A.B.S./ Elbrow Limited - Limited company accounts 18.2

REGISTERED NUMBER: 02818534 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018

FOR

A.B.S./ ELBROW LIMITED

Page

Company Information

1

Report of the Directors

2

Profit & Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

R J Booker

P D Field

SECRETARY:

Mrs D L Booker

REGISTERED OFFICE:

The Workshop

7 Station Road Yate

Bristol

South Gloucestershire

BS37 5HZ

REGISTERED NUMBER:

02818534 (England and Wales)

ACCOUNTANTS:

Gordon Wood Scott & Partners Limited

Chartered Accountants

Dean House

94 Whiteladies Road

Clifton

Bristol

BS8 2QX

The directors present their report with the financial statements of the company for the year ended 31 May 2018.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of specialist constructors and erectors of roofs.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 June 2017 to the date of this report.

R J Booker

P D Field

DIRECTORS' LIABILITY INSURANCE

The company maintains directors' and officers insurance on behalf of its directors and officers to provide cover should

any legal action be brought against them.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mrs D L Booker - Secretary

22 February 2019

TURNOVER

8,719,862

8,086,775

Cost of sales

(6,946,862

)

(6,509,233

)

GROSS PROFIT

1,773,000

1,577,542

Administrative expenses

(620,938

)

(415,120

)

OPERATING PROFIT

4

1,152,062

1,162,422

Interest receivable and similar income

1,059

1,799

1,153,121

1,164,221

Interest payable and similar expenses

5

(4,126

)

(3,612

)

PROFIT BEFORE TAXATION

1,148,995

1,160,609

Tax on profit

6

(216,482

)

(227,782

)

PROFIT FOR THE FINANCIAL YEAR

932,513

932,827

FIXED ASSETS

Tangible assets

7

308,346

98,902

CURRENT ASSETS

Debtors

8

1,729,913

2,263,964

Cash at bank

951,195

594,761

2,681,108

2,858,725

CREDITORS

Amounts falling due within one year

9

(1,599,042

)

(1,626,734

)

NET CURRENT ASSETS

1,082,066

1,231,991

TOTAL ASSETS LESS CURRENT LIABILITIES

1,390,412

1,330,893

CREDITORS

Amounts falling due after more than one year

10

(110,507

)

(10,253

)

PROVISIONS FOR LIABILITIES

11

(42,136

)

(15,384

)

NET ASSETS

1,237,769

1,305,256

CAPITAL AND RESERVES

Called up share capital

12

38

38

Capital redemption reserve

13

62

62

Retained earnings

13

1,237,669

1,305,156

SHAREHOLDERS' FUNDS

1,237,769

1,305,256

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The accounts were approved and authorised for issue by the Board of Directors on 22 February 2019 and were signed on its behalf by:

R J Booker - Director

P D Field - Director

1.	STATUTORY INFORMATION

A.B.S./ Elbrow Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover - income recognition

Turnover represents the fair value of work carried out during the year and is stated after deducting discounts

allowed and excludes VAT.

Profit is accounted for on contracts on the basis of wage costs. Profit is recognised pro rata based on total wages

to date as a percentage of total wage costs over the life of the contract.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except

to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Assets obtained under hire purchase contracts are capitalised as tangible fixed asset and depreciated over their

useful lives.

The interest element is charged to the profit & loss account over the relevant period. The capital element of

future payments is treated as a liability.

Rentals paid under operation leases are charged to the profit & account on a straight line basis over the period of

the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2017 - 35 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.5.18

31.5.17

£

£

Depreciation - owned assets

37,676

13,515

Depreciation - assets on hire purchase contracts

11,001

23,699

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.5.18

31.5.17

£

£

Hire purchase interest

4,126

3,612

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.5.18

31.5.17

£

£

Current tax:

UK corporation tax

189,730

234,885

Deferred tax

26,752

(7,103

)

Tax on profit

216,482

227,782

7.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2017

253,554

Additions

285,038

Disposals

(42,500

)

At 31 May 2018

496,092

DEPRECIATION

At 1 June 2017

154,652

Charge for year

48,677

Eliminated on disposal

(15,583

)

At 31 May 2018

187,746

NET BOOK VALUE

At 31 May 2018

308,346

At 31 May 2017

98,902

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Trade debtors

1,444,855

2,106,551

Other debtors

640

240

Prepayments and accrued income

284,418

157,173

1,729,913

2,263,964

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Hire purchase contracts

33,584

21,345

Payments on account

28,496

183,190

Trade creditors

753,933

978,587

Corporation Tax

189,730

234,885

Social security and other taxes

202,732

151,864

Directors' loan accounts

300,000

-

Accruals and deferred income

90,567

56,863

1,599,042

1,626,734

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.18

31.5.17

£

£

Hire purchase contracts

110,507

10,253

11.	PROVISIONS FOR LIABILITIES

31.5.18

31.5.17

£

£

Deferred tax

Accelerated capital allowances

42,136

15,384

Deferred

tax

£

Balance at 1 June 2017

15,384

Provided during year

26,752

Balance at 31 May 2018

42,136

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.18

31.5.17

value:

£

£

38

Ordinary

1

38

38

13.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 June 2017

1,305,156

62

1,305,218

Profit for the year

932,513

932,513

Dividends

(1,000,000

)

(1,000,000

)

At 31 May 2018

1,237,669

62

1,237,731

14.	OTHER FINANCIAL COMMITMENTS

The company has a commitment for operating lease charges amounting to £57,645 (£23,322 : 2017)