Registered number
03766167
Abcroft Swallow Limited
Report and Accounts
31 August 2017
www.chartered.org
Abcroft Swallow Limited
Company Information
Directors
NP Shone
M Swallow
Accountants
abell morliss international limited
128 Cannon Workshops
Cannon Drive
London E14 4AS
Bankers
Banco Santander
Registered office
128 Cannon Workshops
Cannon Drive
London E14 4AS
Registered number
03766167
Abcroft Swallow Limited
Registered number: 03766167
Balance Sheet
as at 31 August 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 2 18,750 21,875
Tangible assets 3 2,425 3,637
21,175 25,512
Current assets
Stocks 23,500 7,000
Debtors 4 111,983 146,287
Cash at bank and in hand 15,021 8,553
150,504 161,840
Creditors: amounts falling due within one year 5 (117,210) (140,615)
Net current assets 33,294 21,225
Total assets less current liabilities 54,469 46,737
Creditors: amounts falling due after more than one year 6 (30,069) (35,174)
Net assets 24,400 11,563
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 25,000 25,000
Profit and loss account (700) (13,537)
Shareholders' funds 24,400 11,563
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.
NP Shone
Director
Approved by the board on 12 October 2017
Abcroft Swallow Limited
Notes to the Accounts
for the year ended 31 August 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.
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.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2016 25,000
At 31 August 2017 25,000
Amortisation
At 1 September 2016 3,125
Provided during the year 3,125
At 31 August 2017 6,250
Net book value
At 31 August 2017 18,750
At 31 August 2016 21,875
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 September 2016 8,979
At 31 August 2017 8,979
Depreciation
At 1 September 2016 5,342
Charge for the year 1,212
At 31 August 2017 6,554
Net book value
At 31 August 2017 2,425
At 31 August 2016 3,637
4 Debtors 2017 2016
£ £
Trade debtors 99,983 123,287
Other debtors 12,000 23,000
111,983 146,287
5 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 57,843 98,832
Amounts owed to group undertakings and undertakings in which the company has a participating interest (1,200) (1,200)
Corporation tax (64) (64)
Other taxes and social security costs (1,245) 2,955
Other creditors 61,876 40,092
117,210 140,615
6 Creditors: amounts falling due after one year 2017 2016
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 5,069 5,069
Other creditors 25,000 30,105
30,069 35,174
7 Revaluation reserve 2017 2016
£ £
At 1 September 2016 25,000 25,000
At 31 August 2017 25,000 25,000
8 Other information
Abcroft Swallow Limited is a private company limited by shares and incorporated in England. Its registered office is:
128 Cannon Workshops
Cannon Drive
London E14 4AS
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