Abbeygate Builders Merchants Limited
Unaudited Abbreviated Accounts
For the year ended 30 November 2016
Company Registration No. 02755338 (England and Wales)
Abbeygate Builders Merchants Limited
Contents
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
Abbeygate Builders Merchants Limited
Abbreviated Balance Sheet
As at 30 November 2016
Page 1
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
5,934
10,818
Investments
2
1,300
1,300
7,234
12,118
Current assets
Stocks
242,042
218,243
Debtors
1,308,040
1,052,352
Cash at bank and in hand
326,471
126,247
1,876,553
1,396,842
Creditors: amounts falling due within one year
3
(1,300,150)
(1,093,319)
Net current assets
576,403
303,523
Total assets less current liabilities
583,637
315,641
Creditors: amounts falling due after more than one year
(50,000)
(50,000)
Provisions for liabilities
(210)
(210)
533,427
265,431
Capital and reserves
Called up share capital
4
10,000
10,000
Profit and loss account
523,427
255,431
Shareholders' funds
533,427
265,431
Abbeygate Builders Merchants Limited
Abbreviated Balance Sheet (Continued)
As at 30 November 2016
Page 2
For the financial year ended 30 November 2016 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.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 12 June 2017
Mr R Cooney
Director
Company Registration No. 02755338
Abbeygate Builders Merchants Limited
Notes to the Abbreviated Accounts
For the year ended 30 November 2016
Page 3
1
Accounting policies
1.1
Accounting convention
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 represents the invoiced value of goods sold and services provided net of VAT 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 less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
15% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% reducing balance
1.4
Investments
Fixed asset investments are stated at cost.
1.5
Stock
Stock is valued at the lower of cost and net realisable value. Cost includes all direct costs incurred in bringing the stock to its present location and condition. Provision is made where necessary for obsolete, slow moving and defective stock.
1.6
Pensions
The company makes contributions to a defined contribution scheme, the assets of the scheme being held separately from the assets of the company. The pension cost charge represents contributions payable to the scheme.
1.7
In accordance with UITF 38, the intrinsic value of awards to employees of shares is charged to the profit and loss account over the period to which the employees' performance relates.
The administration costs of the Abbeygate Builders Merchants Employee Benefit Trust are included in the profit and loss account. The consideration paid or received for the purchase or sale of the company's own shares is shown as a movement on shareholders' funds.
1.8
The company uses the services of an invoice discounting company. The debts are with full recourse, and the accounting treatment adopted in accordance with the FRSSE is to present the debtors and the liability to the finance house separately.
Abbeygate Builders Merchants Limited
Notes to the Abbreviated Accounts (Continued)
For the year ended 30 November 2016
Page 4
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 December 2015
284,746
1,300
286,046
Additions
1,300
-
1,300
At 30 November 2016
286,046
1,300
287,346
Depreciation
At 1 December 2015
273,928
-
273,928
Charge for the year
6,184
-
6,184
At 30 November 2016
280,112
-
280,112
Net book value
At 30 November 2016
5,934
1,300
7,234
At 30 November 2015
10,818
1,300
12,118
Investments are stated at cost, less provision for any diminution in value.
3
Creditors: amounts falling due within one year
Included in bank loans and overdrafts is an advance by ABN Amro Commercial Finance PLC of £236,828 (2015: £254,194) which is secured over the assets of the company. A bank overdraft is guaranteed by ABN Amro Commercial Finance PLC for a sum of up to £76,000.
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
10,000 Ordinary shares of £1 each
10,000
10,000
5
Control
The ultimate controlling party is D.R. Cooney, a director, by virtue of his majority shareholding in the company.