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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2017 |
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AFFORDABLE GRANITE SURREY LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2017 |
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FOR |
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AFFORDABLE GRANITE SURREY LIMITED |
AFFORDABLE GRANITE SURREY LIMITED (REGISTERED NUMBER: 07420186) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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Page |
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Company information | 1 |
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Balance sheet | 2 |
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Notes to the financial statements | 4 |
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Chartered accountants' report | 11 |
AFFORDABLE GRANITE SURREY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Ibex House |
162-164 Arthur Road |
Wimbledon Park |
London |
SW19 8AQ |
AFFORDABLE GRANITE SURREY LIMITED (REGISTERED NUMBER: 07420186) |
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BALANCE SHEET |
31 JANUARY 2017 |
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31.1.17 | 31.1.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Retained earnings | 13 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
AFFORDABLE GRANITE SURREY LIMITED (REGISTERED NUMBER: 07420186) |
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BALANCE SHEET - continued |
31 JANUARY 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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AFFORDABLE GRANITE SURREY LIMITED (REGISTERED NUMBER: 07420186) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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1. | STATUTORY INFORMATION |
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Affordable Granite Surrey Limited is a
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The company's registered number and registered office address can be found on the Company Information |
page. |
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS AND GOING CONCERN |
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The financial statements have been prepared on a going concern basis, despite the company balance sheet |
showing net current liabilities of £198,897. The company is supported by loans made available by the |
directors. Based on current forecasts the directors have indicated that they have the resources to make available |
funds to the company to enable it to meet its debts as and when they fall due for a period of at least twelve |
months from the date of approval of the financial statements and are of the opinion that the going concern |
basis is appropriate. |
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PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS |
The financial statements contain information about Affordable Granite Surrey Limited as an individual |
company and do not contain consolidated financial information as the parent of a group. The company has |
taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial |
statements. |
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TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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GOODWILL |
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INTANGIBLE ASSETS |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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TANGIBLE FIXED ASSETS |
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Land and buildings | - |
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Plant and machinery etc | - |
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INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary undertakings are recognised at cost. |
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STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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AFFORDABLE GRANITE SURREY LIMITED (REGISTERED NUMBER: 07420186) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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2. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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HIRE PURCHASE AND LEASING COMMITMENTS |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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AFFORDABLE GRANITE SURREY LIMITED (REGISTERED NUMBER: 07420186) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2016 |
and 31 January 2017 |
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AMORTISATION |
At 1 February 2016 |
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Charge for year |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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5. | TANGIBLE FIXED ASSETS |
Tenants | Plant and | Motor | Computer |
improvements | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2016 |
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Additions |
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Disposals |
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At 31 January 2017 |
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DEPRECIATION |
At 1 February 2016 |
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Charge for year |
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Eliminated on disposal |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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AFFORDABLE GRANITE SURREY LIMITED (REGISTERED NUMBER: 07420186) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2016 |
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Additions |
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Disposals | ( |
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At 31 January 2017 |
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DEPRECIATION |
At 1 February 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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( |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2016 |
and 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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The company's investments at the Balance sheet date in the share capital of companies include the following: |
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Registered office: Unit 5 Charlwood Place, Norwood Hill, Charlwood, Horley, Surrey RH6 0EB |
Nature of business:
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Class of shares: | holding |
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31.1.17 | 31.1.16 |
£ | £ |
Aggregate capital and reserves |
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AFFORDABLE GRANITE SURREY LIMITED (REGISTERED NUMBER: 07420186) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.17 | 31.1.16 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.17 | 31.1.16 |
£ | £ |
Hire purchase contracts (see note 10) |
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Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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VAT |
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Other creditors |
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Directors' current accounts | 59,781 | 45,553 |
Directors' loan accounts | 65,153 | - |
Accruals and deferred income |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.1.17 | 31.1.16 |
£ | £ |
Hire purchase contracts (see note 10) |
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Other creditors |
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Directors' loan accounts | 209,243 | 225,000 |
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10. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
31.1.17 | 31.1.16 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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AFFORDABLE GRANITE SURREY LIMITED (REGISTERED NUMBER: 07420186) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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10. | LEASING AGREEMENTS - continued |
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Non-cancellable operating |
leases |
31.1.17 | 31.1.16 |
£ | £ |
Within one year |
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Between one and five years |
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11. | PROVISIONS FOR LIABILITIES |
31.1.17 | 31.1.16 |
£ | £ |
Deferred tax |
Deferred tax b/fwd | 36,791 | 21,533 |
Deferred Tax Cap Allowance movement | 8,779 | 15,258 |
45,570 | 36,791 |
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Deferred |
tax |
£ |
Balance at 1 February 2016 |
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Accelerated capital allowances |
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Balance at 31 January 2017 |
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The deferred tax liability is made up of accelerated capital allowances. |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.17 | 31.1.16 |
value: | £ | £ |
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Ordinary shares | £1 | 100 | 100 |
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13. | RESERVES |
Retained |
earnings |
£ |
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At 1 February 2016 |
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Profit for the year |
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Dividends | ( |
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At 31 January 2017 |
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AFFORDABLE GRANITE SURREY LIMITED (REGISTERED NUMBER: 07420186) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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14. | RELATED PARTY DISCLOSURES |
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A R Phillips, HC Phillips and close family members were paid dividends of £106,000 (2016 - £89,000). |
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At 31 January 2017, HC Phillips was owed £277,103 (2016 - £243,908) by the company. |
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At 31 January 2017, AR Phillips was owed £57,074 (2016 - £26,646) by the company. |
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At 31 January 2017 the company's subsidiary, Affordable Granite Limited was owed £620 (2016 - £620) by the |
company. |
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15. | CONTROLLING PARTY |
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The Company is controlled by AR Phillips and HC Phillips by virtue of their ownership and control of the |
entire issued share capital of the company. |
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16. | FIRST YEAR ADOPTION |
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This is the first year that the company has presented its financial statements in accordance with the provisions |
of Section 1A 'Small Entities' of Financial Reporting Standard 102 'The Financial Reporting Framework |
applicable in the UK and Republic of Ireland' (FRS 102 1A). For financial years up to and including the year |
ended 31 January 2016 the company prepared its financial statements in accordance with the old UK GAAP. |
There were no changes to the previously reported results on transition to FRS 102. |
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CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
AFFORDABLE GRANITE SURREY LIMITED |
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The following reproduces the text of the report prepared for the directors and members in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance sheet. Readers are cautioned that the Income statement and certain other |
primary statements and the Report of the directors are not required to be filed with the Registrar of |
Companies. |
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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 2017 which comprise the |
Income statement, Balance sheet and the related notes from the company's accounting records and from information |
and explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Affordable Granite Surrey 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 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 ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Affordable Granite Surrey Limited Board of Directors, as a body, for our work or for this report. |
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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. |
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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. |
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Ibex House |
162-164 Arthur Road |
Wimbledon Park |
London |
SW19 8AQ |
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