Registration number:
Absolute Property Maintenance Limited
for the Year Ended 31 July 2017
5 Chargot Road
Llandaff
Cardiff
CF5 1EW
Absolute Property Maintenance Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Absolute Property Maintenance Limited
Company Information
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Directors |
Mr Peter Anthony Powell Mrs Sandra Kathleen Powell |
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Registered office |
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Accountants |
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Page 1 |
Absolute Property Maintenance Limited
(Registration number: 6723306)
Balance Sheet as at 31 July 2017
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2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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.
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Page 2 |
Absolute Property Maintenance Limited
(Registration number: 6723306)
Balance Sheet as at 31 July 2017
Approved and authorised by the
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Mr Peter Anthony Powell
Director
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Page 3 |
Absolute Property Maintenance Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
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General information |
The company is a private company limited by share capital, incorporated in the UK.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
25% of reducing balance |
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Page 4 |
Absolute Property Maintenance Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
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.
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:
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Asset class |
Amortisation method and rate |
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Goodwill |
evenly over 5 years |
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.
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.
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.
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Page 5 |
Absolute Property Maintenance Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Page 6 |
Absolute Property Maintenance Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 August 2016 |
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At 31 July 2017 |
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Amortisation |
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Amortisation charge |
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At 31 July 2017 |
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Carrying amount |
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At 31 July 2017 |
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At 31 July 2016 |
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Tangible assets |
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Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 August 2016 |
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Additions |
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At 31 July 2017 |
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Depreciation |
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At 1 August 2016 |
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Charge for the year |
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At 31 July 2017 |
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Carrying amount |
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At 31 July 2017 |
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At 31 July 2016 |
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Page 7 |
Absolute Property Maintenance Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
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Debtors |
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Note |
2017 |
2016 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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- |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
- |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
- |
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Accruals and deferred income |
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- |
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Other creditors |
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Loans and borrowings |
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2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Transition to FRS 102 |
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Page 8 |