A & J Carpenters Limited - Period Ending 2016-03-31

A & J Carpenters Limited

Unaudited abbreviated accounts

for the year ended 31 March 2016

A & J Carpenters Limited
Contents

Abbreviated balance sheet

1 to 2

Notes to the abbreviated accounts

3 to 5

A & J Carpenters Limited
(Registration number: 05393291)
Abbreviated balance sheet at 31 March 2016

	Note	2016 £	2015 £
Fixed assets
Intangible fixed assets	2	135,000	150,000
Tangible fixed assets	2	53,250	28,352
		188,250	178,352
Current assets
Stock		133,042	14,500
Debtors		200,218	288,900
Cash at bank and in hand		49,501	100,448
		382,761	403,848
Creditors: amounts falling due within one year		(287,032)	(279,869)
Net current assets		95,729	123,979
Total assets less current liabilities		283,979	302,331
Creditors: amounts falling due after more than one year		(223,905)	(232,239)
Provisions for liabilities		(10,650)	(5,547)
Net assets		49,424	64,545
Capital and reserves
Called up share capital	4	1,000	1,000
Profit and loss account		48,424	63,545
Shareholders' funds		49,424	64,545

The notes on pages 3 to 5 form an integral part of these abbreviated accounts.
Page 1

A & J Carpenters Limited
(Registration number: 05393291)
Abbreviated balance sheet at 31 March 2016
......... continued

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the board on 7 December 2016 and signed on its behalf by:

.........................................
A T Tweedie
Director

.........................................
J S Horn
Director

The notes on pages 3 to 5 form an integral part of these abbreviated accounts.
Page 2

A & J Carpenters Limited
Notes to the abbreviated accounts for the year ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	straight line over 20 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation rate and method
Plant and machinery	20% reducing balance
Office equipment	33.3% straight line
Motor vehicles	25% reducing balance

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

A & J Carpenters Limited
Notes to the abbreviated accounts for the year ended 31 March 2016
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

	Intangible assets £	Tangible assets £	Total £
Cost
At 1 April 2015	300,000	82,464	382,464
Additions	-	48,556	48,556
Disposals	-	(21,747)	(21,747)
At 31 March 2016	300,000	109,273	409,273
Depreciation
At 1 April 2015	150,000	54,112	204,112
Charge for the year	15,000	19,071	34,071
Eliminated on disposals	-	(17,160)	(17,160)
At 31 March 2016	165,000	56,023	221,023
Net book value
At 31 March 2016	135,000	53,250	188,250
At 31 March 2015	150,000	28,352	178,352

Page 4

A & J Carpenters Limited
Notes to the abbreviated accounts for the year ended 31 March 2016
......... continued

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

	2016 £	2015 £

Amounts falling due within one year	22,880	19,963
Amounts falling due after more than one year	223,905	232,239
Total secured creditors	246,785	252,202

4	Share capital

Allotted, called up and fully paid shares

	2016			2015
		No.	£		No.	£
Ordinary shares of £ 1 each		1,000	1,000		1,000	1,000

5	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
J S Horn
	76,933	73,924	29,804	-


A T Tweedie
	78,178	69,381	24,015	-

Page 5