ABC-Dry (Southern) Limited - Limited company accounts 11.4

REGISTERED NUMBER: 03938222 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2013

FOR

ABC-DRY (SOUTHERN) LIMITED

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

C R Barnett

T W Redfern

SECRETARY:

First Instance Secretariat Ltd

REGISTERED OFFICE:

Sovereign House

22 Shelley Road

WORTHING

West Sussex

BN11 1TU

REGISTERED NUMBER:

03938222 (England and Wales)

ACCOUNTANTS:

Monetaire

Sovereign House

22 Shelley Road

WORTHING

West Sussex

BN11 1TU

The directors present their report with the financial statements of the company for the year ended 31 December 2013.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of the erection of ceilings, partitions and dry

wall linings.

DIRECTORS

C R Barnett has held office during the whole of the period from 1 January 2013 to the date of this report.

Other changes in directors holding office are as follows:

S L Battle - appointed 1 February 2013 - resigned 7 August 2013

T W Redfern - appointed 1 February 2013

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

to small companies.

ON BEHALF OF THE BOARD:

First Instance Secretariat Ltd - Secretary

25 September 2014

TURNOVER

2

772,404

692,022

Cost of sales

693,145

561,921

GROSS PROFIT

79,259

130,101

Administrative expenses

82,070

111,824

OPERATING (LOSS)/PROFIT

3

(2,811

)

18,277

Interest payable and similar charges

-

1,239

(LOSS)/PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION

(2,811

)

17,038

Tax on (loss)/profit on ordinary activities

4

1,200

3,900

(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(4,011

)

13,138

FIXED ASSETS

Tangible assets

5

11,900

15,425

CURRENT ASSETS

Stocks

800

758

Debtors

6

162,353

136,096

Cash in hand

3,530

679

166,683

137,533

CREDITORS

Amounts falling due within one year

7

124,399

144,232

NET CURRENT ASSETS/(LIABILITIES)

42,284

(6,699

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

54,184

8,726

CREDITORS

Amounts falling due after more than one
year

8

98,727

49,258

NET LIABILITIES

(44,543

)

(40,532

)

CAPITAL AND RESERVES

Called up share capital

9

2

Profit and loss account

10

(44,545

)

(40,534

)

SHAREHOLDERS' FUNDS

(44,543

)

(40,532

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2013 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 special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 25 September 2014 and were signed on its behalf
by:

C R Barnett - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

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

sheet date.

2.

TURNOVER

The turnover and loss (2012 - profit) before taxation are attributable to the principal activities of the company.

3.	OPERATING (LOSS)/PROFIT

The operating loss (2012 - operating profit) is stated after charging:

2013

2012

£

Depreciation - owned assets

3,825

4,176

Loss on disposal of fixed assets

-

694

Directors' remuneration and other benefits etc

5,820

4.

TAXATION

Analysis of the tax charge

The tax charge on the loss on ordinary activities for the year was as follows:

2013

2012

£

Current tax:

UK corporation tax

1,200

3,900

Tax on (loss)/profit on ordinary activities

1,200

3,900

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2013

48,624

Additions

300

At 31 December 2013

48,924

DEPRECIATION

At 1 January 2013

33,199

Charge for year

3,825

At 31 December 2013

37,024

NET BOOK VALUE

At 31 December 2013

11,900

At 31 December 2012

15,425

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2013

2012

£

Trade debtors

29,260

86,558

Other debtors

133,093

49,538

162,353

136,096

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2013

2012

£

Bank loans and overdrafts

29,981

42,695

Trade creditors

59,087

74,981

Taxation and social security

19,631

13,762

Other creditors

15,700

12,794

124,399

144,232

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2013

2012

£

Other creditors

98,727

49,258

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2013

2012

value:

£

2

£1 Ordinary

£1

2

10.

RESERVES

Profit

and loss

account

£

At 1 January 2013

(40,534

)

Deficit for the year

(4,011

)

At 31 December 2013

(44,545

)

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2013 and

31 December 2012:

2013

2012

£

C R Barnett

Balance outstanding at start of year

22,037

-

Amounts advanced

34,777

22,037

Amounts repaid

(22,037

)

-

Balance outstanding at end of year

34,777

22,037

12.	RELATED PARTY DISCLOSURES

Mr C R Barnett is a director and shareholder of ABC Dry Construction Limited and ABC Dry Consultants

Limited which are registered in England and Wales.

Payments made by/(to) the companies during the year:

ABC Dry Construction Limited £5,050 (2012 - (£1,500))

ABC Dry Consultants Limited £355 (2012 - £nil)

Balance owed by/(to) the company at the year end:

ABC Dry Construction Limited £99,082 (2012 - £49,258)

ABC Dry Consultants Limited (£355) (2012 - £nil)

13.	INSOLVENT POSITION

The directors realise that the company is trading insolvently and are aware of their responsibilities under the

provisions of the Insolvency Act 1986.