Aberswift De Leading Specialists Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 04254476 (England and Wales)

ABERSWIFT DE LEADING SPECIALISTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTOR:

K R Ruck

REGISTERED OFFICE:

5 Resolution Close

Endeavour Park

Boston

Lincolnshire

PE21 7TT

BUSINESS ADDRESS:

Moor Farm

Walesby Lane

Tealby

Market Rasen

Lincolnshire

LN8 3UP

REGISTERED NUMBER:

04254476 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

5 Resolution Close

Endeavour Park

Boston

Lincolnshire

PE21 7TT

FIXED ASSETS

Tangible assets

4

7,331

15,871

CURRENT ASSETS

Debtors

5

60,111

191,124

Cash at bank

55

9

60,166

191,133

CREDITORS

Amounts falling due within one year

6

85,816

195,853

NET CURRENT LIABILITIES

(25,650

)

(4,720

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(18,319

)

11,151

PROVISIONS FOR LIABILITIES

1,570

2,985

NET (LIABILITIES)/ASSETS

(19,889

)

8,166

CAPITAL AND RESERVES

Called up share capital

8

2

Retained earnings

(19,891

)

8,164

SHAREHOLDERS' FUNDS

(19,889

)

8,166

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

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

The director acknowledges his 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 director on 30 April 2018 and were signed by:

K R Ruck - Director

1.	STATUTORY INFORMATION

Aberswift De Leading Specialists Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements for the year ended 31 July 2017 are the first financial statements of Aberswift De

Leading Specialists Limited prepared in accordance with FRS 102. No adjustments were required on transition.

At the year end date the company had net liabilities of £19,889 (2016 - net current liabilities of £4,720). The

director has indicated a clear awareness of the position. The company currently meets its day to day working

capital requirements through the continuing support of the director. The director has confirmed that he will

continue to support the business as required. Therefore on this basis, the director considers it appropriate to

prepare the financial statements on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Revenue is recognised on the completion of an order and the raising of the sales invoice.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

10% on cost

Plant and machinery etc

-

25% on cost, 25% on reducing balance and 20% on reducing balance

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

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 the income statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 August 2016

4,305

80,903

85,208

Disposals

-

(13,623

)

(13,623

)

At 31 July 2017

4,305

67,280

71,585

DEPRECIATION

At 1 August 2016

4,305

65,032

69,337

Charge for year

-

4,002

Eliminated on disposal

-

(9,085

)

(9,085

)

At 31 July 2017

4,305

59,949

64,254

NET BOOK VALUE

At 31 July 2017

-

7,331

At 31 July 2016

-

15,871

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade debtors

9,648

7,183

Other debtors

50,463

183,941

60,111

191,124

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Bank loans and overdrafts

-

25,088

Trade creditors

25,439

32,213

Taxation and social security

5,234

138,552

Other creditors

55,143

-

85,816

195,853

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

Bank overdraft

-

25,088

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

2

Ordinary

£1

2

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31 July 2016:

2017

2016

£

K R Ruck and Mrs L C Ruck

Balance outstanding at start of year

149,723

136,526

Amounts advanced

86,224

120,756

Amounts repaid

(290,742

)

(107,559

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

(54,795

)

149,723