Registration number:
Abbey Express Limited
for the Year Ended 30 November 2017
Abbey Express Limited
Contents
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Balance Sheet |
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Notes to the Financial Statements |
Abbey Express Limited
(Registration number: SC094703)
Balance Sheet as at 30 November 2017
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2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
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Page 1 |
Abbey Express Limited
(Registration number: SC094703)
Balance Sheet as at 30 November 2017
Approved and authorised by the
.........................................
W G Annandale
Director
.........................................
G J Annandale
Director
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Page 2 |
Abbey Express Limited
Notes to the Financial Statements for the Year Ended 30 November 2017
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General information |
The company is a private company limited by share capital incorporated in Scotland.
The address of its registered office is:
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Improvements to property |
4% on cost |
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Fixture and fittings |
20% on cost |
Investment property
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Page 3 |
Abbey Express Limited
Notes to the Financial Statements for the Year Ended 30 November 2017
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Profit before tax |
Arrived at after charging/(crediting)
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2017 |
2016 |
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Depreciation expense |
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Page 4 |
Abbey Express Limited
Notes to the Financial Statements for the Year Ended 30 November 2017
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Tangible assets |
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Heritable property |
Lorries |
Total |
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Cost or valuation |
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At 1 December 2016 |
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Additions |
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At 30 November 2017 |
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Depreciation |
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At 1 December 2016 |
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Charge for the year |
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At 30 November 2017 |
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Carrying amount |
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At 30 November 2017 |
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At 30 November 2016 |
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Page 5 |
Abbey Express Limited
Notes to the Financial Statements for the Year Ended 30 November 2017
Revaluation
The fair value of the company's Investment properties was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
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Debtors |
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2017 |
2016 |
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Other debtors |
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Creditors |
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Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
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2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Bank borrowings
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Page 6 |
Abbey Express Limited
Notes to the Financial Statements for the Year Ended 30 November 2017
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Commerce Street, Brechin
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Included in the loans and borrowings are the following amounts due after more than five years:
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Related party transactions |
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Transactions with directors |
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Other transactions with directors |
W G Annandale
(W G Annandale is a director)
During the year W G Annandale sold 1,700 shares back to the company for £42,500.
Summary of transactions with other related parties
( W G Annandale and G J Annandale are directors of Abbey Express Limited and Angus Tyres Limited)
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Page 7 |