Abbey Models Limited - Filleted accounts

Registered number

03906271

Abbey Models Limited

Filleted Accounts

For the Year Ended

31 March 2018

Abbey Models Limited
Registered number:		03906271
Balance Sheet
as at 31 March 2018

Notes			2018			2017
£				£
Fixed assets
Tangible assets	3		125,806			126,715

Current assets
Stocks		235,625			306,450
Debtors	4	29,912			18,873
Cash at bank and in hand		25,157			6,183
		290,694			331,506

Creditors: amounts falling due within one year	5	(398,110)			(426,175)

Net current liabilities			(107,416)			(94,669)

Total assets less current liabilities			18,390			32,046

Creditors: amounts falling due after more than one year	6		(18,467)			(32,043)



Net (liabilities)/assets			(77)			3

Capital and reserves
Called up share capital			2			2
Profit and loss account			(79)			1

Shareholders' funds			(77)			3

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.




N R Powner
Director
Approved by the board on 17 May 2018

Abbey Models Limited
Notes to the Accounts
for the year ended 31 March 2018


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.

	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:

	Freehold property			nil
	Computer equioment			50% straight line
	Office equipment			25% reducing balance
	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.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.


2	Employees					2018		2017
Number							Number

	Average number of persons employed by the company					4		3


3	Tangible fixed assets
		Equipment and computers		Freehold property		Other tangibles		Total
£			£		£		£
	Cost
	At 1 April 2017	19,693		120,631		8,956		149,280
	Additions	1,239		101		-		1,340
	At 31 March 2018	20,932		120,732		8,956		150,620

	Depreciation
	At 1 April 2017	18,181		-		4,384		22,565
	Charge for the year	1,449		-		800		2,249
	At 31 March 2018	19,630		-		5,184		24,814

	Net book value
	At 31 March 2018	1,302		120,732		3,772		125,806
	At 31 March 2017	1,512		120,631		4,572		126,715


4	Debtors					2018		2017
£							£

	Trade debtors					8,076		(3,411)
	Other debtors					21,836		22,284
						29,912		18,873


5	Creditors: amounts falling due within one year					2018		2017
£							£

	Bank loans and overdrafts					156,021		163,533
	Obligations under finance lease and hire purchase contracts					-		1,527
	Trade creditors					27,751		34,212
	Taxation and social security costs					3,804		8,072
	Other creditors					210,534		218,831
						398,110		426,175


6	Creditors: amounts falling due after one year					2018		2017
£							£

	Bank loans					18,467		32,043


7	Other information

	Abbey Models Limited is a private company limited by shares and incorporated in England. Its registered office is:
	426/428 Holdenhurst Road
	Bournemouth
	Dorset
	BH8 9AA