Abrasive Blades Limited - Abbreviated accounts

Registered number

00478958

Abrasive Blades Limited

Abbreviated Accounts

31 March 2016

Abrasive Blades Limited
Registered number:		00478958
Abbreviated Balance Sheet
as at 31 March 2016

Notes			2016			2015
£				£
Fixed assets
Tangible assets	2		74,726			52,653
Investments	3		499,849			499,849
			574,575			552,502

Current assets
Stocks		132,311			143,695
Debtors		353,078			515,766
Cash at bank and in hand		300			217
		485,689			659,678

Creditors: amounts falling due within one year		(394,438)			(472,963)

Net current assets			91,251			186,715

Total assets less current liabilities			665,826			739,217

Creditors: amounts falling due after more than one year			(206,227)			(199,500)



Net assets			459,599			539,717

Capital and reserves
Called up share capital	6		380,000			380,000
Share premium			49,000			49,000
Capital redemption reserve			500			500
Profit and loss account			30,099			110,217

Shareholders' funds			459,599			539,717

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



RA Sneesby
Director
Approved by the board on 12 May 2016

Abrasive Blades Limited
Notes to the Abbreviated Accounts
for the year ended 31 March 2016

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Plant and machinery			10% to 25% straight line or reducing balance
	Motor vehicles			25% reducing balance

	Stocks
	Stock is valued at the lower of cost and net realisable value.

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

	Foreign currencies
	Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

	Pensions
	The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.


2	Tangible fixed assets					£

	Cost
	At 1 April 2015					425,647
	Additions					31,353
	At 31 March 2016					457,000

	Depreciation
	At 1 April 2015					372,994
	Charge for the year					9,280
	At 31 March 2016					382,274

	Net book value
	At 31 March 2016					74,726
	At 31 March 2015					52,653


3	Investments					£

	Cost
	At 1 April 2015					499,849

	At 31 March 2016					499,849

4	Subsidiary undertaking

	AB Abrasives Limited is a subsidiary undertaking of the company and is incorporated in England and Wales. The company owns 90% of the ordinary shares and 100% of the preference shares of AB Abrasives Limited, whose principal activity is that of a specialist distributor of abrasive products.


5	Loans					2016		2015
£							£
	Creditors include:
	Secured bank loans					143,088		188,929


6	Share capital	Nominal		2016		2016		2015
value			Number		£		£
	Allotted, called up and fully paid:
	A Ordinary shares	£1 each		2,250		2,250		2,250
	B Ordinary shares	£1 each		2,250		2,250		2,250
	Ordinary shares	£1 each		5,500		5,500		5,500
	Preference shares	£1 each		370,000		370,000		370,000
						380,000		380,000


7	Transactions with directors

	IC Irvine has a loan account with the company. At 31 March 2016 there was a balance outstanding from the company of £150,000 (2015: £150,000). The balance on the loan account is secured by an all monies debenture. During the year the company paid interest of £NIL (2015: £NIL) to IC Irvine. RA Sneesby has a loan account with the company. At 31 March 2016 there was a balance outstanding to the company of £15,000 (2015: £65,000). The balance on the loan account is unsecured and non interest bearing.