Company Registration No. 01399663 (England and Wales)
ACRABUILD LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
ACRABUILD LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ACRABUILD LTD
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
15,498
12,486
Current assets
Stocks
11,262
7,700
Debtors
50,423
42,638
Cash at bank and in hand
63,722
47,919
125,407
98,257
Creditors: amounts falling due within one year
(56,075)
(40,170)
Net current assets
69,332
58,087
Total assets less current liabilities
84,830
70,573
Creditors: amounts falling due after more than one year
3
(415,000)
(430,000)
(330,170)
(359,427)
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
(330,270)
(359,527)
Shareholders' funds
(330,170)
(359,427)
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 7 November 2016
L J Foster
Director
Company Registration No. 01399663
ACRABUILD LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 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).
The company meets its day to day working capital requirements, although it is dependent on the continued support of the shareholders, directors and related parties. It is on this basis that the directors consider it appropriate to prepare the financial statements on the going concern basis.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover and profits
Turnover represents amounts receivable for goods and services net of VAT .
.
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as 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.
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:
Plant and machinery
25%/33% of written down value/20% per annum of cost
Computer equipment
20% per annum of cost
Fixtures, fittings & equipment
15% of written down value
Motor vehicles
25% of written down value
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Long term contracts
Amounts recoverable on long term 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. Excess progress payments are included in creditors as payments on account.
1.7
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.
1.8
Deferred taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
ACRABUILD LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
110,832
Additions
7,899
At 31 March 2016
118,731
Depreciation
At 1 April 2015
98,346
Charge for the year
4,887
At 31 March 2016
103,233
Net book value
At 31 March 2016
15,498
At 31 March 2015
12,486
3
Creditors: amounts falling due after more than one year
The aggregate amount of loans wholly repayable within 5 years is £415,000 (2015: £430,000).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100