Company Registration No. 02592102 (England and Wales)
AVON BRIDGE MACHINERY LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
AVON BRIDGE MACHINERY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
AVON BRIDGE MACHINERY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
422,459
167,575
Current assets
Debtors
190,063
399,868
Cash at bank and in hand
121,256
57,633
311,319
457,501
Creditors: amounts falling due within one year
3
(214,784)
(78,868)
Net current assets
96,535
378,633
Total assets less current liabilities
518,994
546,208
Creditors: amounts falling due after more than one year
4
(21,125)
(60,968)
Provisions for liabilities
(31,458)
(18,998)
466,411
466,242
Capital and reserves
Called up share capital
5
33
33
Profit and loss account
466,378
466,209
Shareholder's funds
466,411
466,242
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 29 December 2016
Mr R Parr
Director
Company Registration No. 02592102
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Leasehold
straight line over the useful life of the buildings
Plant and machinery
15% per annum on net book value
Tractors
20% per annum on net book value
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
195,301
Additions
325,865
Disposals
(26,000)
At 31 March 2016
495,166
Depreciation
At 1 April 2015
27,726
Charge for the year
44,981
At 31 March 2016
72,707
Net book value
At 31 March 2016
422,459
At 31 March 2015
167,575
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £39,844 (2015 - £39,920).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £21,125 (2015 - £60,968).
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
33 Ordinary shares of £1 each
33
33
6
Related party relationships and transactions
The amount owed to the director Mr R Parr at the balance sheet date was £75,920 (2015 - £352,386 debit).
Advances of £51,283 were made to the director during the year and repayments of £481,576 were made by way of dividends not drawn, company expenses paid by the director personally as well as repayments from Mr R Parr. Interest was charged at 3% on the debit balance during the year amounting to £1,987.
The loan was unsecured and repayable on demand.
During the year, the company made sales of £122,500 to Mr R Parr's business. At the balance sheet date Mr R Parr owed £147,000 to the company (trade debtor). During the year the company purchased services for £41,823 from Mr R Parr's business. At the balance sheet date the company owed Mr R Parr (trade creditor) £nil.