Company Registration No. 04040310 (England and Wales)
AABCO HANDLING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
AABCO HANDLING LIMITED
COMPANY INFORMATION
Director
Mr M M Long
Secretary
Mr I A Scott
Company number
04040310
Registered office
Unit 30
Park Rose Industrial Estate
Middlemore Road
Smethwick
Birmingham
B66 2DZ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank PLC
Burntwood Town Shopping Centre
Cannock Road
Chase Terrace
Burntwood
WS7 8JR
AABCO HANDLING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
AABCO HANDLING LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AABCO HANDLING LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aabco Handling Limited for the year ended 30 September 2018 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Aabco Handling Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Aabco Handling Limited
and state those matters that we have agreed to state to the Board of Directors of Aabco Handling Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aabco Handling Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Aabco Handling Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss of Aabco Handling Limited. You consider that Aabco Handling Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Aabco Handling Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
30 January 2019
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
AABCO HANDLING LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2018
30 September 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
15
Current assets
Debtors
4
1,002
86,896
Cash at bank and in hand
25
53,719
1,027
140,615
Creditors: amounts falling due within one year
5
(1,025)
(127,863)
Net current assets
2
12,752
Total assets less current liabilities
2
12,767
Provisions for liabilities
6
-
(3)
Net assets
2
12,764
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
-
12,762
Total equity
2
12,764
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AABCO HANDLING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2018
30 September 2018
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 30 January 2019.
Mr M M Long
Director
Company Registration No. 04040310
AABCO HANDLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 4 -
1
Accounting policies
Company information
Aabco Handling Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 30, Park Rose Industrial Estate, Middlemore Road, Smethwick, Birmingham, B66 2DZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
AABCO HANDLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).
3
Tangible fixed assets
Plant and machinery
£
Cost
At 1 October 2017
850
Disposals
(850)
At 30 September 2018
-
Depreciation and impairment
At 1 October 2017
835
Eliminated in respect of disposals
(835)
At 30 September 2018
-
Carrying amount
At 30 September 2018
-
At 30 September 2017
15
AABCO HANDLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 6 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
-
61,673
Other debtors
1,002
25,223
1,002
86,896
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
-
126,250
Corporation tax
-
585
Other taxation and social security
-
2
Other creditors
1,025
1,026
1,025
127,863
6
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
-
3
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
2
2
8
Ultimate controlling party
The ultimate controlling party is Mr M M Long.