Abode Carpets Ltd - Filleted accounts

Abode Carpets Ltd
Registered number:		06919983
Balance Sheet
as at 31 March 2017

Notes			2017			2016
£				£
Fixed assets
Tangible assets	2		5,750			551

Current assets
Stocks		250			250
Cash at bank and in hand		6,318			8,035
		6,568			8,285

Creditors: amounts falling due within one year	3	(5,832)			(8,288)

Net current assets/(liabilities)			736			(3)

Total assets less current liabilities			6,486			548


Provisions for liabilities			(1,092)			(110)


Net assets			5,394			438

Capital and reserves
Called up share capital			2			2
Profit and loss account			5,392			436

Shareholder's funds			5,394			438

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mr R Brand
Director
Approved by the board on 12 July 2017

Abode Carpets Ltd
Notes to the Accounts
for the year ended 31 March 2017


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Motor vehicles	25% reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Tangible fixed assets
					Motor vehicles
£
	Cost
	At 1 April 2016				4,083
	Additions				6,000
	Disposals				(4,083)
	At 31 March 2017				6,000

	Depreciation
	At 1 April 2016				3,532
	Charge for the year				388
	On disposals				(3,670)
	At 31 March 2017				250

	Net book value
	At 31 March 2017				5,750
	At 31 March 2016				551





3	Creditors: amounts falling due within one year		2017		2016
£				£

	Trade creditors		3,647		4,038
	Corporation tax		2,135		2,725
	Other taxes and social security costs		-		305
	Other creditors		50		1,220
			5,832		8,288


4	Related party transactions

	The company paid a dividend to the Director of £7800


5	Controlling party

	The compoany is under the control of the Director who owns all the issued share capital.


6	Other information

	Abode Carpets Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	3 Eden Croft
	Abingdon
	Oxon
	OX14 1QJ