Company Registration No. 05952723 (England and Wales)
ACCESS BUILDING PRODUCTS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
ACCESS BUILDING PRODUCTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
ACCESS BUILDING PRODUCTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
64,913
77,465
Current assets
Stocks
514,164
582,176
Debtors
555,894
309,342
Cash at bank and in hand
149,382
81,509
1,219,440
973,027
Creditors: amounts falling due within one year
3
(506,550)
(580,235)
Net current assets
712,890
392,792
Total assets less current liabilities
777,803
470,257
Creditors: amounts falling due after more than one year
4
(1,715)
-
Provisions for liabilities
(11,961)
(12,607)
764,127
457,650
Capital and reserves
Called up share capital
5
75
75
Other reserves
25
25
Profit and loss account
764,027
457,550
Shareholders' funds
764,127
457,650
ACCESS BUILDING PRODUCTS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2015
31 December 2015
- 2 -
For the financial year ended 31 December 2015 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 23 September 2016
Mr J R Elderton
Director
Company Registration No. 05952723
ACCESS BUILDING PRODUCTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
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.
1.3
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the director are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit, which the directors deem to be 5 years.
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:
Land and buildings Leasehold
20% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.5
Leasing and hire purchase commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.
ACCESS BUILDING PRODUCTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2015
211,846
Additions
28,958
Disposals
(40,220)
At 31 December 2015
200,584
Depreciation
At 1 January 2015
134,381
On disposals
(20,969)
Charge for the year
22,259
At 31 December 2015
135,671
Net book value
At 31 December 2015
64,913
At 31 December 2014
77,465
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £6,861 (2014: £4,483).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £1,715 (2014 - £0).
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
75 Ordinary shares of £1 each
75
75
6
Related party relationships and transactions
Loans to directors
At 1 January 2015 the director, Mr J R Elderton, owed the company the sum of £13,508. During the year advances totalling £nil were made to the director and repayments made totalled £14,886. The maximum amount of the loan was £13,508 and at the year end the amount owed by the company to Mr J R Elderton was £1,104. Interest of £274 was charged during the year.