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Registration number: 04410339

A B Castle Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Cairns Accountants (Abacus 369 Ltd)
102 Snape Hill Lane
Dronfield
Derbyshire
S18 2GP

 

A B Castle Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 7

 

A B Castle Limited

Company Information

Directors

Mr Oneil Eric McKoy

Ms Julie Marie Donohoe

Company secretary

Mr Carl Bullement

Registered office

102 Snape Hill Lane
Dronfield
Derbyshire
S18 2GP

Accountants

Cairns Accountants (Abacus 369 Ltd)
102 Snape Hill Lane
Dronfield
Derbyshire
S18 2GP

 

A B Castle Limited

(Registration number: 04410339)
Balance Sheet as at 31 December 2016

Note

2016
£

2015
£

Fixed assets

 

Intangible assets

3

36,449

41,255

Tangible assets

4

14,538

19,384

 

50,987

60,639

Current assets

 

Debtors

5

39,390

22,600

Cash at bank and in hand

 

-

204

 

39,390

22,804

Creditors: Amounts falling due within one year

6

(85,391)

(74,284)

Net current liabilities

 

(46,001)

(51,480)

Total assets less current liabilities

 

4,986

9,159

Provisions for liabilities

(2,551)

(3,442)

Net assets

 

2,435

5,717

Capital and reserves

 

Called up share capital

12

12

Profit and loss account

2,423

5,705

Total equity

 

2,435

5,717

For the financial year ending 31 December 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 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.

 

A B Castle Limited

(Registration number: 04410339)
Balance Sheet as at 31 December 2016

Approved and authorised by the Board on 28 September 2017 and signed on its behalf by:
 

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

Mr Oneil Eric McKoy

Director

 

A B Castle Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1

General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
102 Snape Hill Lane
Dronfield
Derbyshire
S18 2GP
England

These financial statements were authorised for issue by the Board on 28 September 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

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

Plant and machinery

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

A B Castle Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

A B Castle Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2016

96,124

96,124

At 31 December 2016

96,124

96,124

Amortisation

At 1 January 2016

54,869

54,869

Amortisation charge

4,806

4,806

At 31 December 2016

59,675

59,675

Carrying amount

At 31 December 2016

36,449

36,449

At 31 December 2015

41,255

41,255

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2015 - £Nil).
 

4

Tangible assets

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2016

99,397

99,397

At 31 December 2016

99,397

99,397

Depreciation

At 1 January 2016

80,013

80,013

Charge for the year

4,846

4,846

At 31 December 2016

84,859

84,859

Carrying amount

At 31 December 2016

14,538

14,538

At 31 December 2015

19,384

19,384

 

A B Castle Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

5

Debtors

2016
£

2015
£

Trade debtors

25,688

22,600

Other debtors

13,702

-

Total current trade and other debtors

39,390

22,600

6

Creditors

Note

2016
£

2015
£

Due within one year

 

Bank loans and overdrafts

7

3,691

5,294

Trade creditors

 

22,465

28,840

Amounts owed to group undertakings and undertakings in which the company has a participating interest

26,857

26,668

Taxation and social security

 

29,900

12,182

Other creditors

 

2,478

1,300

 

85,391

74,284

7

Loans and borrowings

2016
£

2015
£

Current loans and borrowings

Bank borrowings

-

4,493

Bank overdrafts

3,691

801

3,691

5,294