A B Metal Solutions Limited
Registered number: 05343850
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Current assets
Debtors 2 336,375 222,630
Cash at bank and in hand 1,007,308 870,239
1,343,683 1,092,869
Creditors: amounts falling due within one year 3 (51,811) (2,901)
Net current assets 1,291,872 1,089,968
Net assets 1,291,872 1,089,968
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,291,772 1,089,868
Shareholders' funds 1,291,872 1,089,968
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.
Mr A Barker
Director
Approved by the board on 18 May 2017
A B Metal Solutions Limited
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 (as applied to small entities by section 1A of the standard). These are the first accounts that comply with FRS 102 Section 1A small entities; the date of transition is 1 January 2015. The transition to FRS102 Section 1A small entities has not resulted in any changes in accounting policies nor impacted opening equity and profit for the comparative period in these accounts.
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
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.
2 Debtors 2017 2016
£ £
Other debtors 336,375 222,630
3 Creditors: amounts falling due within one year 2017 2016
£ £
Corporation tax 28,736 -
Other creditors 23,075 2,901
51,811 2,901
4 Related party transactions
The two directors are related parties to the company. At 31 March, the company owed the related parties the following loans, which were provided in an interest free basis, unsecured and are repayable upon demand.
2017 2016
£ £
Loans, interest free, unsecured, repayable upon demand: 20,000 -
In the year to 31 March, the related parties received the following payments from the company:
2017 2016
£ £
Dividends paid 35,000 -
Directors' remuneration 8,040 -
43,040 -
5 Controlling party
The two directors are the ultimate controlling parties by virtue of their combined 100% shareholding in the issued share capital of the company.
6 Other information
A B Metal Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
89 Chorley Road
Swinton
Manchester
M27 4AA
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