Company Registration No. 05610458 (England and Wales)
Absolutely Gleaming Ltd
Unaudited filleted accounts
for the year ended 30 November 2017
Absolutely Gleaming Ltd
Unaudited filleted accounts
Contents
Absolutely Gleaming Ltd
Company Information
for the year ended 30 November 2017
Director
Geraldene Farrall
Company Number
05610458 (England and Wales)
Registered Office
Sovereign House
Stockport Road
Cheadle
Cheshire
SK8 2EA
Accountants
Langers
8-10 Gatley Road
Cheadle
Cheshire
SK8 1PY
Absolutely Gleaming Ltd
Statement of financial position
as at 30 November 2017
Tangible assets
8,354
11,160
Cash at bank and in hand
140,302
88,511
Creditors: amounts falling due within one year
(156,381)
(109,049)
Net current assets
209,808
94,318
Total assets less current liabilities
218,162
105,478
Creditors: amounts falling due after more than one year
(937)
(4,570)
Provisions for liabilities
Deferred tax
(1,615)
(2,232)
Called up share capital
16
16
Profit and loss account
215,594
98,660
Shareholders' funds
215,610
98,676
For the year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 26 June 2018.
Geraldene Farrall
Director
Company Registration No. 05610458
Absolutely Gleaming Ltd
Notes to the Accounts
for the year ended 30 November 2017
Absolutely Gleaming Ltd is a private company, limited by shares, registered in England and Wales, registration number 05610458. The registered office is Sovereign House, Stockport Road, Cheadle, Cheshire, SK8 2EA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended
30 November 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 December 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note
12 below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Absolutely Gleaming Ltd
Notes to the Accounts
for the year ended 30 November 2017
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 December 2016
10,042
16,960
27,002
At 30 November 2017
9,999
16,960
26,959
At 1 December 2016
7,066
8,776
15,842
Charge for the year
716
2,047
2,763
At 30 November 2017
7,782
10,823
18,605
At 30 November 2017
2,217
6,137
8,354
At 30 November 2016
2,976
8,184
11,160
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
6,137
8,184
Absolutely Gleaming Ltd
Notes to the Accounts
for the year ended 30 November 2017
Trade debtors
227,831
117,173
Accrued income and prepayments
2,600
2,227
Other debtors
(5,076)
(5,076)
7
Creditors: amounts falling due within one year
2017
2016
Bank loans and overdrafts
-
4,413
Obligations under finance leases and hire purchase contracts
3,634
3,316
Taxes and social security
111,515
67,430
Other creditors
37,626
30,636
8
Creditors: amounts falling due after more than one year
2017
2016
Obligations under finance leases and hire purchase contracts
937
4,570
Allotted, called up and fully paid:
16 Ordinary shares of £1 each
16
16
10
Transactions with related parties
At 30 November 2017 the company owed £35 to the director (2016 - £541). No interest has been charged to the company in respect of this loan which is repayable on demand and classified in creditors due within one year.
At 30 November 2017 the company owed £5,000 to the estate of Steven O'Neill (2016 - £769). No interest has been charged to the company in respect of this amount which is payable on demand and classified in creditors due within one year.
11
Average number of employees
During the year the average number of employees was 75 (2016: 66).
12
Reconciliations on adoption of FRS 102
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.