Registered number
04529873
ABLEWHITE LIMITED
Unaudited Filleted Accounts
30 September 2016
ABLEWHITE LIMITED
Registered number: 04529873
Balance Sheet
as at 30 September 2016
Notes 2016 2015
£ £
Fixed assets
Intangible assets 2 126,357 136,077
Tangible assets 3 138,064 143,317
264,421 279,394
Current assets
Stocks 78,125 80,005
Debtors 4 19,642 23,258
Cash at bank and in hand 27,605 12,310
125,372 115,573
Creditors: amounts falling due within one year 5 (347,006) (331,969)
Net current liabilities (221,634) (216,396)
Total assets less current liabilities 42,787 62,998
Creditors: amounts falling due after more than one year 6 (31,048) (54,247)
Provisions for liabilities (3,571) (4,099)
Net assets 8,168 4,652
Capital and reserves
Called up share capital 100 100
Profit and loss account 8,068 4,552
Shareholders' funds 8,168 4,652
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Rohit Haria
Director
Approved by the board on 15 June 2017
ABLEWHITE LIMITED
Notes to the Accounts
for the year ended 30 September 2016
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 (as applied to small entities by section 1A of the standard).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Leasehold land and buildings over the lease term
Plant and machinery 25% per annum on the reducing balance basis
Motor vehicles 25% per annum on the reducing balance basis
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2015 194,397
At 30 September 2016 194,397
Amortisation
At 1 October 2015 58,320
Provided during the year 9,720
At 30 September 2016 68,040
Net book value
At 30 September 2016 126,357
At 30 September 2015 136,077
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2015 132,765 87,677 17,220 237,662
Additions - 3,797 - 3,797
At 30 September 2016 132,765 91,474 17,220 241,459
Depreciation
At 1 October 2015 15,129 74,911 4,305 94,345
Charge for the year 1,681 4,140 3,229 9,050
At 30 September 2016 16,810 79,051 7,534 103,395
Net book value
At 30 September 2016 115,955 12,423 9,686 138,064
At 30 September 2015 117,636 12,766 12,915 143,317
4 Debtors 2016 2015
£ £
Trade debtors 2,349 3,628
Other debtors 17,293 19,630
19,642 23,258
5 Creditors: amounts falling due within one year 2016 2015
£ £
Bank loans and overdrafts 46,552 32,890
Obligations under finance lease and hire purchase contracts 3,825 3,705
Trade creditors 123,979 104,489
Corporation tax 6,851 2,178
Other taxes and social security costs 3,821 1,072
Other creditors 161,978 187,635
347,006 331,969
6 Creditors: amounts falling due after one year 2016 2015
£ £
Bank loans 25,629 44,883
Obligations under finance lease and hire purchase contracts 5,419 9,364
31,048 54,247
7 Related party transactions
Dividends were paid to the following directors as shareholders by the company during the year.
Rohit Haria : £7,000
Sunil Haria : £6,000
8 Controlling party
The company is controlled by Mr and Mrs Rohit Haria by virtue of having ownership of 70% of the issued ordinary share capital of the company.
9 Other information
ABLEWHITE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
128 Malvern Gardens
Harrow
Middlesex
HA3 9PG
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