Company Registration No. 01341609 (England and Wales)
ABRAHAMS & CARLISLE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
ABRAHAMS & CARLISLE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
ABRAHAMS & CARLISLE LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2019
30 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
242,311
308,102
Current assets
Stocks
20,750
20,009
Debtors
4
775,486
631,138
Cash at bank and in hand
257
409,475
796,493
1,060,622
Creditors: amounts falling due within one year
5
(876,915)
(781,449)
Net current (liabilities)/assets
(80,422)
279,173
Total assets less current liabilities
161,889
587,275
Creditors: amounts falling due after more than one year
6
(53,594)
(87,591)
Net assets
108,295
499,684
Capital and reserves
Called up share capital
21,000
21,000
Other reserves
10,100
10,100
Profit and loss reserves
77,195
468,584
Total equity
108,295
499,684
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
ABRAHAMS & CARLISLE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 DECEMBER 2019
30 December 2019
2019
2018
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 November 2020 and are signed on its behalf by:
Anthony Abrahams
Director
Company Registration No. 01341609
ABRAHAMS & CARLISLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
Abrahams & Carlisle Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Abrahams House, Newman Street, Bradford, BD4 9NT.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The Directors have considered the impact of COVID-19 on the Company’s trade, workforce and supply chain, as well as the wider economy. Whilst it is not considered practical to accurately assess the duration and extent of the disruption, the Directors are confident that they have in place plans to deal with any financial losses that may arise.
true
Such plans include, but are not limited to fully utilising the support that has been made available by the government in relation to staff costs and payment deferral of taxation.
1.3
Turnover
Turnover represents amounts invoiced, net of value added tax, of sales made during the year, adjusted to reflect
stage of completion of contracts in progress at the year end. Additional sales are included where the stage of
completion is in advance of amounts invoiced. Conversely, sales are reduced where the stage of completion is in
arrears of amounts invoiced.
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.
1.4
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:
Land and buildings Leasehold
25% straight line
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% straight line
Motor vehicles
25% straight line
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
.
ABRAHAMS & CARLISLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Amounts recoverable under long term contracts, which are included within debtors, are stated at net sales value of the work done after provisions for contingencies and anticipated future losses on contracts and less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
ABRAHAMS & CARLISLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
ABRAHAMS & CARLISLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2019
1
Accounting policies
(Continued)
- 6 -
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
ABRAHAMS & CARLISLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2019
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
63
64
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 31 December 2018
458,124
594,376
1,052,500
Additions
-
38,828
38,828
Disposals
-
(138,697)
(138,697)
At 30 December 2019
458,124
494,507
952,631
Depreciation and impairment
At 31 December 2018
261,801
482,597
744,398
Depreciation charged in the year
65,441
39,096
104,537
Eliminated in respect of disposals
-
(138,615)
(138,615)
At 30 December 2019
327,242
383,078
710,320
Carrying amount
At 30 December 2019
130,882
111,429
242,311
At 30 December 2018
196,323
111,779
308,102
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
367,962
121,907
Gross amounts owed by contract customers
298,155
403,342
Corporation tax recoverable
15,148
-
Prepayments and accrued income
94,221
101,989
775,486
627,238
Deferred tax asset
-
3,900
775,486
631,138
ABRAHAMS & CARLISLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2019
- 8 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
186,291
31,250
Obligations under hire purchase contracts
27,669
27,010
Trade creditors
398,299
255,702
Other taxation and social security
158,902
202,871
Other creditors
29,691
20,775
Accruals and deferred income
76,063
243,841
876,915
781,449
Bank loans and overdrafts are secured by a debenture, including a fixed charge over all present freehold and leasehold property.
Obligations under hire purchase contracts are secured against the assets to which they relate.
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
31,250
62,500
Obligations under hire purchase contracts
22,344
25,091
53,594
87,591
Bank loans and overdrafts are secured by a debenture, including a fixed charge over all present freehold and leasehold property.
Obligations under hire purchase contracts are secured against the assets to which they relate.
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
117,458
161,755
ABRAHAMS & CARLISLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2019
- 9 -
8
Events after the reporting date
As part of their assessment of the going concern basis of preparation, the Directors have considered the impact of the COVID-19 pandemic on the Company’s trade, workforce, supply chain and the wider economies in which it operates. See
1.2
. It is the view of the Directors that the events which have significantly impacted the Company are the direct result of Government and international policy in response to the pandemic (for example restrictions on travel, trade and personal interactions) and such policy only arose after the balance sheet date. The Directors therefore consider the impact of the COVID-19 on the business to be a non-adjusting post-balance sheet event.
9
Directors' transactions
Dividends totalling £220,000 (2018 - £240,000) were paid in the year in respect of shares held by the company's directors.
Rent of £60,000 (2018 - £60,000) was paid by the company on properties owned by the directors.
Amounts due to the directors by the company at the year end was £29,691 (2018 - £20,775).
10
Parent company
The company is a wholly owned subsidiary of Abrahams & Carlisle (Holdings) Limited. The parent's registered office is Abrahams House, Newman Street, Bradford, England, BD4 9NT.
2019-12-30
2018-12-31
false
30 November 2020
CCH Software
CCH Accounts Production 2020.310
No description of principal activity
Anthony Abrahams
Garry Abrahams
Paul Fearnley
Jonathan Paul Hemingway
Philip Sherriff
Matthew Wilson Wray
2020-11-30
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