ABL Foil Ltd
Registered number: 06530151
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 7,531 10,040
Current assets
Stocks 1,500 1,200
Debtors 3 35,080 40,921
Cash at bank and in hand 108,894 69,375
145,474 111,496
Creditors: amounts falling due within one year 4 (29,608) (34,380)
Net current assets 115,866 77,116
Total assets less current liabilities 123,397 87,156
Provisions for liabilities (394) (394)
Net assets 123,003 86,762
Capital and reserves
Called up share capital 100 100
Profit and loss account 122,903 86,662
Shareholder's funds 123,003 86,762
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 D Jiggins
Director
Approved by the board on 21 November 2017
ABL Foil Ltd
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.
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.
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:
Plant and machinery 20% on 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.
2 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016 24,650
At 31 March 2017 24,650
Depreciation
At 1 April 2016 14,610
Charge for the year 2,509
At 31 March 2017 17,119
Net book value
At 31 March 2017 7,531
At 31 March 2016 10,040
3 Debtors 2017 2016
£ £
Trade debtors 35,034 40,816
Other debtors 46 105
35,080 40,921
4 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 8,771 14,962
Corporation tax 16,278 14,767
Other taxes and social security costs 3,080 3,103
Other creditors 1,479 1,548
29,608 34,380
5 Related party transactions
During the year the director and 100% shareholder Mr D Jiggins received dividends totalling £26,336.
6 Controlling party
The ultimate controlling party is Mr D Jiggins who owns 100% of shares.
7 Other information
ABL Foil Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 Industrial Estate
Old Church Road
East Hanningfield
Chelmsford
CM3 8AB
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