Andercote Limited Small abridged accounts

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Andercote Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 05932558

Andercote Limited

Filleted Unaudited Abridged Financial Statements

31 July 2017

Andercote Limited

Abridged Financial Statements

Year Ended 31 July 2017

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Andercote Limited

Abridged Statement of Financial Position

31 July 2017

	2017		2016
Note	£	£	£

Fixed Assets

Tangible assets	5		961,695	944,524

Current Assets

Stocks	106,121	–
Debtors	55,982	46,716
Cash at bank and in hand	347,998	11,403
	---------	--------
	510,101	58,119

Creditors: amounts falling due within one year	605,912		187,164
	---------		---------
Net Current Liabilities		95,811	129,045
		---------	---------
Total Assets Less Current Liabilities		865,884	815,479

Creditors: amounts falling due after more than one year	6		572,462	618,067

Provisions

Taxation including deferred tax	5,967	2,564
	---------	---------
Net Assets	287,455	194,848
	---------	---------

Capital and Reserves

Called up share capital	7	2	2
Profit and loss account		287,453	194,846
		---------	---------
Shareholders Funds		287,455	194,848
		---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Andercote Limited

Abridged Statement of Financial Position (continued)

31 July 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 17 January 2018 , and are signed on behalf of the board by:

Mr J Welch

Director

Company registration number: 05932558

Andercote Limited

Notes to the Abridged Financial Statements

Year Ended 31 July 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, Derbyshire, S40 1LA.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. All of the members have consented to the preparation of abridged accounts in accordance with Section 444(2A) of the Companies Act 2006.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover represents the total amount receivable by the company for goods supplied and services provided exclusive of VAT.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	10% reducing balance

No depreciation is provided on freehold property as it is the companys policy to maintain its properties in good condition to prolong their useful lives. Maintenance is regularly undertaken and systematically charged to the profit and loss account. Any depreciation involved would not be material.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2016: Nil).

5. Tangible assets

	£
Cost
At 1 August 2016	953,305
Additions	20,724
	---------
At 31 July 2017	974,029
	---------
Depreciation
At 1 August 2016	8,845
Charge for the year	3,489
	---------
At 31 July 2017	12,334
	---------
Carrying amount
At 31 July 2017	961,695
	---------
At 31 July 2016	944,460
	---------

6. Creditors: amounts falling due after more than one year

The bank loans are secured on the Freehold Land and Buildings.

Included within creditors: amounts falling due after more than one year is an amount of £572,482 (2016: £468,731) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Included within creditors: amounts falling due after more than one year is an amount of £406,644 (2016: £Nil) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.

The bank loan of £572,481 is to be repaid over the next five years with a capped rate of 6% whichwill be charged as interest each month.

7. Called up share capital

Authorised share capital

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.

No transitional adjustments were required in equity or profit or loss for the year.