REGISTERED NUMBER: 01969999 (England and Wales)

Financial Statements

for the Year Ended 5 April 2017

for

Able Stainless Steel Fabrications Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G P Cooke

Mrs M Cooke

G W Woodward

SECRETARY:

Mrs M Cooke

REGISTERED OFFICE:

Cadley Hill Road

Swadlincote

Derbyshire

DE11 9EQ

REGISTERED NUMBER:

01969999 (England and Wales)

ACCOUNTANTS:

Bourne & Co.

Chartered Accountants

3 Charnwood Street

Derby

Derbyshire

DE1 2GY

FIXED ASSETS

Tangible assets

4

1,053,614

1,049,230

Investments

5

108,870

79,328

1,162,484

1,128,558

CURRENT ASSETS

Stocks

11,960

373,178

Debtors

1,211,784

715,869

Cash in hand

343,166

367,385

1,566,910

1,456,432

CREDITORS

Amounts falling due within one year

1,089,785

825,497

NET CURRENT ASSETS

477,125

630,935

TOTAL ASSETS LESS CURRENT LIABILITIES

1,639,609

1,759,493

CREDITORS

Amounts falling due after more than one year

(889,508

)

(1,038,551

)

PROVISIONS FOR LIABILITIES

(60,023

)

(61,811

)

NET ASSETS

690,078

659,131

CAPITAL AND RESERVES

Called up share capital

6

10,000

10,000

Retained earnings

non distributable

7

(52,100

)

(79,953

)

Retained earnings

7

732,178

729,084

SHAREHOLDERS' FUNDS

690,078

659,131

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 5 April 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19 December 2017 and were signed on its behalf by:

G P Cooke - Director

1.	STATUTORY INFORMATION

Able Stainless Steel Fabrications Ltd is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

This is the first year of adopting the standard FRS102 and the transition date was 6 April 2015. The changes as

a result of this adoption are shown in note 9.

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.

Freehold property

-

1% on cost

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

20% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads together with

an allowance to cover the estimated profit up to the date of the balance sheet.

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.

Fixed asset investments

Listed investments are included in the balance sheet at their market value. Increases in valuation over original

cost are not credited to the profit and loss until the asset is sold, the unrealised gains are credited to the

revaluation reserve. Any losses on revaluation caused by changing market prices are debited to the revaluation

reserve until the carrying amount reaches its original cost. Any losses due to a valuation below original cost are

charged to the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 6 April 2016

1,578,848

Additions

58,007

Disposals

(8,913

)

At 5 April 2017

1,627,942

DEPRECIATION

At 6 April 2016

529,618

Charge for year

52,037

Eliminated on disposal

(7,327

)

At 5 April 2017

574,328

NET BOOK VALUE

At 5 April 2017

1,053,614

At 5 April 2016

1,049,230

Included in cost of land and buildings is freehold land of £ 179,375 (2016 - £ 179,375 ) which is not depreciated.

5.	FIXED ASSET INVESTMENTS

LISTED INVESTMENTS

£

Value at 6 April 2016

79,328

Additions

-

Disposals

-

79,328

Increase in valuation

29,542

Market value at 5 April 2017

108,870

The historical cost of the listed investments is £176,053 (2016 - £176,053)

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

10,000

Ordinary

£1

10,000

10,000

7.

RESERVES

Retained

earnings

Retained

non

earnings

distributable

Totals

£

£

£

At 6 April 2016

729,084

(79,953

)

649,131

Profit for the year

430,947

430,947

Dividends

(400,000

)

(400,000

)

Transfer re unrealised

profits/ (losses)

(29,542

)

29,542

-

Transfer -non distributable

to profit and loss account

1,689

(1,689

)

-

At 5 April 2017

732,178

(52,100

)

680,078

8.	FIRST YEAR ADOPTION

This is the company's first year of adoption of FRS102. The transition date is 6 April 2015 and the following

adjustments were made as a result of this new standard:

The transitional exemption was used in relation to the fixed assets whereby the latest valuation available

was used and treated as its deemed cost at the date of the revaluation. As a result of this the revaluation reserve

was transferred to retained earnings and is treated as a non distributable reserve.

A further adjustment was made in that the unrealised surpluses and deficits on the listed investments were

transferred to non distributable reserves as they were not realised gains or losses.

The effect of these adjustments was as follows:

Retained Earnings

Non distributable reserves

Revaluation Reserve

As at 5 April 2015

673,922

-

18,651

Transfer Revaluation reserve to non distributable reserves

18,651

(18,651

)

Accumulated deficits on listed investments at 5 April 2015

42,119

(42,119

)

-

Revised opening position at transition date

716,041

(23,468

)

-