Company Registration No. 01825146 (England and Wales)
ABBOTSWOOD PROPERTIES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
ABBOTSWOOD PROPERTIES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABBOTSWOOD PROPERTIES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2016
31 August 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
26,566
20,286
Current assets
Stocks
95,919
228,434
Debtors
296,049
572,122
Cash at bank and in hand
717,521
477,405
1,109,489
1,277,961
Creditors: amounts falling due within one year
(122,426)
(280,243)
Net current assets
987,063
997,718
Total assets less current liabilities
1,013,629
1,018,004
Capital and reserves
Called up share capital
3
25,000
25,000
Profit and loss account
988,629
993,004
Shareholders' funds
1,013,629
1,018,004
For the financial year ended 31 August 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 May 2017
Mrs P A Hauser
Director
Company Registration No. 01825146
ABBOTSWOOD PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
- 2 -
1
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).
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
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 other than freehold land 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 Freehold
10% on cost
Plant and machinery
15% reducing balance
Computer equipment
33% reducing balance
Fixtures, fittings & equipment
10% reducing balance
Motor vehicles
25% reducing balance
1.4
Stock
Long term contract work in progress is valued at cost, less foreseeable losses and payments on account.
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
1.5
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.
1.6
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.
ABBOTSWOOD PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
- 3 -
2
Fixed assets
Tangible
£
Cost
At 1 September 2015
152,884
Additions
13,392
Disposals
(2,333)
At 31 August 2016
163,943
Depreciation
At 1 September 2015
132,598
On disposals
(1,918)
Charge for the year
6,697
At 31 August 2016
137,377
Net book value
At 31 August 2016
26,566
At 31 August 2015
20,286
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
25,000 Ordinary shares of £1 each
25,000
25,000