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Registration number: 04223108

Abbey Builders (London) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2017

Sterling Grove Accountants Limited
Chartered Certified Accountants
Thames House
Bourne End Business Park
Cores End Road
Bourne End
Buckinghamshire
SL8 5AS

 

Abbey Builders (London) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Abbey Builders (London) Limited

Company Information

Directors

Mr A Ioannou

Mrs J Ioannou

Company secretary

Mrs J Ioannou

Registered office

Unit 24
Wadsworth Business Centre
21 Wadsworth Road
Perivale, Greenford
Middlesex
UB6 7LQ

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Thames House
Bourne End Business Park
Cores End Road
Bourne End
Buckinghamshire
SL8 5AS

 

Abbey Builders (London) Limited

(Registration number: 04223108)
Balance Sheet as at 31 August 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

7,380

10,268

Current assets

 

Debtors

5

258,147

303,603

Cash at bank and in hand

 

-

33,080

 

258,147

336,683

Creditors: Amounts falling due within one year

6

(223,388)

(329,507)

Net current assets

 

34,759

7,176

Net assets

 

42,139

17,444

Capital and reserves

 

Called up share capital

50

50

Profit and loss account

42,089

17,394

Total equity

 

42,139

17,444

For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Abbey Builders (London) Limited

(Registration number: 04223108)
Balance Sheet as at 31 August 2017

Approved and authorised by the Board on 16 March 2018 and signed on its behalf by:
 

.........................................

Mr A Ioannou

Director

 

Abbey Builders (London) Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Unit 24
Wadsworth Business Centre
21 Wadsworth Road
Perivale, Greenford
Middlesex
UB6 7LQ

These financial statements were authorised for issue by the Board on 16 March 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Straight line over 10 years

Plant and machinery

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Abbey Builders (London) Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Abbey Builders (London) Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2016 - 4).

 

Abbey Builders (London) Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

4

Tangible assets

Land and buildings
£

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 September 2016

12,836

58,648

71,484

At 31 August 2017

12,836

58,648

71,484

Depreciation

At 1 September 2016

8,985

52,230

61,215

Charge for the year

1,284

1,605

2,889

At 31 August 2017

10,269

53,835

64,104

Carrying amount

At 31 August 2017

2,567

4,813

7,380

At 31 August 2016

3,850

6,418

10,268

5

Debtors

2017
£

2016
£

Trade debtors

90,007

94,685

Other debtors

168,140

208,918

Total current trade and other debtors

258,147

303,603

6

Creditors

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

7

16,010

-

Trade creditors

 

131,356

189,400

Taxation and social security

 

22,687

21,769

Other creditors

 

53,335

118,338

 

223,388

329,507

 

Abbey Builders (London) Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

7

Loans and borrowings

2017
£

2016
£

Current loans and borrowings

Bank overdrafts

16,010

-

8

Related party transactions

Transactions with directors

2017

Advances to directors
£

At 31 August 2017
£

Mr A Ioannou

Advance

20,901

20,901

     
   

Mrs J Ioannou

Advance

20,901

20,901

     
   

 

Other transactions with directors

The directors operate an interest free directors loan account. The directors received dividends of £10,000 (2016: £nil) during the year.

9

Transition to FRS 102

The company has adopted FRS 102 for the first time for the year ended 31 August 2017. The company's date of transition to FRS 102 is 1 September 2015. The transition to FRS 102 has resulted in only a small number of changes in accounting policies compared to those used previously. The transition did not require restatement of comparative prior year amounts.