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Registered number: 4019390
Abec Fixings Limited
Abbreviated accounts
For The Year Ended 30 June 2016
Paul S Axcell

Chartered Accountant

10 Springfield
Ovington
Prudhoe
Northumberland
NE42 6EH
Abbreviated Balance Sheet
2016 2015
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 2 35,896 48,280
35,896 48,280
CURRENT ASSETS
Stocks 145,699 168,690
Debtors 124,560 101,984
Cash at bank and in hand 50,836 295,203
321,095 565,877
Creditors: Amounts Falling Due Within One Year (98,234 ) (95,786 )
NET CURRENT ASSETS (LIABILITIES) 222,861 470,091
TOTAL ASSETS LESS CURRENT LIABILITIES 258,757 518,371
PROVISIONS FOR LIABILITIES
Deferred Taxation (347 ) (478 )
NET ASSETS 258,410 517,893
CAPITAL AND RESERVES
Called up share capital 3 10 10
Profit and Loss Account 258,400 517,883
SHAREHOLDERS' FUNDS 258,410 517,893
For the year ending 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).
On behalf of the board
Mr Mark Bromley
31st January 2017
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Notes to the Abbreviated Accounts
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balance per annum
Motor Vehicles 25% reducing balance per annum
Fixtures & Fittings 15% reducing balance per annum
Office Equipment 15% reducing balance per annum
1.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
1.6. Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2. Tangible Assets
Total
Cost £
As at 1 July 2015 107,217
Additions 7,900
Disposals (35,905 )
As at 30 June 2016 79,212
Depreciation
As at 1 July 2015 58,937
Provided during the period 10,425
Disposals (26,046 )
As at 30 June 2016 43,316
Net Book Value
As at 30 June 2016 35,896
As at 1 July 2015 48,280
3. Share Capital
Value Number 2016 2015
Allotted, called up and fully paid £ £ £
Ordinary shares 1.000 10 10 10
4. Transactions With and Loans to Directors
Dividends paid to directors
5. Ultimate Parent Undertaking and Controlling Party
The ultimate controlling party is the directors who control 100% of the shares of Abec 2016 Ltd which holds 100% of the shares in Abec Fixings Limited.
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