Company Registration No. 03363874 (England and Wales)
ABBEY ELECTRICS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
ABBEY ELECTRICS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
ABBEY ELECTRICS LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
10,931
14,435
Current assets
Debtors
98,019
35,827
Cash at bank and in hand
262,862
214,866
360,881
250,693
Creditors: amounts falling due within one year
(148,478)
(61,005)
Net current assets
212,403
189,688
Total assets less current liabilities
223,334
204,123
Provisions for liabilities
(2,030)
(2,717)
221,304
201,406
Capital and reserves
Called up share capital
3
30
30
Profit and loss account
221,274
201,376
Shareholders' funds
221,304
201,406
For the financial year ended 31 May 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 of its financial statements for the year in question in accordance with section 476;
-
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 27 February 2017
M Byrne
Director
Company Registration No. 03363874
ABBEY ELECTRICS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
- 2 -
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 amounts receivable for goods and services 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
25% Reducing Balance
Fixtures, fittings & equipment
15% Reducing Balance
Motor vehicles
25% Reducing Balance
1.4
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2015 & at 31 May 2016
40,544
Depreciation
At 1 June 2015
26,109
Charge for the year
3,504
At 31 May 2016
29,613
Net book value
At 31 May 2016
10,931
At 31 May 2015
14,435
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
20 Ordinary 'A' shares of £1 each
20
20
10 'B' Non Voting shares of £1 each
10
10
30
30