Able Engineering Products Limited

Registered number

05722184

Filleted Accounts

30 April 2018

Able Engineering Products Limited
Registered number:		05722184
Balance Sheet
as at 30 April 2018

Notes			2018			2017
£				£
Fixed assets
Intangible assets	3		24,000			27,000
Tangible assets	4		50,660			64,230
			74,660			91,230

Current assets
Stocks		17,267			16,714
Debtors	5	142,026			212,284
Cash at bank and in hand		271,025			155,160
		430,318			384,158

Creditors: amounts falling due within one year	6	(101,217)			(111,088)

Net current assets			329,101			273,070

Total assets less current liabilities			403,761			364,300


Provisions for liabilities			(5,077)			(7,351)


Net assets			398,684			356,949

Capital and reserves
Called up share capital			100			100
Profit and loss account			398,584			356,849

Shareholder's funds			398,684			356,949

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 D Martin
Director
Approved by the board on 18 October 2018

Able Engineering Products Limited
Notes to the Accounts
for the year ended 30 April 2018


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:

	Computer equipment			over 4 years
	Plant and machinery			over 6 years
	Motor vehicles			over 4 years

	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.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2018		2017
Number							Number

	Average number of persons employed by the company					7		7


3	Intangible fixed assets							£
	Goodwill:

	Cost
	At 1 May 2017							60,000
	At 30 April 2018							60,000

	Amortisation
	At 1 May 2017							33,000
	Provided during the year							3,000
	At 30 April 2018							36,000

	Net book value
	At 30 April 2018							24,000
	At 30 April 2017							27,000

	Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.


4	Tangible fixed assets
		Computer equipment		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 May 2017	2,868		97,228		77,107		177,203
	At 30 April 2018	2,868		97,228		77,107		177,203

	Depreciation
	At 1 May 2017	2,095		72,361		38,517		112,973
	Charge for the year	193		3,730		9,647		13,570
	At 30 April 2018	2,288		76,091		48,164		126,543

	Net book value
	At 30 April 2018	580		21,137		28,943		50,660
	At 30 April 2017	773		24,867		38,590		64,230


5	Debtors					2018		2017
£							£

	Trade debtors					138,222		211,214
	Other debtors					3,804		1,070
						142,026		212,284


6	Creditors: amounts falling due within one year					2018		2017
£							£

	Trade creditors					15,670		20,472
	Corporation tax					41,136		36,009
	Other taxes and social security costs					42,078		48,904
	Other creditors					2,333		5,703
						101,217		111,088


7	Events after the reporting date

	The directors approved the financial statements for issue on 18 October 2018. They were not aware of any adjusting and non-adjusting events between 30 April 2018 and this date.


8	Controlling party

	During the period under review the company was under the control of Mr D & Mrs M Martin who are each 26% shareholders and directors in Able Engineering Products Limited.


9	Other information

	Able Engineering Products Limited is a private company limited by shares and incorporated in England. Its registered office is:
	102 Amos Lane
	Wolverhampton
	West Midlands
	WV11 1LZ