Company registration number 04048936 (England and Wales)
ABBEY SERVICES (PALLETS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
ABBEY SERVICES (PALLETS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ABBEY SERVICES (PALLETS) LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2021
30 September 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
638,331
600,720
Current assets
Stocks
26,125
19,935
Debtors
4
574,815
394,618
Cash at bank and in hand
337,186
279,456
938,126
694,009
Creditors: amounts falling due within one year
5
(320,666)
(195,283)
Net current assets
617,460
498,726
Total assets less current liabilities
1,255,791
1,099,446
Creditors: amounts falling due after more than one year
6
(310,947)
(329,174)
Provisions for liabilities
(22,820)
(15,675)
Net assets
922,024
754,597
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
922,022
754,595
Total equity
922,024
754,597
ABBEY SERVICES (PALLETS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2021
30 September 2021
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial Year ended 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
The financial statements were approved and signed by the director and authorised for issue on 15 June 2022
Mr L A Phipps
Director
Company Registration No. 04048936
ABBEY SERVICES (PALLETS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 3 -
1
Accounting policies
Company information
Abbey Services (Pallets) Limited is a private company, limited by shares, registered in England and
Wales. The company's registered number and registered office address can be found on the Company
Information page.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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.
1.3
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:
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance
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
.
ABBEY SERVICES (PALLETS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.4
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
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.
1.6
Financial instruments
These
financial statements
for the Year ended 30 September 2021
are the
first
financial statements
of
Abbey Services (Pallets) Limited
prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was
1 October 2019
. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
Fair value measurement of financial instruments
These
financial statements
for the Year ended 30 September 2021
are the
first
financial statements
of
Abbey Services (Pallets) Limited
prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was
1 October 2019
. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
Basic financial assets
These
financial statements
for the Year ended 30 September 2021
are the
first
financial statements
of
Abbey Services (Pallets) Limited
prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was
1 October 2019
. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
Other financial assets
These
financial statements
for the Year ended 30 September 2021
are the
first
financial statements
of
Abbey Services (Pallets) Limited
prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was
1 October 2019
. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
Impairment of financial assets
These
financial statements
for the Year ended 30 September 2021
are the
first
financial statements
of
Abbey Services (Pallets) Limited
prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was
1 October 2019
. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
ABBEY SERVICES (PALLETS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 5 -
These
financial statements
for the Year ended 30 September 2021
are the
first
financial statements
of
Abbey Services (Pallets) Limited
prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was
1 October 2019
. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
Basic financial liabilities
These
financial statements
for the Year ended 30 September 2021
are the
first
financial statements
of
Abbey Services (Pallets) Limited
prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was
1 October 2019
. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.7
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.
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.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
ABBEY SERVICES (PALLETS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the Year was:
2021
2020
Number
Number
Total
8
8
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2020
518,217
214,255
732,472
Additions
65,585
65,585
Disposals
(54,705)
(54,705)
At 30 September 2021
518,217
225,135
743,352
Depreciation and impairment
At 1 October 2020
131,752
131,752
Depreciation charged in the Year
23,509
23,509
Eliminated in respect of disposals
(50,240)
(50,240)
At 30 September 2021
105,021
105,021
Carrying amount
At 30 September 2021
518,217
120,114
638,331
At 30 September 2020
518,217
82,503
600,720
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
476,723
337,275
Other debtors
60,941
22,603
Prepayments and accrued income
37,151
34,740
574,815
394,618
ABBEY SERVICES (PALLETS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 7 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
18,868
19,509
Obligations under finance leases
3,199
Trade creditors
150,594
81,817
Corporation tax
48,713
27,106
Other taxation and social security
99,740
60,935
Other creditors
118
Accruals and deferred income
2,751
2,599
320,666
195,283
6
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Bank loans and overdrafts
310,947
329,174