Registered number
05722184
Able Engineering Products Limited
Filleted Accounts
30 April 2017
Able Engineering Products Limited
Registered number: 05722184
Balance Sheet
as at 30 April 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 3 27,000 30,000
Tangible assets 4 64,230 36,707
91,230 66,707
Current assets
Stocks 16,714 15,823
Debtors 5 212,284 206,869
Cash at bank and in hand 155,160 199,391
384,158 422,083
Creditors: amounts falling due within one year 6 (103,121) (149,092)
Net current assets 281,037 272,991
Total assets less current liabilities 372,267 339,698
Provisions for liabilities (7,351) (7,341)
Net assets 364,916 332,357
Capital and reserves
Called up share capital 100 100
Profit and loss account 364,816 332,257
Shareholder's funds 364,916 332,357
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 4 October 2017
Able Engineering Products Limited
Notes to the Accounts
for the year ended 30 April 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.
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 2017 2016
Number Number
Average number of persons employed by the company 7 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2016 60,000
At 30 April 2017 60,000
Amortisation
At 1 May 2016 30,000
Provided during the year 3,000
At 30 April 2017 33,000
Net book value
At 30 April 2017 27,000
At 30 April 2016 30,000
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 2016 2,451 97,228 32,492 132,171
Additions 417 - 44,615 45,032
At 30 April 2017 2,868 97,228 77,107 177,203
Depreciation
At 1 May 2016 1,838 67,973 25,653 95,464
Charge for the year 257 4,388 12,864 17,509
At 30 April 2017 2,095 72,361 38,517 112,973
Net book value
At 30 April 2017 773 24,867 38,590 64,230
At 30 April 2016 613 29,255 6,839 36,707
5 Debtors 2017 2016
£ £
Trade debtors 211,214 205,781
Other debtors 1,070 1,088
212,284 206,869
6 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 20,472 34,984
Corporation tax 28,042 59,174
Other taxes and social security costs 48,904 48,543
Other creditors 5,703 6,391
103,121 149,092
7 Events after the reporting date
The directors approved the financial statements for issue on 4 October 2017. They were not aware of any adjusting and non-adjusting events between 30 April 2017 and this date.
8 Related party transactions
The directors have received dividends of £Nil (2016 - £50,000).
9 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.
10 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
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