Aber Falls Kennels Limited - Filleted accounts

Aber Falls Kennels Limited - Filleted accounts

ABER FALLS KENNELS LIMITED - Company Information

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Aber Falls Kennels Limited
Registered number: 08853684
Balance Sheet
as at 31 January 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 2,044 3,066
Investments 6 - -
2,044 3,066
Current assets
Stocks - -
Debtors 7 - -
Investments held as current assets - -
Cash at bank and in hand 7,354 5,982
7,354 5,982
Creditors: amounts falling due within one year 8 (8,883) (8,319)
Net current liabilities (1,529) (2,337)
Total assets less current liabilities 515 729
Creditors: amounts falling due after more than one year 9 - -
Provisions for liabilities - -
Net assets 515 729
Capital and reserves
Called up share capital 100 100
Share premium - -
Revaluation reserve 11 - -
Profit and loss account 415 629
Shareholders' funds 515 729
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Helen Davies
Director
Approved by the board on 4 April 2017
Aber Falls Kennels Limited
Notes to the Accounts
for the year ended 31 January 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Exceptional items 2017 2016
£ £
- -
3 Employees 2017 2016
Number Number
Average number of persons employed by the company 2 2
4 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2016 -
Additions -
Disposals -
At 31 January 2017 -
Amortisation
At 1 February 2016 -
Provided during the year -
On disposals -
At 31 January 2017 -
Net book value
At 31 January 2017 -
At 31 January 2016 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2016 - 5,110 - 5,110
Additions - - - -
Surplus on revaluation - - - -
Disposals - - - -
At 31 January 2017 - 5,110 - 5,110
Depreciation
At 1 February 2016 - 2,044 - 2,044
Charge for the year - 1,022 - 1,022
Surplus on revaluation - - - -
On disposals - - - -
At 31 January 2017 - 3,066 - 3,066
Net book value
At 31 January 2017 - 2,044 - 2,044
At 31 January 2016 - 3,066 - 3,066
Freehold land and buildings: 2017 2016
£ £
Historical cost - -
Cumulative depreciation based on historical cost - -
- -
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
6 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 February 2016 - - -
Additions - - -
Disposals - - -
At 31 January 2017 - - -
7 Debtors 2017 2016
£ £
Trade debtors - -
Amounts owed by group undertakings and undertakings in which the company has a participating interest - -
Deferred tax asset - -
Other debtors - -
- -
Amounts due after more than one year included above - -
8 Creditors: amounts falling due within one year 2017 2016
£ £
Non-equity preference shares - -
Bank loans and overdrafts - -
Obligations under finance lease and hire purchase contracts - -
Trade creditors - -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Corporation tax 6,702 5,340
Other taxes and social security costs - -
Other creditors 2,181 2,979
8,883 8,319
9 Creditors: amounts falling due after one year 2017 2016
£ £
Non-equity preference shares - -
Bank loans - -
Obligations under finance lease and hire purchase contracts - -
Trade creditors - -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Other creditors - -
- -
10 Loans 2017 2016
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years - -
Instalments falling due for payment after more than five years - -
- -
Secured bank loans - -
[Give an indication of the nature and form of the security for the bank loans]
11 Revaluation reserve 2017 2016
£ £
At 1 February 2016 - -
Gain on revaluation of land and buildings - -
Deferred taxation arising on the revaluation of land and buildings - -
At 31 January 2017 - -
12 Events after the reporting date
13 Capital commitments 2017 2016
£ £
Amounts contracted for but not provided in the accounts - -
14 Pension commitments
15 Other financial commitments 2017 2016
£ £
Total future minimum payments under non-cancellable operating leases - -
16 Contingent liabilities
17 Off-balance sheet arrangements
18 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Helen Davies
Director's loan account (2,855) 27,320 (26,520) (2,055)
(2,855) 27,320 (26,520) (2,055)
19 Related party transactions
During the year the director withdrew £27,320 (2016: £52,643) from her loan account and repaid £26,520 (2016: £53,089). At the balance sheet date, the company owed the director £2,055 (2016: £2,855).
Director's remuneration paid in the year £nil (2016: £nil).
Dividends paid in the year £26,000 (2016: £20,000).
20 Controlling party
The company is controlled by the sole director, Mrs Helen Davies.
21 Other information
Aber Falls Kennels Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Paradise Crescent
Paradise Road
Penmaenmawr
Conwy
LL34 6AR
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