ABR Gwent Ltd
ABR Gwent Ltd
Registered number: 13565883
Unaudited Financial Statements
For the Period
13 August 2021
to
31 August 2022
Ellis Lloyd Jones LLP
ABR Gwent Ltd
Unaudited Financial Statements
For the Period
13 August 2021
to
31 August 2022
Unaudited Financial Statements
Contents | |
Page | |
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Accountant's Report | 1 |
Balance Sheet | 2—3 |
Notes to the Financial Statements | 4—6 |
ABR Gwent Ltd
Accountant's Report
For the Period
13 August 2021
to
31 August 2022
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of
ABR Gwent Ltd
for the period 13 August 2021 to 31 August 2022
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of
ABR Gwent Ltd
for the period 13 August 2021 to 31 August 2022 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of
ABR Gwent Ltd
, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of
ABR Gwent Ltd
and state those matters that we have agreed to state to the directors of
ABR Gwent Ltd
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
ABR Gwent Ltd
and its directors, as a body, for our work or for this report.
It is your duty to ensure that
ABR Gwent Ltd
has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of
ABR Gwent Ltd
. You consider that
ABR Gwent Ltd
is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit of the accounts of
ABR Gwent Ltd
. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed |
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Chartered Accountants
11 Park Square
Newport
NP20 4EL
ABR Gwent Ltd
Balance Sheet
As at
31 August 2022
Balance Sheet
Registered number:
13565883
For the period ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
31 August 2022 | |||
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Notes | £ | £ | |
FIXED ASSETS | |||
Intangible Assets | 3 |
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Tangible Assets | 4 |
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CURRENT ASSETS | |||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 7 |
( |
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NET CURRENT ASSETS (LIABILITIES) |
( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
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NET LIABILITIES |
( |
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CAPITAL AND RESERVES | |||
Called up share capital | 8 |
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Profit and Loss Account |
( |
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SHAREHOLDERS' FUNDS | (91,749) | ||
ABR Gwent Ltd
Balance Sheet (continued)
As at
31 August 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 4 to 6 form part of these financial statements.
ABR Gwent Ltd
Notes to the Financial Statements
For the Period
13 August 2021
to
31 August 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
The presentational currancy is pound sterling and the figures have been rounded to the nearest pound.
1.2.
Going Concern Disclosure
The company made losses in its first period of trade and had negative shareholders' funds at 31 August 2022. The directors have provided support to the company during the period and will not require repayment until the comapny has the funds to do so. It is anticipated that the company will make a profit in the year to 31 August 2023. Therefore, the directors consider the going concern basis remains appropriate.
1.3.
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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
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Motor Vehicles |
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Computer Equipment |
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1.6.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.7.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 11
ABR Gwent Ltd
Notes to the Financial Statements (continued)
For the Period
13 August 2021
to
31 August 2022
3.
Intangible Assets
Goodwill | |||
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£ | |||
Cost | |||
As at
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Additions |
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As at
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Amortisation | |||
As at
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Provided during the period |
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As at
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Net Book Value | |||
As at
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As at
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4.
Tangible Assets
Plant & Machinery | Motor Vehicles | Computer Equipment | Total | |
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£ | £ | £ | £ | |
Cost | ||||
As at
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Additions |
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Disposals |
( |
( |
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( |
As at
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Depreciation | ||||
As at
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Provided during the period |
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As at
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Net Book Value | ||||
As at
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As at
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5.
Stocks
31 August 2022 | |
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£ | |
Stock - materials and work in progress |
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ABR Gwent Ltd
Notes to the Financial Statements (continued)
For the Period
13 August 2021
to
31 August 2022
6.
Debtors
31 August 2022 | |
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£ | |
Due within one year | |
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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7.
Creditors: Amounts Falling Due Within One Year
31 August 2022 | |
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£ | |
Trade creditors |
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Other taxes and social security |
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VAT |
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Other creditors |
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Accruals and deferred income |
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Directors' loan accounts |
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9.
General Information
ABR Gwent Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
13565883
. The registered office is 35 Coomassie Street, Newport, NP20 2JP.