ABK Manufacturing Limited - Filleted accounts

Registered number

06544896

ABK Manufacturing Limited

Filleted Accounts

31 December 2016

ABK Manufacturing Limited
Registered number:		06544896
Balance Sheet
as at 31 December 2016

Notes			2016			2015
£				£
Fixed assets
Tangible assets	3		24,898			26,111

Current assets
Stocks		124,166			92,919
Debtors	4	170,430			273,081
Cash at bank and in hand		7,062			6,675
		301,658			372,675

Creditors: amounts falling due within one year	5	(256,909)			(355,751)

Net current assets			44,749			16,924

Total assets less current liabilities			69,647			43,035


Provisions for liabilities			(4,685)			(5,222)


Net assets			64,962			37,813

Capital and reserves
Called up share capital			10			10
Profit and loss account			64,952			37,803

Shareholders' funds			64,962			37,813

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.


Ian Pipes
Director
Approved by the board on 28 September 2017

ABK Manufacturing Limited
Notes to the Accounts
for the year ended 31 December 2016


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.

	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:

	Propert Improvments			10% straight line
	Plant and machinery			15% reducing balance
	Fixtures and equipment			25% straight line
	Motor Vehicles			25% straight line

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	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.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.


2	Employees					2016		2015
Number							Number

	Average number of persons employed by the company					10		10


3	Tangible fixed assets
		Property Improvements		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 January 2016	-		23,474		12,316		35,790
	Additions	1,627		3,518		-		5,145
	Disposals	-		(357)		-		(357)
	At 31 December 2016	1,627		26,635		12,316		40,578




	Depreciation
	At 1 January 2016	-		6,600		3,079		9,679
	Charge for the year	162		3,117		3,079		6,358
	On disposals	-		(357)		-		(357)
	At 31 December 2016	162		9,360		6,158		15,680

	Net book value
	At 31 December 2016	1,465		17,275		6,158		24,898
	At 31 December 2015	-		16,874		9,237		26,111


4	Debtors					2016		2015
£							£

	Trade debtors					69,428		157,204
	Other debtors					101,002		115,877
						170,430		273,081



5	Creditors: amounts falling due within one year					2016		2015
£							£

	Obligations under finance lease and hire purchase contracts					41,088		44,428
	Trade creditors					81,816		152,700
	Corporation tax					17,343		20,572
	Other taxes and social security costs					69,717		73,711
	Other creditors					46,945		64,340
						256,909		355,751


6	Other information

	ABK Manufacturing Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Unit 1
	Parcel Terrace
	Derby
	DE1 1LY