Caseware UK (AP4) 2016.0.181 2016.0.181 2017-06-302017-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseNo description of principal activityfalse2016-07-01 05351787 2016-07-01 2017-06-30 05351787 2017-06-30 05351787 2015-07-01 2016-06-30 05351787 2016-06-30 05351787 c:Director1 2016-07-01 2017-06-30 05351787 d:OfficeEquipment 2016-07-01 2017-06-30 05351787 d:OfficeEquipment 2017-06-30 05351787 d:OfficeEquipment 2016-06-30 05351787 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-07-01 2017-06-30 05351787 d:CurrentFinancialInstruments 2017-06-30 05351787 d:CurrentFinancialInstruments 2016-06-30 05351787 d:Non-currentFinancialInstruments 2017-06-30 05351787 d:Non-currentFinancialInstruments 2016-06-30 05351787 d:CurrentFinancialInstruments d:WithinOneYear 2017-06-30 05351787 d:CurrentFinancialInstruments d:WithinOneYear 2016-06-30 05351787 d:Non-currentFinancialInstruments d:AfterOneYear 2017-06-30 05351787 d:Non-currentFinancialInstruments d:AfterOneYear 2016-06-30 05351787 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2017-06-30 05351787 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2016-06-30 05351787 d:ShareCapital 2017-06-30 05351787 d:ShareCapital 2016-06-30 05351787 d:RetainedEarningsAccumulatedLosses 2017-06-30 05351787 d:RetainedEarningsAccumulatedLosses 2016-06-30 05351787 c:FRS102 2016-07-01 2017-06-30 05351787 c:AuditExempt-NoAccountantsReport 2016-07-01 2017-06-30 05351787 c:FullAccounts 2016-07-01 2017-06-30 05351787 c:PrivateLimitedCompanyLtd 2016-07-01 2017-06-30 iso4217:GBP xbrli:pure
Registered number: 05351787












ABERCROMBIE & COURT DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
 30 JUNE 2017














MAGEE GAMMON
Chartered Accountants
Henwood House
Henwood
Ashford
Kent
TN24 8DH



 
ABERCROMBIE & COURT DEVELOPMENTS LIMITED
REGISTERED NUMBER:05351787

BALANCE SHEET
AS AT 30 JUNE 2017

2017
2016
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
360
424

CURRENT ASSETS
  

Stocks
 5 
829,774
793,408

Debtors: amounts falling due within one year
 6 
36,168
25,818

Cash at bank and in hand
  
70,948
17,602

  
936,890
836,828

Creditors: amounts falling due within one year
 7 
(237,914)
(675,407)

NET CURRENT ASSETS
  
 
 
698,976
 
 
161,421

Creditors: amounts falling due after more than one year
 8 
(443,000)
-

NET ASSETS
  
£256,336
£161,845


CAPITAL AND RESERVES
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
255,336
160,845

  
£256,336
£161,845


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 December 2017.



................................................
Mr B Abercrombie
Director
Page 1

 
ABERCROMBIE & COURT DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017

1.


General information

Abercrombie & Court Developments Limited is private limited company incorporated in England and Wales. The registered office of the company is Henwood House, Henwood, Ashford, Kent, TN24 8DH. The principal place of business is Nepicar Lodge Farm, London Road, Wrotham Heath, Kent, TN15 7RS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 2

 
ABERCROMBIE & COURT DEVELOPMENTS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Tools and equipment
-
15% reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

 
ABERCROMBIE & COURT DEVELOPMENTS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

 
2.11

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

 
2.12

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

 
2.13

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

Staff costs, including directors' remuneration, were as follows:


The average monthly number of employees, including directors, during the year was 3 (2016 - 4).

Page 4

 
ABERCROMBIE & COURT DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 July 2016
1,483



At 30 June 2017

1,483



Depreciation


At 1 July 2016
1,059


Charge for the year on owned assets
64



At 30 June 2017

1,123



Net book value



At 30 June 2017
£360



At 30 June 2016
£424


5.


Stocks

2017
2016
£
£

Work in progress
59,691
23,325

Finished goods
770,083
770,083

£829,774
£793,408



6.


Debtors

2017
2016
£
£


Trade debtors
21,535
25,818

Other debtors
11,650
-

Prepayments and accrued income
2,983
-

£36,168
£25,818


Page 5

 
ABERCROMBIE & COURT DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017

7.


Creditors: Amounts falling due within one year

2017
2016
£
£

Bank loans
-
330,000

Trade creditors
40,759
26,284

Corporation tax
29,265
33,319

Other taxation and social security
21,412
23,478

Other creditors
126,380
255,456

Accruals and deferred income
20,098
6,870

£237,914
£675,407



8.


Creditors: Amounts falling due after more than one year

2017
2016
£
£

Bank loans
443,000
-

£443,000
£-



Secured loans

Loans are secured based on the asset they relate.


9.


Loans


Analysis of the maturity of loans is given below:


2017
2016
£
£

Amounts falling due within one year

Bank loans
-
330,000


-
330,000



Amounts falling due after more than 5 years

Bank loans
443,000
-

443,000
-

£443,000
£330,000


Page 6

 
ABERCROMBIE & COURT DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017

10.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

Page 7