Abbreviated Company Accounts - ASHBON SERVICES LIMITED

ASHBON SERVICES LIMITED - Company Information

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Registered Number 02941048

ASHBON SERVICES LIMITED

Abbreviated Accounts

31 October 2013

ASHBON SERVICES LIMITED Registered Number 02941048

Abbreviated Balance Sheet as at 31 October 2013

	Notes	2013	2012
		£	£
Fixed assets
Tangible assets	2	2,649,141	2,217,796
		2,649,141	2,217,796
Current assets
Stocks		9,452	9,452
Debtors		1,233,069	1,080,744
Cash at bank and in hand		5,957	101,194
		1,248,478	1,191,390
Creditors: amounts falling due within one year	3	(1,091,411)	(1,068,814)
Net current assets (liabilities)		157,067	122,576
Total assets less current liabilities		2,806,208	2,340,372
Creditors: amounts falling due after more than one year	3	(1,376,881)	(1,299,549)
Provisions for liabilities		(753,494)	(377,838)
Total net assets (liabilities)		675,833	662,985
Capital and reserves
Called up share capital	4	40,000	40,000
Profit and loss account		635,833	622,985
Shareholders' funds		675,833	662,985

For the year ending 31 October 2013 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 15 July 2014

And signed on their behalf by:
P V Patel, Director

ASHBON SERVICES LIMITED Registered Number 02941048

Notes to the Abbreviated Accounts for the period ended 31 October 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Tangible assets depreciation policy
Depreciation has been provided at the following annual rates in order to write off the assets over their estimated useful lives or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property 2% on cost
Plant and machinery 20% on reducing balance
Linen at varying rates on cost
Motor vehicles 25% on reducing balance
Depreciation is calculated monthly from the date of purchase to the date of disposal.

Other accounting policies
Stocks
Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

2Tangible fixed assets

	£
Cost
At 1 November 2012	7,081,502
Additions	898,814
Disposals	(17,950)
Revaluations	-
Transfers	-
At 31 October 2013	7,962,366
Depreciation
At 1 November 2012	4,863,706
Charge for the year	461,269
On disposals	(11,750)
At 31 October 2013	5,313,225
Net book values
At 31 October 2013	2,649,141
At 31 October 2012	2,217,796

Included in cost of land and buildings is freehold land of £133,336 (2012: £133,336) which is not depreciated.
Net book value of plant, machinery and vehicles included above held under finance leases and hire purchase contracts 2013: £1,078,002 (2012: £742,331)

3Creditors

	2013 £	2012 £
Secured Debts	2,037,310	1,707,133
Instalment debts due after 5 years	472,078	479,883

4Called Up Share Capital
Allotted, called up and fully paid:

	2013 £	2012 £
40,000 Ordinary shares of £1 each	40,000	40,000

5Transactions with directors

Name of director receiving advance or credit:	P V Patel
Description of the transaction:	Interest free loans to and from the company.
Balance at 1 November 2012:	£ 30,296
Advances or credits made:	£ 524,530
Advances or credits repaid:	£ 284,559
Balance at 31 October 2013:	£ 270,267

This loan was repaid shortly after the year end.
P V Patel also gave a personal guarantee for a loan taken out by the company in February 2012.