Company Registration No. 5317837 (England and Wales)
ABSOLUTE DRAINS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
PAGES FOR FILING WITH REGISTRAR
ABSOLUTE DRAINS LTD
COMPANY INFORMATION
Director
Mr M D Reynolds
Company number
5317837
Registered office
93 High Street
EVESHAM
Worcestershire
WR11 4DU
Accountants
Baldwins (Evesham) Limited
Almswood House
93 High Street
Evesham
Worcestershire
United Kingdom
WR11 4DU
ABSOLUTE DRAINS LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
ABSOLUTE DRAINS LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2017
30 April 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
3
10,760
6,700
Current assets
Trade and other receivables
4
7,649
4,407
Cash at bank and in hand
2,466
3,449
10,115
7,856
Current liabilities
5
(8,408)
(13,705)
Net current assets/(liabilities)
1,707
(5,849)
Total assets less current liabilities
12,467
851
Provisions for liabilities
(2,152)
-
Net assets
10,315
851
Equity
Called up share capital
1
1
Retained earnings
10,314
850
Total equity
10,315
851

The director of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and signed by the director and authorised for issue on 12 October 2017
Mr M D Reynolds
Director
Company Registration No. 5317837
ABSOLUTE DRAINS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
- 2 -
1
Accounting policies
Company information

Absolute Drains Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 93 High Street, EVESHAM, Worcestershire, WR11 4DU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the year ended 30 April 2017 are the first financial statements of Absolute Drains Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes (if any).

1.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ABSOLUTE DRAINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

ABSOLUTE DRAINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).

3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 May 2016
41,537
Additions
7,878
Disposals
(5,000)
At 30 April 2017
44,415
Depreciation and impairment
At 1 May 2016
34,836
Depreciation charged in the year
3,587
Eliminated in respect of disposals
(4,768)
At 30 April 2017
33,655
Carrying amount
At 30 April 2017
10,760
At 30 April 2016
6,700
4
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Trade receivables
6,321
4,407
Other receivables
1,328
-
7,649
4,407
5
Current liabilities
2017
2016
£
£
Trade payables
774
147
Corporation tax
3,153
2,872
Other payables
4,481
10,686
8,408
13,705
ABSOLUTE DRAINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 5 -
6
Director's transactions

Dividends totalling £5,000 (2016 - £13,000) were paid in the year in respect of shares held by the company's director.

2017-04-302016-05-01falseCCH SoftwareCCH Accounts Production 2017.300No description of principal activity14 November 201753178372016-05-012017-04-305317837bus:Director12016-05-012017-04-305317837bus:RegisteredOffice2016-05-012017-04-3053178372017-04-3053178372016-04-305317837core:OtherPropertyPlantEquipment2017-04-305317837core:OtherPropertyPlantEquipment2016-04-305317837core:CurrentFinancialInstruments2017-04-305317837core:CurrentFinancialInstruments2016-04-305317837core:Non-currentFinancialInstruments2017-04-305317837core:ShareCapital2017-04-305317837core:ShareCapital2016-04-305317837core:RetainedEarningsAccumulatedLosses2017-04-305317837core:RetainedEarningsAccumulatedLosses2016-04-305317837core:PlantMachinery2016-05-012017-04-305317837core:ComputerEquipment2016-05-012017-04-305317837core:MotorVehicles2016-05-012017-04-305317837core:OtherPropertyPlantEquipment2016-04-305317837core:OtherPropertyPlantEquipment2016-05-012017-04-305317837bus:PrivateLimitedCompanyLtd2016-05-012017-04-305317837bus:FRS1022016-05-012017-04-305317837bus:AuditExemptWithAccountantsReport2016-05-012017-04-305317837bus:SmallCompaniesRegimeForAccounts2016-05-012017-04-305317837bus:FullAccounts2016-05-012017-04-30xbrli:purexbrli:sharesiso4217:GBP