Company Registration No. 07420186 (England and Wales)
AFFORDABLE GRANITE SURREY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2016
AFFORDABLE GRANITE SURREY LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 6
AFFORDABLE GRANITE SURREY LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AFFORDABLE GRANITE SURREY LIMITED FOR THE YEAR ENDED 31 JANUARY 2016
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 6 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Affordable Granite Surrey Limited for the year ended 31 January 2016 set out on pages 3 to 12 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Affordable Granite Surrey Limited, as a body, in accordance with the terms of our engagement letter dated 28 March 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Affordable Granite Surrey Limited and state those matters that we have agreed to state to the Board of Directors of Affordable Granite Surrey Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Affordable Granite Surrey Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Affordable Granite Surrey 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 profit of Affordable Granite Surrey Limited. You consider that Affordable Granite Surrey 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 Affordable Granite Surrey 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.
Nunn Hayward
13 October 2016
Chartered Accountants
63 - 67 Kingston Road
New Malden
Surrey
KT3 3PB
AFFORDABLE GRANITE SURREY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 JANUARY 2016
31 January 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
548,558
585,539
Tangible assets
2
214,566
107,662
Investments
2
620
620
763,744
693,821
Current assets
Stocks
147,176
197,979
Debtors
57,952
55,321
Cash at bank and in hand
60,945
57,157
266,073
310,457
Creditors: amounts falling due within one year
3
(366,732)
(297,075)
Net current liabilities/(assets)
(100,659)
13,382
Total assets less current liabilities
663,085
707,203
Creditors: amounts falling due after more than one year
4
(328,008)
(376,722)
Provisions for liabilities
(36,791)
(21,533)
298,286
308,948
Capital and reserves
Called up share capital
5
100
100
Profit and loss account
298,186
308,848
Shareholders' funds
298,286
308,948
AFFORDABLE GRANITE SURREY LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2016
31 January 2016
- 3 -
For the financial year ended 31 January 2016 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 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 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 13 October 2016
A R Phillips
Director
Company Registration No. 07420186
AFFORDABLE GRANITE SURREY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
- 4 -
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 and is recognised on delivery of the goods and services to the customer.
1.3
Goodwill
Goodwill arising from the hive up of the trade and assets of the company's subsidiary is written off in equal annual instalments over its estimated useful economic life of 20 years.
1.4
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:
Land and buildings Leasehold
10% on straight line basis
Plant and machinery
20% - 50% on straight line basis
Computer equipment
20% on straight line basis
Motor vehicles
25% on straight line basis
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.Cost of granite slabs are valued at delivered cost price based on slab size. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
AFFORDABLE GRANITE SURREY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
- 5 -
2
Fixed assets
Intangible assets
Tangible assets
Investments
Total
£
£
£
£
Cost
At 1 February 2015
739,008
205,766
620
945,394
Additions
-
168,479
-
168,479
Disposals
-
(31,870)
-
(31,870)
At 31 January 2016
739,008
342,375
620
1,082,003
Depreciation
At 1 February 2015
153,469
98,104
-
251,573
On disposals
-
(28,132)
-
(28,132)
Charge for the year
36,981
57,837
-
94,818
At 31 January 2016
190,450
127,809
-
318,259
Net book value
At 31 January 2016
548,558
214,566
620
763,744
At 31 January 2015
585,539
107,662
620
693,821
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Affordable Granite Limited
England & Wales
Ordinary
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
Affordable Granite Limited
Dormant
-
-
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £22,419 (2015 - £24,585).
AFFORDABLE GRANITE SURREY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
- 6 -
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £11,008 (2015 - £23,722).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 ordinary shares of £1 each
100
100
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