Abbey_Industrial_Solution

ABBEY INDUSTRIAL SOLUTIONS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

192,437

181,128

Current assets

Stocks

289,131

336,529

Debtors

955,496

928,624

Cash at bank and in hand

533,167

191,840

1,777,794

1,456,993

Creditors: amounts falling due within one year

(752,357)

(667,925)

Net current assets

1,025,437

789,068

Total assets less current liabilities

1,217,874

970,196

Creditors: amounts falling due after more than one year

(28,928)

(31,305)

Provisions for liabilities

(31,000)

(23,500)

1,157,946

915,391

Capital and reserves

Called up share capital

50,000

Profit and loss account

1,107,946

865,391

Shareholders' funds

1,157,946

915,391

ABBEY INDUSTRIAL SOLUTIONS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MAY 2016

- 2 -

For the financial year ended 31 May 2016 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.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 23 February 2017

Mr J Stead

Director

Company Registration No. 02423649

ABBEY INDUSTRIAL SOLUTIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings leasehold

Over the term of the lease

Plant and machinery

15% straight line

Fixtures, fittings and computer equipment

25% straight line

Motor vehicles

25% reducing balance

1.4

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.5

Stock

Stock is valued at the lower of cost and net realisable value.

1.6

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.8

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

ABBEY INDUSTRIAL SOLUTIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2016

- 4 -

Fixed assets

Tangible assets

Cost

At 1 June 2015

482,661

Additions

71,206

Disposals

(15,946)

At 31 May 2016

537,921

Depreciation

At 1 June 2015

301,533

On disposals

(10,901)

Charge for the year

54,852

At 31 May 2016

345,484

Net book value

At 31 May 2016

192,437

At 31 May 2015

181,128

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £42,254 (2015 - £31,300).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £28,928 (2015 - £31,305).

ABBEY INDUSTRIAL SOLUTIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2016

- 5 -

Share capital

2016

2015

Allotted, called up and fully paid

5,000 'A' Ordinary shares of £1 each

5,000

12,500

12,500 'B' Ordinary shares of £1 each

12,500

12,500 'C' Ordinary shares of £1 each

12,500

12,500 'D' Ordinary shares of £1 each

12,500

5,000 'E' Ordinary shares of £1 each

5,000

2,500 'F' Ordinary shares of £1 each

2,500

50,000

On 27 August 2015 an Ordinary resolution was passed to re classify 7,500 A Ordinary shares of £1 each as 5,000 E Ordinary shares of £1 each and 2,500 F Ordinary shares of £1 each