A.B. Construction Building & Development Limited

Contents
	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—6

Registered number: 03540746

		2017		2016
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		9,077		9,746

			9,077		9,746
CURRENT ASSETS
Stocks	5	999,130		999,130
Debtors	6	771,992		747,351
Cash at bank and in hand		21,132		49,715

		1,792,254		1,796,196
Creditors: Amounts Falling Due Within One Year	7	(697,219 )		(759,604 )

NET CURRENT ASSETS (LIABILITIES)			1,095,035		1,036,592

TOTAL ASSETS LESS CURRENT LIABILITIES			1,104,112		1,046,338

Creditors: Amounts Falling Due After More Than One Year	8		(694,381 )		(696,496 )

NET ASSETS			409,731		349,842

CAPITAL AND RESERVES
Called up share capital	10		100		100
Income Statement			409,631		349,742

SHAREHOLDERS' FUNDS			409,731		349,842

Page 1

Statement of Financial Position (continued)

For The Year Ended 30 April 2017

For the year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.

On behalf of the board

Mr Barry Doherty

18 April 2018

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

1.2. 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 form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

1.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	25% per annum on the reducing balance
Fixtures & Fittings	25% per annum on the reducing balance
Computer Equipment	25% per annum on the reducing balance

1.4. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.

Page 3

A.B. Construction Building & Development Limited

Notes to the Unaudited Accounts (continued)

For The Year Ended 30 April 2017

1.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

1.6. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.

2. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2017	2016
Office and administration	1	1
Manufacturing	1	1

	2	2

4. Tangible Assets


	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 May 2016	21,495	6,981	-	28,476
Additions	-	-	2,355	2,355

As at 30 April 2017	21,495	6,981	2,355	30,831

Depreciation
As at 1 May 2016	13,103	5,627	-	18,730
Provided during the period	2,098	338	588	3,024

As at 30 April 2017	15,201	5,965	588	21,754

Net Book Value
As at 30 April 2017	6,294	1,016	1,767	9,077

As at 1 May 2016	8,392	1,354	-	9,746

Page 4

A.B. Construction Building & Development Limited

Notes to the Unaudited Accounts (continued)

For The Year Ended 30 April 2017

5. Stocks

	2017	2016
	£	£
Stock - work in progress	999,130	999,130

	999,130	999,130

6. Debtors

	2017	2016
	£	£
Due within one year
Trade debtors	14,997	-
Prepayments and accrued income	1,452	-
Other debtors	755,543	747,351

	771,992	747,351

7. Creditors: Amounts Falling Due Within One Year

	2017	2016
	£	£
Net obligations under finance lease and hire purchase contracts	2,339	5,145
Trade creditors	58,197	8,608
Corporation tax	81,529	62,184
Other taxes and social security	-	8,584
Other creditors	555,154	675,083

	697,219	759,604

8. Creditors: Amounts Falling Due After More Than One Year

	2017	2016
	£	£
Bank loans	694,381	696,496

9. Secured Creditors

Of the creditors falling due within and after more than one year the following amounts are secured.

	2017		2016
	£		£
Bank loans and overdrafts	694,381		696,496

Page 5

A.B. Construction Building & Development Limited

Notes to the Unaudited Accounts (continued)

For The Year Ended 30 April 2017

10. Share Capital

	Value	Number	2017	2016
Allotted, called up and fully paid	£		£	£
Ordinary shares	1	100	100	100

11. Transition to FRS 102

This is the first year in which the financial statements have been prepared under FRS 102. The last financial statements under previous UK GAAP were for the year ended 30 April 2016, and the date of transition to FRS 102 was 1 May 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

12. General Information

A.B. Construction Building & Development Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03540746. The registered office is 60 Gordon Road, London, W5 2AR.

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