A.B.S./ Elbrow Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02818534 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022

FOR

A.B.S./ ELBROW LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

FIXED ASSETS

Tangible assets

4

181,590

90,456

CURRENT ASSETS

Debtors

5

3,141,660

1,618,797

Cash at bank

1,322,620

1,561,168

4,464,280

3,179,965

CREDITORS

Amounts falling due within one year

6

(2,229,864

)

(1,071,760

)

NET CURRENT ASSETS

2,234,416

2,108,205

TOTAL ASSETS LESS CURRENT LIABILITIES

2,416,006

2,198,661

CREDITORS

Amounts falling due after more than one year

7

(352,500

)

(445,442

)

PROVISIONS FOR LIABILITIES

8

(41,053

)

(15,988

)

NET ASSETS

2,022,453

1,737,231

CAPITAL AND RESERVES

Called up share capital

9

38

38

Capital redemption reserve

10

62

62

Retained earnings

10

2,022,353

1,737,131

SHAREHOLDERS' FUNDS

2,022,453

1,737,231

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The accounts were approved by the Board of Directors and authorised for issue on 10 November 2022 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

During the Coronavirus pandemic the business utilized the Job Retention Scheme and VAT Deferral Payment Scheme received a Small Business Support Scheme Grant and borrowed £450,000 under the Coronavirus Business Interruption Loan Scheme.

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.

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.

Financial instruments and cash equivalents

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.

Short term debtors are measured at transaction price less any impairment.

Short term creditors are measured at transaction price.

Cash is represented by deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2021 - 43 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2021

321,336

Additions

134,957

Disposals

(335

)

At 31 May 2022

455,958

DEPRECIATION

At 1 June 2021

230,880

Charge for year

43,823

Eliminated on disposal

(335

)

At 31 May 2022

274,368

NET BOOK VALUE

At 31 May 2022

181,590

At 31 May 2021

90,456

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Trade debtors

2,453,873

1,212,847

Other debtors

-

44,798

Social security & other taxes

208,448

90,087

Prepayments and accrued income

479,339

271,065

3,141,660

1,618,797

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Bank loans and overdrafts

90,000

7,500

Hire purchase contracts

2,943

19,287

Payments on account

181,986

51,582

Trade creditors

1,694,377

682,708

Corporation Tax

117,445

91,370

Social security and other taxes

59,403

107,537

Accruals and deferred income

83,710

111,776

2,229,864

1,071,760

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.22

31.5.21

£

£

Bank loans - 1-2 years

90,000

90,000

Bank loans - 2-5 years

262,500

352,500

Hire purchase contracts

-

2,942

352,500

445,442

8.	PROVISIONS FOR LIABILITIES

31.5.22

31.5.21

£

£

Deferred tax

Accelerated capital allowances

41,053

15,988

Deferred

tax

£

Balance at 1 June 2021

15,988

Charge to Profit & Loss Account during year

25,065

Balance at 31 May 2022

41,053

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.22

31.5.21

value:

£

£

38

Ordinary

1

38

38

10.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 June 2021

1,737,131

62

1,737,193

Profit for the year

585,222

585,222

Dividends

(300,000

)

(300,000

)

At 31 May 2022

2,022,353

62

2,022,415

11.	OTHER FINANCIAL COMMITMENTS

The company has a commitment for operating lease charges amounting to £32,056 (£61,693: 2021)