ABK Manufacturing Limited - Filleted accounts

Registered number

06544896

ABK Manufacturing Limited

Filleted Accounts

31 December 2017

ABK Manufacturing Limited
Registered number:		06544896
Balance Sheet
as at 31 December 2017

Notes			2017			2016
£				£
Fixed assets
Tangible assets	3		68,481			24,898

Current assets
Stocks		144,054			124,166
Debtors	4	170,931			170,430
Cash at bank and in hand		13,672			7,062
		328,657			301,658

Creditors: amounts falling due within one year	5	(339,801)			(256,909)

Net current (liabilities)/assets			(11,144)			44,749

Total assets less current liabilities			57,337			69,647


Provisions for liabilities			(5,985)			(4,685)


Net assets			51,352			64,962

Capital and reserves
Called up share capital			10			10
Profit and loss account			51,342			64,952

Shareholders' funds			51,352			64,962

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 24 September 2018

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

	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					2017		2016
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 2017	1,627		26,635		12,316		40,578
	Additions	41,347		872		16,200		58,419
	Disposals	-		-		(2,300)		(2,300)
	At 31 December 2017	42,974		27,507		26,216		96,697




	Depreciation
	At 1 January 2017	162		9,360		6,158		15,680
	Charge for the year	4,280		2,852		6,554		13,686
	On disposals	-		-		(1,150)		(1,150)
	At 31 December 2017	4,442		12,212		11,562		28,216

	Net book value
	At 31 December 2017	38,532		15,295		14,654		68,481
	At 31 December 2016	1,465		17,275		6,158		24,898


4	Debtors					2017		2016
£							£

	Trade debtors					135,374		69,428
	Other debtors					35,557		101,002
						170,931		170,430


5	Creditors: amounts falling due within one year					2017		2016
£							£

	Obligations under finance lease and hire purchase contracts					53,378		41,088
	Trade creditors					165,910		81,816
	Corporation tax					6,677		17,343
	Other taxes and social security costs					66,087		69,717
	Other creditors					47,749		46,945
						339,801		256,909


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