REGISTERED NUMBER: 00972502 (England and Wales)

Financial Statements for the Year Ended 31 January 2017

for

ABS (Burton) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R Culbert

Mrs B M Culbert

Mr I R Culbert

Mrs K M Williams

SECRETARY:

Mrs B M Culbert

REGISTERED OFFICE:

Unit 1 Northgate

Aldridge

Walsall

West Midlands

WS9 8TH

REGISTERED NUMBER:

00972502 (England and Wales)

ACCOUNTANTS:

Haines Watts

Keepers Lane

The Wergs

Wolverhampton

West Midlands

WV6 8UA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

176,700

238,954

176,700

238,954

CURRENT ASSETS

Stocks

1,102,854

1,085,483

Debtors

6

868,362

1,024,479

Cash at bank and in hand

1,144,509

978,023

3,115,725

3,087,985

CREDITORS

Amounts falling due within one year

7

636,758

637,777

NET CURRENT ASSETS

2,478,967

2,450,208

TOTAL ASSETS LESS CURRENT LIABILITIES

2,655,667

2,689,162

PROVISIONS FOR LIABILITIES

21,002

24,788

NET ASSETS

2,634,665

2,664,374

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,634,565

2,664,274

SHAREHOLDERS' FUNDS

2,634,665

2,664,374

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25 July 2017 and were signed on its behalf by:

Mr R Culbert - Director

Mrs B M Culbert - Director

1.	STATUTORY INFORMATION

ABS (Burton) Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The turnover shown in the profit and loss account is the amount receivable for the provision of goods

and services falling within the Company's activities, net of Value Added Tax, rebates and trade

discounts. Turnover from the provision of goods and services are recognised in the accounting period

in which the Company obtains the right to consideration in exchange for its performance and when the

amounts to be recognised are fixed or determinable and collectability is reasonably assured.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1992, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over

the useful economic life of that asset as follows:

Alterations to property

14 years straight line

Plant and machinery

15% reducing balance

Computers

33.3% straight line

Motor vehicles

25% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership

remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument

is any contract that evidences a residual interest in the assets of the company after deducting all of its

liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2016

and 31 January 2017

50,000

AMORTISATION

At 1 February 2016

and 31 January 2017

50,000

NET BOOK VALUE

At 31 January 2017

-

At 31 January 2016

-

5.	TANGIBLE FIXED ASSETS

Alterations

to

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 February 2016

135,395

311,726

272,877

43,378

763,376

Additions

-

19,820

-

-

19,820

Disposals

-

-

(68,951

)

-

(68,951

)

At 31 January 2017

135,395

331,546

203,926

43,378

714,245

DEPRECIATION

At 1 February 2016

86,292

258,771

135,981

43,378

524,422

Charge for year

8,559

10,917

24,767

-

44,243

Eliminated on disposal

-

-

(31,120

)

-

(31,120

)

At 31 January 2017

94,851

269,688

129,628

43,378

537,545

NET BOOK VALUE

At 31 January 2017

40,544

61,858

74,298

-

176,700

At 31 January 2016

49,103

52,955

136,896

-

238,954

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 February 2016

38,406

Transfer to ownership

(38,406

)

At 31 January 2017

-

DEPRECIATION

At 1 February 2016

22,203

Transfer to ownership

(22,203

)

At 31 January 2017

-

NET BOOK VALUE

At 31 January 2017

-

At 31 January 2016

16,203

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

816,196

966,006

Other debtors

52,166

58,473

868,362

1,024,479

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

29

-

Hire purchase contracts (see note 8)

-

3,459

Trade creditors

516,946

514,699

Taxation and social security

103,347

98,803

Other creditors

16,436

20,816

636,758

637,777

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2017

2016

£

£

Net obligations repayable:

Within one year

-

3,459

Non-cancellable

operating leases

2017

2016

£

£

Between one and five years

11,348

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

-

3,459

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2017 and

31 January 2016:

2017

2016

£

£

Mr R Culbert and Mrs B M Culbert

Balance outstanding at start of year

12,044

27,044

Amounts advanced

106,000

-

Amounts repaid

(105,000

)

(15,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

13,044

12,044

Mr I R Culbert

Balance outstanding at start of year

13,160

3,982

Amounts advanced

30,200

13,160

Amounts repaid

(30,000

)

(3,982

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

13,360

13,160

Mrs K M Williams

Balance outstanding at start of year

11,825

3,796

Amounts advanced

16,581

15,073

Amounts repaid

(21,000

)

(7,044

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,406

11,825

The company rented premises from the directors during the year at a cost of £75,600 (2016 £75,600).

During the year the director Mr R Culbert purchased a vehicle from the company for £13,000.

11.	RELATED PARTY DISCLOSURES

During the year dividends were paid to the directors, these amounted to £150,000 (2016 £200,000).

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R Culbert, director and majority shareholder.