Registered number
01041753
Acbond Limited
Filleted Accounts
30 June 2017
Acbond Limited
Registered number: 01041753
Balance Sheet
as at 30 June 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 2 5,938 5,938
Tangible assets 3 716,191 714,683
Investments 4 6,489 6,489
728,618 727,110
Current assets
Debtors 5 4,273 7,270
Cash at bank and in hand 36,217 48,788
40,490 56,058
Creditors: amounts falling due within one year 6 (42,073) (43,610)
Net current (liabilities)/assets (1,583) 12,448
Total assets less current liabilities 727,035 739,558
Creditors: amounts falling due after more than one year 7 (65,179) (61,007)
Net assets 661,856 678,551
Capital and reserves
Called up share capital 4,971 4,971
Share premium 25,488 25,488
Profit and loss account 631,397 648,092
Shareholders' funds 661,856 678,551
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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G H Lee
Director
Approved by the board on 31 March 2018
Acbond Limited
Notes to the Accounts
for the year ended 30 June 2017
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
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.
Debtors
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.
Creditors
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.
Taxation
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.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2016 5,938
At 30 June 2017 5,938
Amortisation
At 30 June 2017 -
Net book value
At 30 June 2017 5,938
At 30 June 2016 5,938
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2016 702,337 34,800 737,137
Additions - 3,047 3,047
At 30 June 2017 702,337 37,847 740,184
Depreciation
At 1 July 2016 - 22,454 22,454
Charge for the year - 1,539 1,539
At 30 June 2017 - 23,993 23,993
Net book value
At 30 June 2017 702,337 13,854 716,191
At 30 June 2016 702,337 12,346 714,683
4 Investments
Other
investments
£
Cost
At 1 July 2016 6,489
At 30 June 2017 6,489
5 Debtors 2017 2016
£ £
Trade debtors 4,273 7,270
6 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 42,073 43,610
7 Creditors: amounts falling due after one year 2017 2016
£ £
Other creditors 65,179 61,007
8 Other information
Acbond Limited is a private company limited by shares and incorporated in England. Its registered office is:
Montgomery Chambers
22 Hardwick Street
Buxton
Derbyshire
SK17 6DH
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