1 April 2016	–	487,032	32,394	22,322	541,748
Charge for the year	–	11,725	5,266	1,871	18,862
Disposals	–	–	( 2,503)	–	( 2,503)
	------------	------------	------------	------------	------------
At 31 March 2017	–	498,757	35,157	24,193	558,107
	------------	------------	------------	------------	------------
Carrying amount
At 31 March 2017	970,698	46,903	15,798	7,483	1,040,882
	------------	------------	------------	------------	------------
At 31 March 2016	970,698	58,628	9,741	9,354	1,048,421
	------------	------------	------------	------------	------------

The freehold property is maintained to a high standard and all repair and maintenance costs are written off as incurred. The directors consider that any depreciation charge to reflect the cost of the use of the property would be immaterial and consequently no charge has been included in the accounts .

6. Stocks

	2017	2016
	£	£
Raw materials and consumables	2,715	239,281
	------------	------------

7. Debtors

	2017	2016
	£	£
Trade debtors	96,973	107,182
Prepayments and accrued income	10,670	11,968
Amounts owed to associated undertaking (Note 15)	454,494	449,894
Other debtors	2,000	4,400
	------------	------------
	564,137	573,444
	------------	------------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	90,458	86,478
Trade creditors	26,893	17,252
Accruals and deferred income	116,013	122,991
Corporation tax	55,920	75,149
Social security and other taxes	10,042	6,921
Directors' loan account (Note 15)	6,379	106,926
Other creditors	8,547	13,617
	------------	------------
	314,252	429,334
	------------	------------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	301,421	393,311
	------------	------------

10. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2017	2016
	£	£
Included in provisions	6,884	9,638
	------------	------------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2017	2016
	£	£
Accelerated capital allowances	6,884	9,638
	------------	------------

11. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	1,020	1,020	1,020	1,020
'A' ordinary shares of £ 1 each	980	980	980	980
'B' ordinary shares of £ 1 each	1	1	1	1
'C' ordinay shares of £ 1 each	1	1	1	1
	------------	------------	------------	------------
	2,002	2,002	2,002	2,002
	------------	------------	------------	------------

The various classes of share in issue rank pari passu in all material respects.

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Later than 1 year and not later than 5 years	562	562
	------------	------------

13. Related party transactions

The directors' loan account of £6,379 (2016: £106,926) is unsecured, repayable on demand and is currently interest free. Included in debtors is a loan owed by Abbeydale Majorca Limited, a company controlled by Mr R B Dey and Mrs C E Dey. This loan is unsecured, repayable on demand and currently interest free. The company is controlled by Mr R B Dey .

14. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.