Registration number:
Able Instruments And Controls Limited
for the Year Ended 31 December 2017
AGHS Accounting & Taxation Services Limited
Chartered Accountants
14 Progress Business Centre
Whittle Parkway
Slough
Berkshire
SL1 6DQ
Able Instruments And Controls Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Able Instruments And Controls Limited
Company Information
Director |
Mr M J Shortall |
Company secretary |
Mrs S V Shortall |
Registered office |
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Auditors |
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Page 1 |
Able Instruments And Controls Limited
(Registration number: 01851002)
Balance Sheet as at 31 December 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Mr M J Shortall
Director
Page 2 |
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Pounds Sterling, which is the functional currency of the company.
Group accounts not prepared
Audit report
Page 3 |
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Revenue recognition
Turnover from the sale of goods and services is measured at the fair value of consideration receivable, net of
discounts.
Revenue is recognised to the extent that it is probable that economic benefits will flow to the company and the
revenue can be reliably measured. In practice this means that revenue is recognised when equipment or parts are invoiced and physically dispatched or when the service has been undertaken.
In respect of long-term contracts to build items of equipment, turnover and associated costs are recognised on a percentage of completion basis when the outcome of said contracts or projects can be reasonably foreseen. Turnover is included in other debtors as accrued income to the extent that it has not already been invoiced. Provision is made in full for estimated losses. Where the outcome of a contract cannot be reasonably foreseen, turnover is recognised on completion.
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is provided for at the following annual rates in order to write down each asset over its estimated
useful life.
Asset class |
Depreciation method and rate |
Freehold property |
2% on cost of buildings |
Long leasehold property |
2% on cost of buildings |
Plant and machinery |
At various rates between 5% and 10% on cost |
Fixtures, fittings and office equipment |
At various rates between 3% and 20% on cost |
Motor vehicles |
At various rates between 14.28% and 20% on cost |
Page 4 |
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
A provision is recognised in the Balance Sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.
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 the income statement 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 income 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 asset are consumed.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Financial instruments
Page 5 |
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2017 |
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Revaluations |
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- |
- |
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Additions |
- |
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- |
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Disposals |
- |
( |
( |
( |
At 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
( |
Revaluations |
( |
- |
- |
( |
At 31 December 2017 |
- |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Included within the net book value of land and buildings above is £1,945,000 (2016 - £1,739,782) in respect of freehold land and buildings and £1,450,000 (2016 - £1,410,270) in respect of long leasehold land and buildings.
Revaluation
The fair value of the company's freehold and long leasehold land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Page 6 |
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Investments |
2017 |
2016 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2017 |
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Impairment |
( |
At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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During the year ended 31 December 2017 the company recognised an impairment loss of £91,182 (2016: £160,849) due to the LLP's loss-making position. This charge is included within amounts written off investments in the company's Profit and Loss Account.
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Proportion of voting rights and shares held |
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2017 |
2016 |
Subsidiary undertakings |
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14 Progress Business Centre,
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England and Wales |
The principal activity of Vilamoura Charters LLP is |
The loss for the financial period of Vilamoura Charters LLP was £92,943 and the aggregate amount of capital and reserves at the end of the period was £454,639. |
Page 7 |
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Current asset investments |
2017 |
2016 |
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Other investments |
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Other investments, which are unlisted, are valued at cost less impairment.
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
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Due after one year |
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Loans and borrowings |
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Page 8 |
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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12,750 |
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12,750 |
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
The company's bankers have issued guarantees to customers and government agencies with recourse to the company. The total amount of such guarantees not included in the balance sheet is £857,558 (2016 - £120,241). The guarantees are secured by fixed and floating charges on the company's assets.
Page 9 |
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Related party transactions |
Transactions with directors |
2017 |
At 1 January 2017 |
Advances to director |
Repayments by director |
At 31 December 2017 |
Mr M J Shortall |
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Director's current account |
2,542,564 |
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( |
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2016 |
At 1 January 2016 |
Advances to directors |
Repayments by director |
At 31 December 2016 |
Mr M J Shortall |
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Director's current account |
1,633,795 |
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( |
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The director's current account is shown within other debtors. Interest is receivable on the account at a rate of between 2.50 and 3.00% (2016 - 3.00%) per annum. Interest received during the year was £71,934 (2016 - £63,640).
At the year end the company's bankers held a personal guarantee from M J Shortall for £100,000 (2016 - £100,000) in respect of the company's borrowings.
Summary of transactions with subsidiaries
The balance due from subsidiaries at the year end was £129,707 (2016: £82,060).
Page 10 |