A.B.S./ Elbrow Limited - Limited company accounts 16.3
A.B.S./ Elbrow Limited - Limited company accounts 16.3
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2016 |
| FOR |
| A.B.S./ ELBROW LIMITED |
| A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2016 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Profit and Loss Account | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 6 |
| A.B.S./ ELBROW LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MAY 2016 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 MAY 2016 |
| The directors present their report with the financial statements of the company for the year ended 31 May 2016. |
| 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 2015 to the date of this report. |
| 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: |
| A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534) |
| PROFIT AND LOSS ACCOUNT |
| FOR THE YEAR ENDED 31 MAY 2016 |
| 31.5.16 | 31.5.15 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 2 |
| Interest receivable and similar income | 3 |
| 1,245,978 | 347,776 |
| Interest payable and similar charges | 4 |
| PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION |
| Tax on profit on ordinary activities | 5 |
| PROFIT FOR THE FINANCIAL YEAR |
| A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534) |
| BALANCE SHEET |
| 31 MAY 2016 |
| 31.5.16 | 31.5.15 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Capital redemption reserve | 13 |
| Profit and loss account | 13 |
| SHAREHOLDERS' FUNDS |
| 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. |
| A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534) |
| BALANCE SHEET - continued |
| 31 MAY 2016 |
| The financial statements were approved by the Board of Directors on by: |
| A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2016 |
| 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 January 2015). |
| 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 |
| Plant and machinery | - |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| Hire purchase and leasing commitments |
| 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 the profit and loss account in the period to which they relate. |
| 2. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.5.16 | 31.5.15 |
| £ | £ |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) |
| Pension costs |
| Directors' remuneration and other benefits etc |
| 3. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| 31.5.16 | 31.5.15 |
| £ | £ |
| Deposit account interest |
| A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2016 |
| 4. | INTEREST PAYABLE AND SIMILAR CHARGES |
| Interest payable and similar charges includes the following: |
| 31.5.16 | 31.5.15 |
| £ | £ |
| Bank interest |
| Hire purchase interest |
| 3,505 | 3,042 |
| 5. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit on ordinary activities for the year was as follows: |
| 31.5.16 | 31.5.15 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit on ordinary activities |
| 6. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 June 2015 |
| Additions |
| Disposals | ( |
) |
| At 31 May 2016 |
| DEPRECIATION |
| At 1 June 2015 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 May 2016 |
| NET BOOK VALUE |
| At 31 May 2016 |
| At 31 May 2015 |
| The net book value of plant and machinery includes £75,175 (£63,990 : 2015) in respect of assets being aquired |
| under hire purchase agreements. |
| A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2016 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.16 | 31.5.15 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.16 | 31.5.15 |
| £ | £ |
| Hire purchase contracts |
| Payments on account |
| Trade creditors |
| Corporation Tax |
| Social security and other taxes |
| Other Creditors - Directors |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.5.16 | 31.5.15 |
| £ | £ |
| Hire purchase contracts |
| 10. | OPERATING LEASE COMMITMENTS |
| The following operating lease payments are committed to be paid within one year: |
| 31.5.16 | 31.5.15 |
| £ | £ |
| Expiring: |
| Within one year |
| Between one and five years |
| 11. | PROVISIONS FOR LIABILITIES |
| 31.5.16 | 31.5.15 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred |
| tax |
| £ |
| Balance at 1 June 2015 |
| Provided during year |
| Balance at 31 May 2016 |
| A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2016 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.5.16 | 31.5.15 |
| value: | £ | £ |
| Ordinary | 1 |
| 13. | RESERVES |
| Profit | Capital |
| and loss | redemption |
| account | reserve | Totals |
| £ | £ | £ |
| At 1 June 2015 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 May 2016 |
| 14. | CONTROLLING PARTY |
| The controlling party is |
| 15. | RELATED PARTY TRANSACTIONS |
| R J Booker and P D Field the directors and shareholders have guaranteed £50,000 of the overdraft facility. |
| The company occupies a property owned by R J Booker and his wife in respect of which, it paid a rental of |
| £15,000 during the year. |
| Each of the directors received dividends paid by the company during the year in respect of their |
| shareholdings in the company. |