Registered number
05522558
A B Homes (Suffolk) Limited
Filleted Accounts
31 December 2016
A B Homes (Suffolk) Limited
Registered number: 05522558
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Current assets
Stocks 334,405 332,620
Cash at bank and in hand 1,072 1,072
335,477 333,692
Creditors: amounts falling due within one year 2 (319,498) (307,117)
Net current assets 15,979 26,575
Total assets less current liabilities 15,979 26,575
Creditors: amounts falling due after more than one year 3 (15,879) (26,475)
Net assets 100 100
Capital and reserves
Called up share capital 100 100
Shareholders' funds 100 100
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.
Mr G Lebbon
Director
Approved by the board on 29 September 2017
A B Homes (Suffolk) Limited
Notes to the Accounts
for the year ended 31 December 2016
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.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
2 Creditors: amounts falling due within one year 2016 2015
£ £
Bank loans and overdrafts 10,596 10,596
Other creditors 308,902 296,521
319,498 307,117
3 Creditors: amounts falling due after one year 2016 2015
£ £
Bank loans 15,879 26,475
4 Loans 2016 2015
£ £
Creditors include:
Secured bank loans 26,475 37,071
The bank loan is secured on a mortgage.
5 Related party transactions
At the year end the company owes Mr G Lebbon, a director and shareholder, £308,902 (2015: £296,521).
6 Controlling party
The ultimate controlling party is Mr Glenn Lebbon & Mrs A Lebbon.
7 Other information
A B Homes (Suffolk) Limited is a private company limited by shares and incorporated in England. Its registered office is:
55 Daisy Avenue
Bury St Edmunds
IP32 7PG
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