Registration number:
for the Year Ended
Ablebox Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Ablebox Limited
Company Information
Directors |
S P Ainsworth T C Lloyd J E Lloyd J C Lloyd A B Lloyd |
Registered office |
|
Auditors |
|
Page 1 |
Ablebox Limited
Strategic Report for the Year Ended 30 April 2017
The directors present their strategic report for the year ended 30 April 2017.
Principal activity
The principal activity of the company is to manufacture and distribute corrugated packaging.
Fair review of the business
This year has been a year of consolidation and with a strong focus on building a strong foundation ahead planned organic growth in the coming years. Subsequently, sales were fairly flat on the prior year but profitability was still strong. This year has seen significant investment in new capacity that will continue into the coming financial year.
The net current liability showing on the balance sheet is due to a short term bank loan for the construction of an additional factory, shown as £1.1m within Creditors due within one year. Upon completion, this loan will be transferred into a repayable mortgage of 20 years.
The company's key financial and other performance indicators during the year were as follows:
Unit |
2017 |
2016 |
|
Turnover |
£ |
7,750,378 |
7,914,711 |
Gross profit |
£ |
2,317,368 |
2,590,948 |
Gross profit margin |
% |
30 |
33 |
Principal risks and uncertainties
The directors have reviewed the industry in which the company operates and they consider that there are no significant risks and uncertainties that need disclosing within this report.
The directors consider it appropriate to adopt the going concern basis based on a review of the expected results for the foreseeable future.
Approved by the Board on
S P Ainsworth
Director
Page 2 |
Ablebox Limited
Directors' Report for the Year Ended 30 April 2017
The directors present their report and the financial statements for the year ended 30 April 2017.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The directors are responsible for monitoring financial risk. Appropriate policies have been developed and implemented to identify, evaluate and manage key risks.
Price risk, credit risk, liquidity risk and cash flow risk
a) Price risk - The company is exposed to price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to price risk exceed any potential benefits.
b) Credit risk - The company has implemented policies for its finance operations that require appropriate credit checks on potential customers before finance is given. The nature of the company's main operations does not give rise to significant credit risk.
c) Liquidity risk - The company actively maintains debt finance in respect of bank loans, hire purchases and an invoice financing facility that is designed to ensure the company has sufficient available funds for operations and expansions. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Future developments
The coming year will see further significant investment in new and more efficient capacity and significant increase in turnover.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the Board on
S P Ainsworth
Director
Page 3 |
Ablebox Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 4 |
Ablebox Limited
Independent Auditor's Report to the Members of Ablebox Limited
We have audited the financial statements of Ablebox Limited for the year ended 30 April 2017, set out on pages 7 to 23. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Statement of Directors' Responsibilities (set out on page 4), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors to the financial statements.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on the financial statements
In our opinion the financial statements:
• |
give a true and fair view of the state of the company's affairs as at 30 April 2017 and of its profit for the year then ended; |
• |
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• |
have been prepared in accordance with the requirements of the Companies Act 2006. |
Page 5 |
Ablebox Limited
Independent Auditor's Report to the Members of Ablebox Limited
Emphasis of matter
We draw your attention to note 10 of the financial statements, which describes the potential revision of the purchase price of software and its effect on the company’s balance sheet. Our opinion is not modified in respect of this matter.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• |
the financial statements are not in agreement with the accounting records and returns; or |
• |
certain disclosures of directors’ remuneration specified by law are not made; or |
• |
we have not received all the information and explanations we require for our audit. |
For and on behalf of
Winchester House
Deane Gate Avenue
Somerset
TA1 2UH
Page 6 |
Ablebox Limited
Profit and Loss Account for the Year Ended 30 April 2017
Note |
2017 |
2016 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(32,643) |
(30,032) |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Total comprehensive income for the year |
675,804 |
916,911 |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 7 |
Ablebox Limited
(Registration number: 02547129)
Balance Sheet as at 30 April 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised by the
S P Ainsworth
Director
Page 8 |
Ablebox Limited
Statement of Changes in Equity for the Year Ended 30 April 2017
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 May 2016 |
|
|
|
|
Profit for the year and total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 30 April 2017 |
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 May 2015 |
|
|
|
|
Profit for the year and total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 30 April 2016 |
|
|
|
|
Page 9 |
Ablebox Limited
Statement of Cash Flows for the Year Ended 30 April 2017
Note |
2017 |
2016 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in stocks |
( |
|
|
Decrease in trade debtors |
|
|
|
Decrease in trade creditors |
( |
( |
|
Increase in deferred income, including government grants |
|
- |
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
|
- |
|
Repayment of bank borrowing |
( |
- |
|
Proceeds from other borrowing draw downs |
|
|
|
Payments to finance lease creditors |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
|
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 May |
|
( |
|
Cash and cash equivalents at 30 April |
162,732 |
469,425 |
Page 10 |
Ablebox Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The principal place of business is:
23 Buckland Road
Yeovil
BA21 5HA
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements are prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises UK corporation tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 11 |
Ablebox Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land |
nil |
Buildings |
5% straight line |
Plant and machinery |
20% reducing balance |
Furniture, fittings and equipment |
33% reducing balance |
Motor vehicles |
33% reducing balance |
Goose software |
10% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 12 |
Ablebox Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using a combination of purchase price and selling price less the gross profit margin for each individual product.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 13 |
Ablebox Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
2017 |
2016 |
|
Sale of goods |
|
|
The analysis of the company's turnover for the year by market is as follows:
2017 |
2016 |
|
UK |
|
|
Operating profit |
Arrived at after charging/(crediting)
2017 |
2016 |
|
Depreciation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Interest payable and similar expenses |
2017 |
2016 |
|
Interest on bank borrowings |
|
- |
Interest on obligations under finance leases and hire purchase contracts |
|
|
Other interest payable |
|
|
|
|
Page 14 |
Ablebox Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2017 |
2016 |
|
Wages and salaries |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2017 |
2016 |
|
Production |
|
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2017 |
2016 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
80,182 |
71,188 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2017 |
2016 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditors' remuneration |
2017 |
2016 |
|
Audit of the financial statements |
|
|
Page 15 |
Ablebox Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Taxation |
Tax charged/(credited) in the income statement
2017 |
2016 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
|
- |
152,597 |
201,121 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Arising from changes in tax rates and laws |
( |
( |
Total deferred taxation |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2016 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2017 |
2016 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Decrease from effect of different UK tax rates on some earnings |
( |
- |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Corporation tax relating to previous periods |
|
- |
Deferred tax credit from unrecognised temporary difference from a prior period |
( |
( |
Other tax effects for reconciliation between accounting profit and tax expense (income) |
|
|
Total tax charge |
|
|
Page 16 |
Ablebox Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Deferred tax
Deferred tax assets and liabilities
2017 |
Liability |
Differences between accumulated depreciation and capital allowances |
|
2016 |
Liability |
Differences between accumulated depreciation and capital allowances |
|
Tangible assets |
Land and buildings |
Plant and machinery |
Furniture, fittings and equipment |
Motor vehicles |
Goose software |
Total |
|
Cost or valuation |
||||||
At 1 May 2016 |
|
|
|
|
|
|
Additions |
|
|
|
|
- |
|
Disposals |
- |
( |
- |
( |
- |
( |
At 30 April 2017 |
|
|
|
|
|
|
Depreciation |
||||||
At 1 May 2016 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
- |
( |
At 30 April 2017 |
|
|
|
|
|
|
Carrying amount |
||||||
At 30 April 2017 |
|
|
|
|
|
|
At 30 April 2016 |
|
|
|
|
|
|
Included within the net book value of land and buildings above is £152,324 (2016 - £154,980) in respect of freehold land and buildings and £2,245,137 (2016 - £106,934) in respect of assets under construction.
Goose software
The valuation of Goose, a fully integrated management system shown as a Tangible Asset on the Balance Sheet is currently under review. Goose was valued by an independent IP specialist and sold at arm’s length at its market value by a connected party. Should it be required, the vendor will make an adjustment to the sale price under the terms of the sale agreement. However, any subsequent adjustment is not likely to have a material effect on the company’s net assets.
Page 17 |
Ablebox Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2017 |
2016 |
|
Plant and machinery |
294,517 |
213,800 |
Motor vehicles |
225,529 |
339,268 |
520,046 |
553,068 |
Restriction on title and pledged as security
Stocks |
2017 |
2016 |
|
Paper stock |
|
|
Warehouse stock |
|
|
Other stock |
|
|
|
|
The cost of stocks recognised as an expense in the year amounted to £
Total stocks with a carrying amount of £
Debtors |
2017 |
2016 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
Accrued income |
- |
|
Total current trade and other debtors |
|
|
Total current trade and other assets with a carrying amount of £1,317,520 (2016 - £1,444,234) has been pledged as security for the invoice financing facility and bank loans.
Page 18 |
Ablebox Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Cash and cash equivalents |
2017 |
2016 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
|
Invoice financing facility |
|
|
Cash and cash equivalents in statement of cash flows |
162,732 |
469,425 |
The cash and cash equivalents with a carrying amount of £1,253 (2016 - £14,331) has been pledged as security for the invoice discounting facility and bank loans.
The invoice financing facility is secured against the assets of the company.
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accrued expenses |
|
|
|
Income tax liability |
149,023 |
197,546 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
|
Deferred income |
|
- |
|
623,237 |
227,447 |
The loans and borrowings are secured against assets of the company.
Deferred tax and other provisions |
Deferred tax |
Total |
|
At 1 May 2016 |
|
|
Additional provisions |
|
|
At 30 April 2017 |
|
|
Page 19 |
Ablebox Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling
£
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
168.00 |
|
168.00 |
|
|
10.50 |
|
10.50 |
|
|
10.50 |
|
21.00 |
|
|
10.50 |
|
10.50 |
|
|
10.50 |
- |
- |
|
|
|
|
Rights, preferences and restrictions
Ordinary shares class A, B, C, D and E have the following rights, preferences and restrictions: |
Reserves |
Capital redemption reserve
The capital redemption reserve has arisen due to a historic company purchase of own shares of 190 ordinary shares with a nominal value of £190. The creation of the capital redemption reserve preserves the capital of the company.
Loans and borrowings |
2017 |
2016 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
- |
Finance lease liabilities |
|
|
|
|
Page 20 |
Ablebox Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
2017 |
2016 |
|
Current loans and borrowings |
||
Bank borrowings |
|
- |
Finance lease liabilities |
|
|
|
|
Obligations under leases and hire purchase contracts |
Finance leases
Obligations under finance lease and hire purchase contracts are secured against the assets which the arrangement finances.
The total of future minimum lease payments is as follows:
2017 |
2016 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
2017 |
2016 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
2017 |
2016 |
|
£ |
£ |
|
Interim dividend of £
|
411,148 |
557,460 |
The directors are proposing a final dividend of £Nil (2016 - £Nil) per share totalling £Nil (2016 - £Nil).
Page 21 |
Ablebox Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £
Related party transactions |
Key management personnel
Directors.
Key management compensation has been disclosed in note 7 Director's remuneration.
Summary of transactions with key management
The directors' provide indemnity and undertaking in respect of the invoice discounting facility.
Income and receivables from related parties
2017 |
Key management |
Sale of car |
|
Expenditure with and payables to related parties
2017 |
Key management |
Ordinary dividends paid |
|
2016 |
Key management |
Ordinary dividends paid |
|
Page 22 |
Ablebox Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Loans to related parties
2017 |
Key management |
At start of period |
( |
Advanced |
|
Repaid |
( |
At end of period |
( |
2016 |
Key management |
At start of period |
( |
Advanced |
|
Repaid |
( |
At end of period |
( |
Parent and ultimate parent undertaking |
The ultimate controlling party is
Page 23 |