REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abridged Unaudited Financial Statements |
|
For The Year Ended 28 February 2021 |
|
for |
|
Asset Building Services Ltd |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abridged Unaudited Financial Statements |
|
For The Year Ended 28 February 2021 |
|
for |
|
Asset Building Services Ltd |
Asset Building Services Ltd (Registered number: 11196988) |
|
Contents of the Financial Statements |
For The Year Ended 28 February 2021 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Chartered Certified Accountants' Report | 2 |
|
Abridged Statement of Financial Position | 3 |
|
Notes to the Financial Statements | 5 |
|
Asset Building Services Ltd |
|
Company Information |
For The Year Ended 28 February 2021 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Certified Accountants |
Knuway House |
Cranborne Road |
Potters Bar |
Hertfordshire |
EN6 3JN |
Chartered Certified Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Asset Building Services Ltd |
|
|
The following reproduces the text of the report prepared for the director 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 Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
|
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Asset Building Services Ltd for the year ended 28 February 2021 which comprise the Abridged Statement of Income and Retained Earnings, Abridged Statement of Financial Position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
|
This report is made solely to the director of Asset Building Services Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Asset Building Services Ltd and state those matters that we have agreed to state to the director of Asset Building Services Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
|
It is your duty to ensure that Asset Building Services Ltd 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 Asset Building Services Ltd. You consider that Asset Building Services Ltd 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 Asset Building Services Ltd. 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. |
|
|
|
|
|
|
|
Chartered Certified Accountants |
Knuway House |
Cranborne Road |
Potters Bar |
Hertfordshire |
EN6 3JN |
|
|
|
Asset Building Services Ltd (Registered number: 11196988) |
|
Abridged Statement of Financial Position |
28 February 2021 |
|
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 5 |
|
|
|
CURRENT ASSETS |
Inventories |
|
|
Debtors |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
6 |
( |
) |
|
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The director acknowledges his 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. |
Asset Building Services Ltd (Registered number: 11196988) |
|
Abridged Statement of Financial Position - continued |
28 February 2021 |
|
|
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
|
The financial statements were approved by the director and authorised for issue on
|
|
|
|
|
|
|
|
Asset Building Services Ltd (Registered number: 11196988) |
|
Notes to the Financial Statements |
For The Year Ended 28 February 2021 |
|
|
1. | STATUTORY INFORMATION |
|
Asset Building Services Ltd is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | STATEMENT OF COMPLIANCE |
|
|
|
3. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered stated net of discounts, other sales taxes and value added tax. |
|
Revenue arises from an increase in the value of work performed on construction contracts and on the value of service provided during the year. Where the outcome of a long term contract can be estimated reliably and it is probable that the contract will be profitable, revenue and costs are recognised by reference to the stage of completion of the contract activity at the statement of financial position date. Stage of completion is assessed by reference to proportion of contract costs incurred for the work performed to date relative to the estimated total costs. |
|
A variation is an instruction by the customer for a change in the scope of the work to be performed under the contract. Variations are included in contract revenue when it is probable that the customer will approve the variation and the related adjustment to the contract price can be measured reliably. |
|
A claim is an amount that the contractors seeks to collect from the customer as reimbursement for costs whose inclusion in the contract price is disputed, and may arise from , for example, delays caused by the customer, errors in specification or design and disputed variations in contract work. Claims are included in contract revenue when negotiations with the customer have reached an advanced stage such that it is probable that the customer will accept the claim and the amount of the claim can be measured reliably. |
|
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. |
|
Construction work in progress comprises the cost incurred on contracts plus an appropriate proportion of overheads and attributable profit. Profits is recognised on a percentage completion basis when the outcome of a contract or project can be reasonable foreseen, provision is made in full for estimated losses. Where the outcome of a contract cannot be reasonably foreseen, profit is taken on completion. Remedial provisions are made in full for any anticipated remediation work. |
Asset Building Services Ltd (Registered number: 11196988) |
|
Notes to the Financial Statements - continued |
For The Year Ended 28 February 2021 |
|
|
3. | ACCOUNTING POLICIES - continued |
|
Tangible fixed assets |
|
Plant and machinery | - |
|
|
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in |
circumstances indicate that the carrying value may not be recoverable. |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the profit and loss account and included in the other operating income. |
|
Government grants |
Government grants are recognised in the Statement of Income and Retained Earnings using accrual model. |
|
Inventories |
Inventories are valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. |
|
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
|
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
|
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
|
Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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 statement of financial position date. |
|
Asset Building Services Ltd (Registered number: 11196988) |
|
Notes to the Financial Statements - continued |
For The Year Ended 28 February 2021 |
|
|
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
|
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. |
|
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. |
|
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
|
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
|
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense in the period in which they are incurred. |
|
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
|
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
|
4. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
Asset Building Services Ltd (Registered number: 11196988) |
|
Notes to the Financial Statements - continued |
For The Year Ended 28 February 2021 |
|
|
5. | PROPERTY, PLANT AND EQUIPMENT |
Totals |
£ |
COST |
At 1 March 2020 |
|
Additions |
|
Disposals | ( |
) |
At 28 February 2021 |
|
DEPRECIATION |
At 1 March 2020 |
|
Charge for year |
|
Eliminated on disposal | ( |
) |
At 28 February 2021 |
|
NET BOOK VALUE |
At 28 February 2021 |
|
At 29 February 2020 |
|
|
6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS |
2021 | 2020 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 3,333 | - |
|
7. | LIABILITY LIMITATION AGREEMENT WITH THE ACCOUNTANT |
|
The company has entered into a liability limitation agreement with the accountants Lee Christian & Co Limited in respect of advice given and the preparation of any financial statements. The liability agreement strictly restricts the liability of Lee Christian & Co Limited solely to Asset Building Services Limited (the company) and further restricts the liability of Lee Christian & Co Limited to the company in accordance with the Lee Christian & Co Limited engagement letter and terms and conditions. |