Registered number
03025979
Ableclean Limited
Filleted Accounts
31 March 2017
Ableclean Limited
Registered number: 03025979
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 2 98,910 102,810
Tangible assets 3 206,966 201,354
305,876 304,164
Current assets
Stocks 1,816 1,816
Debtors 4 440,850 469,251
Cash at bank and in hand (17,277) 1,885
425,389 472,952
Creditors: amounts falling due within one year 5 (457,819) (511,858)
Net current liabilities (32,430) (38,906)
Total assets less current liabilities 273,446 265,258
Creditors: amounts falling due after more than one year 6 (77,578) (79,824)
Provisions for liabilities (6,566) (6,566)
Net assets 189,302 178,868
Capital and reserves
Called up share capital 20,100 20,100
Share premium 9,900 9,900
Revaluation reserve 7 53,464 53,464
Profit and loss account 105,838 95,404
Shareholders' funds 189,302 178,868
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.
L Haggan
Director
Approved by the board on 20 December 2017
Ableclean Limited
Notes to the Accounts
for the year ended 31 March 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:
Land and buildings 0%
Plant and machinery 25% on reducing balance basis
Fixtures, fittings, tools and equipment 20% on reducing balance basis
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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2016 104,760
At 31 March 2017 104,760
Amortisation
At 1 April 2016 1,950
Provided during the year 3,900
At 31 March 2017 5,850
Net book value
At 31 March 2017 98,910
At 31 March 2016 102,810
Goodwill is being written off in equal annual instalments over its estimated economic life of no longer than 20 years.
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2016 101,000 132,354 162,977 396,331
Additions - 4,282 29,500 33,782
Disposals - - (13,850) (13,850)
At 31 March 2017 101,000 136,636 178,627 416,263
Depreciation
At 1 April 2016 - 119,910 75,067 194,977
Charge for the year - 3,947 20,787 24,734
On disposals - - (10,414) (10,414)
At 31 March 2017 - 123,857 85,440 209,297
Net book value
At 31 March 2017 101,000 12,779 93,187 206,966
At 31 March 2016 101,000 12,444 87,910 201,354
The net book value of tangible fixed assets includes £102008 (2016 - £87707) in respect of
assets held under finance leases or hire purchase contracts. The depreciation charge in respect
of such assets amounted to £20787 (2016 - £25178) for the year.
4 Debtors 2017 2016
£ £
Trade debtors 311,481 343,430
Other debtors 129,369 125,821
440,850 469,251
5 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 26,301 58,512
Obligations under finance lease and hire purchase contracts 35,688 28,291
Trade creditors 35,480 52,143
Taxation and social security costs 101,640 104,274
Other creditors 258,710 268,638
457,819 511,858
6 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans 11,258 14,814
Obligations under finance lease and hire purchase contracts 66,320 65,010
77,578 79,824
The bank loan is secured by a fixed and floating charge over the assets of the company.
The hire purchase contracts are secured on the assets concerned.
Advances from invoice discounters of £219278 (2016 - £193574) are secured by way of a
charge over the book debts and the personal guarantees of the directors.
7 Revaluation reserve 2017 2016
£ £
At 1 April 2016 53,464 53,464
At 31 March 2017 53,464 53,464
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
D Haggan 39,315 2,673 41,988
L Haggan 39,315 5,163 44,478
78,630 7,836 - 86,466
9 Other information
Ableclean Limited is a private company limited by shares and incorporated in England. Its registered office is:
3 Lowthian Road
Hartlepool
TS24 8BH
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