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Registration number: 06030263

Abba Scrap Metals Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

 

Abba Scrap Metals Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Abba Scrap Metals Limited

Company Information

Directors

Mr C D Jenkins

Mr A Humphreys

Company secretary

Mr C D Jenkins

Registered office

St David's House
48 Free Street
Brecon
Powys
LD3 7BN

Accountants

Mitchell Meredith Limited
Chartered Accountants
The Orbit Business Centre
Rhydycar Business Park
Merthyr Tydfil
Mid Glamorgan
CF48 1DL

 

Abba Scrap Metals Limited

(Registration number: 06030263)
Balance Sheet as at 31 December 2017

Note

2017
£

2016
£

Fixed assets

 

Intangible assets

4

-

35,000

Tangible assets

5

108,189

127,910

 

108,189

162,910

Current assets

 

Stocks

6

1,750

10,650

Debtors

7

9,451

1,898

Cash at bank and in hand

 

173,027

70,899

 

184,228

83,447

Creditors: Amounts falling due within one year

8

(127,771)

(100,187)

Net current assets/(liabilities)

 

56,457

(16,740)

Total assets less current liabilities

 

164,646

146,170

Creditors: Amounts falling due after more than one year

8

(8,444)

(15,019)

Provisions for liabilities

(19,277)

(23,968)

Net assets

 

136,925

107,183

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

136,923

107,181

Total equity

 

136,925

107,183

 

Abba Scrap Metals Limited

(Registration number: 06030263)
Balance Sheet as at 31 December 2017

For the financial year ending 31 December 2017 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 accounts for the year in question in accordance with section 476; and

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 July 2018 and signed on its behalf by:
 

.........................................

Mr C D Jenkins

Company secretary and director

 

Abba Scrap Metals Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The principal place of business is:
Unit 4
Pengarnddu Industrial Estate
Dowlais
Merthyr Tydfil
Mid Glamorgan
CF48 2TA
UK

These financial statements were authorised for issue by the Board on 27 July 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

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:

Asset class

Depreciation method and rate

Plant and machinery

15% on net book value

Fixtures and fittings

15% on net book value

Motor vehicles

25% on net book value

Office equipment

15% on net book value

 

Abba Scrap Metals Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are initially recognised at transaction price.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are initially recognised at transaction price.

 

Abba Scrap Metals Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2016 - 3).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2017

70,000

70,000

At 31 December 2017

70,000

70,000

Amortisation

At 1 January 2017

35,000

35,000

Amortisation charge

35,000

35,000

At 31 December 2017

70,000

70,000

Carrying amount

At 31 December 2017

-

-

At 31 December 2016

35,000

35,000

 

Abba Scrap Metals Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

5

Tangible assets

Fixtures, fittings and equipment
£

Motor vehicles
 £

Properties under construction
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2017

29,566

16,913

1,997

324,435

372,911

At 31 December 2017

29,566

16,913

1,997

324,435

372,911

Depreciation

At 1 January 2017

19,432

11,561

1,483

212,525

245,001

Charge for the year

1,520

1,338

77

16,786

19,721

At 31 December 2017

20,952

12,899

1,560

229,311

264,722

Carrying amount

At 31 December 2017

8,614

4,014

437

95,124

108,189

At 31 December 2016

10,134

5,352

514

111,910

127,910

6

Stocks

2017
£

2016
£

Stocks

1,750

10,650

7

Debtors

2017
£

2016
£

Trade debtors

7,634

588

Prepayments

1,817

1,310

Total current trade and other debtors

9,451

1,898

 

Abba Scrap Metals Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

8

Creditors

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

9

3,900

3,900

Trade creditors

 

3,093

7,876

Directors loan account

30,659

42,424

Taxation and social security

 

29,804

22,475

Other creditors

 

60,315

23,512

 

127,771

100,187

Due after one year

 

Loans and borrowings

9

5,238

11,248

Deferred income

 

3,206

3,771

 

8,444

15,019

9

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Bank borrowings

5,238

11,248

2017
£

2016
£

Current loans and borrowings

Bank borrowings

3,900

3,900