Accelerated Bridging Finance Limited |
Notes to the Accounts |
for the year ended 31 March 2017 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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2 |
Exceptional items |
2017 |
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2016 |
£ |
£ |
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Loss on disposal of fixed assets |
- |
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510,000 |
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- |
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510,000 |
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3 |
Investments |
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Other |
investments |
£ |
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Cost |
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At 1 April 2016 |
89,000 |
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At 31 March 2017 |
89,000 |
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4 |
Debtors |
2017 |
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2016 |
£ |
£ |
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Trade debtors |
2,268,893 |
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1,740,739 |
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Other debtors |
4,759 |
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117,067 |
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2,273,652 |
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1,857,806 |
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5 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
£ |
£ |
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Bank loans and overdrafts |
6,533,954 |
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6,313,411 |
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Taxation and social security costs |
(1,369) |
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(397) |
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Other creditors |
2,490 |
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1,949 |
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6,535,075 |
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6,314,963 |
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6 |
Related party transactions |
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Mr G Quillan's director 's loan account at the year end 31 March 2017 stands at £nil (2016 - £112,308). Mr G Quillan received loans in the year of £53,939 and made repayments of £166,246 |
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Mr J Quillan , the father of Director Mr G Quillan , had a balance due by the company at the year end of £nil (2016 - £23,088). |
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Bright Limited, a company related to Accelerated Bridging Finance Limited by way of Director and shareholder, Mr G Quillan, paid loans in the year of £8,500 with interest of £1,427 and received repayments of £9,650. The balance due to Bright Limited at the year end is £ 20,506.(2016: £20,228) |
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DNAL Investments Limited, a company related to Accelerated Bridging Finance Limited by way of Director and shareholder, Mr G Quillan had a balance due to the company at the year end of £71,621 (2016: £ 71,621) |
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New Regen Limited, a company related to Accelerated Bridging Finance Limited by way of Directors and shareholders, Mr G Quillan and Mr G Garrett, received loans in the year of £498, interest charged in the year was £398,974 and repayments of £153,730 . The balance due at the year end is £2,388,070 (2016 £ 2,142,328) |
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BOH Investments Limited, a company related to Accelerated Bridging Finance Limited by way of Director and shareholder, Mr G Quillan received loans of £650 with interest of £1,949. The balance due from BOH Investments Limited at the year end is £23,022 (2016: £20,423) |
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7 |
Controlling party |
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The ultimate controlling party is deemed to be Excel Bridging Finance Limited, a company incorporated in Belize. The company owns 100% of the company's shares |
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At 31 March 2017 , Excel Bridging Finance Limited owed Accelerated Bridging Finance £2,421 (2016 : £2,421) |
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8 |
Other information |
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Accelerated Bridging Finance Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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16 Crosby Road North |
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Waterloo |
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Liverpool |
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L22 0NY |