REGISTERED NUMBER: |
ABLEWORLD (UK) LIMITED |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2016 |
REGISTERED NUMBER: |
ABLEWORLD (UK) LIMITED |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2016 |
ABLEWORLD (UK) LIMITED (REGISTERED NUMBER: 04048285) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2016 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ABLEWORLD (UK) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2016 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ABLEWORLD (UK) LIMITED (REGISTERED NUMBER: 04048285) |
BALANCE SHEET |
31 AUGUST 2016 |
2016 | 2015 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors on |
ABLEWORLD (UK) LIMITED (REGISTERED NUMBER: 04048285) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2016 |
1. | STATUTORY INFORMATION |
Ableworld (UK) Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. The financial statements have been prepared under the historical cost convention. The date of transition |
to FRS 102 Section 1A (which has had no effect on the company's position and performance) was 1 September |
2014 and the end of the comparative period was 31 August 2015. |
The financial statements are presented in sterling which is the functional currency of the company and |
rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade |
discounts. The policies adopted for the recognition of turnover are as follows: |
Sale of goods |
Turnover from the sale of mobility aids and stairlifts is recognised when significant risks and rewards of |
ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is |
probable that the economic benefits associated with the transaction will flow to the company and the costs |
incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of |
the goods. |
Interest |
Interest income is recognised using the effective interest method and dividend income is recognised as the |
company's right to receive payment is established. |
Goodwill |
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and |
amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 5 years. |
Provision is made for any impairment. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and |
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of |
operating as intended. |
ABLEWORLD (UK) LIMITED (REGISTERED NUMBER: 04048285) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2016 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated 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 stock to its present location and |
condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and |
slow-moving stock where appropriate. |
Tax |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the |
current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax |
rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial |
statements of current and previous periods. It is recognised in respect of all timing differences, with certain |
exceptions. Timing differences are differences between taxable profits and total comprehensive income as |
stated in the financial statements that arise from the inclusion of income and expense in tax assessments in |
periods different from those in which they are recognised in the financial statements. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the |
balance sheet date that are expected to apply to the reversal of timing differences. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the |
employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that |
service. |
The company operates a defined contribution plan for the benefit of its employees. Contributions are |
expensed as they become payable. |
Based on future budgets and cashflow forecasts the company continues to make profits and accordingly the |
accounts have been prepared on a going concern basis. |
Purchase rebates are recognised in the financial statements when it is virtually certain they are due and |
payable. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ABLEWORLD (UK) LIMITED (REGISTERED NUMBER: 04048285) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2016 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
Additions |
At 31 August 2016 |
NET BOOK VALUE |
At 31 August 2016 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2015 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 August 2016 |
DEPRECIATION |
At 1 September 2015 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 August 2016 |
NET BOOK VALUE |
At 31 August 2016 |
At 31 August 2015 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Accrued income |
Prepayments |
ABLEWORLD (UK) LIMITED (REGISTERED NUMBER: 04048285) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2016 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Tax |
Social security and other taxes |
Pension creditor |
Other creditors |
Accrued expenses |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
Ordinary | £1 | 900,000 | 900,000 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | FINANCIAL COMMITMENTS |
Total financial commitments, guarantees and contingencies which are not included in the balance sheet |
amount to £1,560,757 (2015 - £1,716,331). |