Caseware UK (AP4) 2014.0.91 2014.0.91 2017-01-312017-01-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2016-02-01 02203259 2016-02-01 2017-01-31 02203259 2017-01-31 02203259 2016-01-31 02203259 c:Director1 2016-02-01 2017-01-31 02203259 d:PlantMachinery 2016-02-01 2017-01-31 02203259 d:PlantMachinery 2017-01-31 02203259 d:PlantMachinery 2016-01-31 02203259 d:PlantMachinery d:OwnedOrFreeholdAssets 2016-02-01 2017-01-31 02203259 d:FurnitureFittings 2016-02-01 2017-01-31 02203259 d:FurnitureFittings 2017-01-31 02203259 d:FurnitureFittings 2016-01-31 02203259 d:FurnitureFittings d:OwnedOrFreeholdAssets 2016-02-01 2017-01-31 02203259 d:OwnedOrFreeholdAssets 2016-02-01 2017-01-31 02203259 d:CurrentFinancialInstruments 2017-01-31 02203259 d:CurrentFinancialInstruments 2016-01-31 02203259 d:CurrentFinancialInstruments d:WithinOneYear 2017-01-31 02203259 d:CurrentFinancialInstruments d:WithinOneYear 2016-01-31 02203259 d:ShareCapital 2017-01-31 02203259 d:ShareCapital 2016-01-31 02203259 d:SharePremium 2017-01-31 02203259 d:SharePremium 2016-01-31 02203259 d:RetainedEarningsAccumulatedLosses 2017-01-31 02203259 d:RetainedEarningsAccumulatedLosses 2016-01-31 02203259 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-01-31 02203259 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2016-01-31 02203259 d:TaxLossesCarry-forwardsDeferredTax 2017-01-31 02203259 c:FRS102 2016-02-01 2017-01-31 02203259 c:AuditExempt-NoAccountantsReport 2016-02-01 2017-01-31 02203259 c:FullAccounts 2016-02-01 2017-01-31 02203259 c:PrivateLimitedCompanyLtd 2016-02-01 2017-01-31 iso4217:GBP
02203259














ABBEY PRODUCTS (NORFOLK) LTD

UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

 
ABBEY PRODUCTS (NORFOLK) LTD
REGISTERED NUMBER:02203259

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2017

2017
2016
Note
£
£

Fixed assets
  

Tangible assets
 3 
37,824
17,107

  
37,824
17,107

Current assets
  

Stocks
  
79,798
78,950

Debtors: amounts falling due within one year
 4 
203,825
144,052

Cash at bank and in hand
 5 
7,545
4

  
291,168
223,006

Creditors: amounts falling due within one year
  
(333,046)
(296,483)

Net current liabilities
  
 
 
(41,878)
 
 
(73,477)

Total assets less current liabilities
  
(4,054)
(56,370)

Provisions for liabilities
  

Deferred tax
  
(5,008)
-

  
 
 
(5,008)
 
 
-

Net liabilities
  
(9,062)
(56,370)


Capital and reserves
  

Called up share capital 
  
67,378
67,378

Share premium account
  
37,204
37,204

Profit and loss account
  
(113,644)
(160,952)

  
(9,062)
(56,370)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 1

 
ABBEY PRODUCTS (NORFOLK) LTD
REGISTERED NUMBER:02203259
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2017

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 
................................................
P J Andrews
Director

Date: 24 April 2017
Page 2

 
ABBEY PRODUCTS (NORFOLK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017

1.


General information

Abbey Products (Norfolk) Limited is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Going concern

At the year end the company had a shareholders' deficit. The company has made profits in the year,  although it has been able to meet is obligations as and when they fell due. 
The nature of the company's business is such that there can be considerable unpredictable variation in the timing of cash inflows. The director has prepared projected cash flow information for the period ending 6 months from the date of their approval of these financial statements. On the basis of this cash flow information and discussions with the company's bankers, the director considers that the company will continue to operate within the facility currently agreed and within that is available to 1 July 2017, when the company's bankers are due to consider renewing the facility for a further year.
However, the margin over facilities is not large and, inherently there can be no certainty in relation to these matters. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the overdraft facility by the company's bankers.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
ABBEY PRODUCTS (NORFOLK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
10% straight line
Fixtures & fittings
-
10-20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
ABBEY PRODUCTS (NORFOLK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
·The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
·Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 5

 
ABBEY PRODUCTS (NORFOLK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017

3.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 1 February 2016
255,308
25,374
280,682


Additions
23,556
1,553
25,109



At 31 January 2017

278,864
26,927
305,791



Depreciation


At 1 February 2016
239,175
24,400
263,575


Charge for the period on owned assets
3,747
645
4,392



At 31 January 2017

242,922
25,045
267,967



Net book value



At 31 January 2017
35,942
1,882
37,824



At 31 January 2016
16,133
974
17,107


4.


Debtors

2017
2016
£
£


Trade debtors
198,706
137,741

Other debtors
-
1,395

Prepayments and accrued income
5,119
4,916

203,825
144,052


Page 6

 
ABBEY PRODUCTS (NORFOLK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017

5.


Cash and cash equivalents

2017
2016
£
£

Cash at bank and in hand
7,545
4

Less: bank overdrafts
-
(5,934)

7,545
(5,930)



6.


Financial instruments

2017
2016
£
£

Financial assets


Financial assets measured at fair value through profit or loss
7,545
4

7,545
4




7.


Deferred taxation



2017


£






Charged to profit or loss
(5,008)



At end of year
(5,008)

The deferred taxation balance is made up as follows:

2017
£


Tax losses carried forward
(5,008)

(5,008)

Page 7

 
ABBEY PRODUCTS (NORFOLK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017

8.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

 
Page 8