COMPANY REGISTRATION NUMBER:
05465474
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A B Windows & Repairs Limited |
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Filleted Unaudited Financial Statements |
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A B Windows & Repairs Limited |
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Statement of Financial Position |
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31 March 2017
Fixed assets
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Tangible assets |
4 |
|
7,245 |
8,647 |
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|
|
|
|
Current assets
|
Stocks |
4,000 |
|
4,000 |
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Cash at bank and in hand |
20,163 |
|
250 |
|
-------- |
|
------- |
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24,163 |
|
4,250 |
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|
|
|
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Creditors: amounts falling due within one year |
5 |
29,801 |
|
10,806 |
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-------- |
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-------- |
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Net current liabilities |
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5,638 |
6,556 |
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------- |
------- |
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Total assets less current liabilities |
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1,607 |
2,091 |
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|
|
|
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Provisions
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Taxation including deferred tax |
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1,449 |
1,729 |
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|
------- |
------- |
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Net assets |
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158 |
362 |
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------- |
------- |
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Capital and reserves
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Called up share capital |
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100 |
100 |
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Profit and loss account |
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58 |
262 |
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---- |
---- |
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Members funds |
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158 |
362 |
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---- |
---- |
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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 statement of income and retained earnings 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.
Director's 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
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
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A B Windows & Repairs Limited |
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Statement of Financial Position (continued) |
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31 March 2017
These financial statements were approved by the
board of directors
and authorised for issue on
29 December 2017
, and are signed on behalf of the board by:
Company registration number:
05465474
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A B Windows & Repairs Limited |
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Notes to the Financial Statements |
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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 1 Tideswell Road, Droylsden, Manchester, M43 6LE.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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 7.
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 represents net invoiced sales of services, excluding value added tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date;
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
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Plant & Machinery |
- |
20% reducing balance |
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Motor Vehicles |
- |
25% reducing balance |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4.
Tangible assets
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Plant and machinery |
Motor vehicles |
Total |
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£ |
£ |
£ |
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Cost |
|
|
|
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At 1 April 2016 |
2,330 |
20,003 |
22,333 |
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Additions |
– |
1,000 |
1,000 |
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------- |
-------- |
-------- |
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At 31 March 2017 |
2,330 |
21,003 |
23,333 |
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------- |
-------- |
-------- |
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Depreciation |
|
|
|
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At 1 April 2016 |
2,121 |
11,565 |
13,686 |
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Charge for the year |
42 |
2,360 |
2,402 |
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------- |
-------- |
-------- |
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At 31 March 2017 |
2,163 |
13,925 |
16,088 |
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------- |
-------- |
-------- |
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Carrying amount |
|
|
|
|
At 31 March 2017 |
167 |
7,078 |
7,245 |
|
------- |
-------- |
-------- |
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At 31 March 2016 |
209 |
8,438 |
8,647 |
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------- |
-------- |
-------- |
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5.
Creditors:
amounts falling due within one year
|
2017 |
2016 |
|
£ |
£ |
|
Corporation tax |
1,479 |
1,861 |
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Other creditors |
28,322 |
8,945 |
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-------- |
-------- |
|
29,801 |
10,806 |
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-------- |
-------- |
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6.
Director transactions
At 31 March 2017, the company owed £6,461 (31 March 2016: £1,774) to the director of the company. The amounts are interest free and repayable on demand. Dividends totalling £5,000 (31 March 2016: £5,000)were paid in the period in respect of shares held by the company director.
7.
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.