Registered number
01161352
ABERGWILI CONCRETE PRODUCTS LIMITED
Filleted Accounts
31 March 2017
ABERGWILI CONCRETE PRODUCTS LIMITED
Registered number: 01161352
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 98,365 99,672
Current assets
Stocks 11,855 11,290
Debtors 3 33,073 28,458
Cash at bank and in hand 1,293 4,457
46,221 44,205
Creditors: amounts falling due within one year 4 (80,980) (85,388)
Net current liabilities (34,759) (41,183)
Total assets less current liabilities 63,606 58,489
Provisions for liabilities (14,029) (13,297)
Net assets 49,577 45,192
Capital and reserves
Called up share capital 1,500 1,500
Profit and loss account 48,077 43,692
Shareholder's funds 49,577 45,192
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
JW Williams
Director
Approved by the board on 18 December 2017
ABERGWILI CONCRETE PRODUCTS LIMITED
Notes to the Accounts
for the year ended 31 March 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 25 years
Leasehold land and buildings over the lease term
Plant and machinery over 4-5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2016 62,778 170,689 20,470 253,937
Additions - 15,421 - 15,421
At 31 March 2017 62,778 186,110 20,470 269,358
Depreciation
At 1 April 2016 30,533 111,996 11,736 154,265
Charge for the year 4,023 10,958 1,747 16,728
At 31 March 2017 34,556 122,954 13,483 170,993
Net book value
At 31 March 2017 28,222 63,156 6,987 98,365
At 31 March 2016 32,245 58,693 8,734 99,672
3 Debtors 2017 2016
£ £
Trade debtors 31,250 26,607
Other debtors 1,823 1,851
33,073 28,458
4 Creditors: amounts falling due within one year 2017 2016
£ £
Obligations under finance lease and hire purchase contracts - 1,171
Trade creditors 16,047 16,120
Taxation and social security costs 10,560 7,724
Other creditors 54,373 60,373
80,980 85,388
5 Related party transactions
The former directors and shareholders, Mr and Mrs W Williams, jointly received net loan repayments from the company during the year of £6,000. The amount due to Mr and Mrs Williams at the balance sheet date was £53,073.
6 Controlling party
The company is controlled by the Director.
7 Other information
ABERGWILI CONCRETE PRODUCTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Glantowy Crossing
Abergwili
Carmarthen
SA32 7EP
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