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Abbey Thermal Insulation Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2017

Abbey Thermal Insulation Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 9

Abbey Thermal Insulation Limited

Company Information

Directors	Mr Ronald Charles Turner Mr Robert John Stubbs Mr Paul Derrick

Registered office

23-24 Riverside House Lower Southend Road Wickford Essex SS11 8BB

Accountants

Anthony Russel Limited Winghams House 9 Freeport Office Village Century Drive Braintree Essex CM77 8YG

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Abbey Thermal Insulation Limited
for the Year Ended 30 June 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Abbey Thermal Insulation Limited for the year ended 30 June 2017 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Abbey Thermal Insulation Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Abbey Thermal Insulation Limited and state those matters that we have agreed to state to the Board of Directors of Abbey Thermal Insulation Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbey Thermal Insulation Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Abbey Thermal Insulation Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Abbey Thermal Insulation Limited. You consider that Abbey Thermal Insulation Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Abbey Thermal Insulation Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Anthony Russel Limited
Winghams House
9 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG

20 December 2017

Page 2

Abbey Thermal Insulation Limited

(Registration number: 02814170)
Balance Sheet as at 30 June 2017

	Note	2017  £	2016  £
Fixed assets
Tangible assets	3	23,379	28,290
Current assets
Debtors	5	1,011,992	1,363,969
Cash at bank and in hand		1,148,316	1,164,104
		2,160,308	2,528,073
Creditors: Amounts falling due within one year	6	(1,388,463)	(1,664,560)
Net current assets		771,845	863,513
Total assets less current liabilities		795,224	891,803
Provisions for liabilities		(3,610)	(4,414)
Net assets		791,614	887,389
Capital and reserves
Called up share capital		19,200	38,400
Capital redemption reserve		19,200	-
Profit and loss account		753,214	848,989
Total equity		791,614	887,389

For the financial year ending 30 June 2017 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 of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

Abbey Thermal Insulation Limited

(Registration number: 02814170)
Balance Sheet as at 30 June 2017

Approved and authorised by the Board on 20 December 2017 and signed on its behalf by:
 

.........................................

Mr Ronald Charles Turner

Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

Abbey Thermal Insulation Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

1	General information

The company is a private company limited by share capital incorporated in Other.

The address of its registered office is:
23-24 Riverside House
Lower Southend Road
Wickford
Essex
SS11 8BB
England

The principal place of business is:
23-24 Riverside House
Lower Southend Road
Wickford
Essex
SS11 8BB
England

These financial statements were authorised for issue by the Board on 20 December 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 5

Abbey Thermal Insulation Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture & Fixtures	25 % Reducing Balance Method
Computer Equipment	25 % Reducing Balance Method

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 6

Abbey Thermal Insulation Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

3	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 July 2016	148,956	148,956
Additions	2,683	2,683
At 30 June 2017	151,639	151,639
Depreciation
At 1 July 2016	120,666	120,666
Charge for the year	7,594	7,594
At 30 June 2017	128,260	128,260
Carrying amount
At 30 June 2017	23,379	23,379
At 30 June 2016	28,290	28,290

4

Stocks

2017 £

2016 £

5

Debtors

	2017  £	2016  £
Trade debtors	116,339	18,147
Other debtors	61,844	55,734
Amounts recoverable on contracts	778,158	1,290,088
Director current account	55,651	-
Total current trade and other debtors	1,011,992	1,363,969

Page 7

Abbey Thermal Insulation Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

6

Creditors

	Note	2017  £	2016  £
Due within one year
Trade creditors		941,670	667,728
Other creditors		2,938	378,141
Accrued expenses		69,450	162,820
PAYE and NIC		103,666	92,469
VAT		97,990	88,667
Corporation tax		172,749	274,735
		1,388,463	1,664,560