Company Registration No. 05242632 (England and Wales)
A C S BOWER LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
A C S BOWER LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
A C S BOWER LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2016
30 September 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
8,000
9,000
Tangible assets
2
1,398
1,864
9,398
10,864
Current assets
Stocks
520
3,398
Debtors
9,281
11,535
Cash at bank and in hand
4,898
3,500
14,699
18,433
Creditors: amounts falling due within one year
(21,260)
(29,028)
Net current liabilities
(6,561)
(10,595)
Total assets less current liabilities
2,837
269
Provisions for liabilities
(88)
(140)
2,749
129
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
2,649
29
Shareholders' funds
2,749
129
For the financial year ended 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 13 December 2016
Mr A C S Bower
Director
Company Registration No. 05242632
A C S BOWER LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Profit is recognised on contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account, turnover and related costs as the contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract. Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account.
Profit is recognised on contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account, turnover and related costs as the contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account.
1.3
Goodwill
Positive goodwill is capitalised as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. Amortisation is provided to write off the cost of goodwill over the useful economic life as follows: Goodwill 5% straight line
Goodwill 5% straight line
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings and equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.5
Stock and work in progress
Stock is valued at the lower of cost and net realisable value.
1.6
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
A C S BOWER LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 October 2015 & at 30 September 2016
20,000
11,892
31,892
Depreciation
At 1 October 2015
11,000
10,028
21,028
Charge for the year
1,000
466
1,466
At 30 September 2016
12,000
10,494
22,494
Net book value
At 30 September 2016
8,000
1,398
9,398
At 30 September 2015
9,000
1,864
10,864
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 ordinary shares of £1 each
100
100