Company Registration No. 02423649 (England and Wales)
Abbey Industrial Solutions Limited
Unaudited Financial Statements
For The Year Ended 31 May 2018
ABBEY INDUSTRIAL SOLUTIONS LIMITED
Abbey Industrial Solutions Limited
COMPANY INFORMATION
Directors
Mr M G Stead
Mr C J Stead
Mrs M Stead
Mr J Stead
Secretary
Mrs M Stead
Company number
02423649
Registered office
Unit 7
Tuscany Court
Wakefield Europort
Normanton
WF6 2TZ
Accountants
Garbutt & Elliott LLP
Triune Court
Monks Cross Drive
York
YO32 9GZ
ABBEY INDUSTRIAL SOLUTIONS LIMITED
Abbey Industrial Solutions Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
ABBEY INDUSTRIAL SOLUTIONS LIMITED
Abbey Industrial Solutions Limited
BALANCE SHEET
- 1 -
2018
2017
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
256,247
286,997
Tangible assets
4
355,547
279,272
Investments
5
56,167
56,167
667,961
622,436
Current assets
Stocks
454,742
487,706
Debtors
7
1,980,937
1,632,951
Cash at bank and in hand
21,092
18,135
2,456,771
2,138,792
Creditors: amounts falling due within one year
8
(1,691,326)
(1,323,068)
Net current assets
765,445
815,724
Total assets less current liabilities
1,433,406
1,438,160
Creditors: amounts falling due after more than one year
9
(196,487)
(205,373)
Provisions for liabilities
(29,000)
(27,000)
Net assets
1,207,919
1,205,787
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss reserves
1,157,919
1,155,787
Total equity
1,207,919
1,205,787
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have 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.
ABBEY INDUSTRIAL SOLUTIONS LIMITED
Abbey Industrial Solutions Limited
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 March 2019 and are signed on its behalf by:
Mr J Stead
Director
Company Registration No. 02423649
ABBEY INDUSTRIAL SOLUTIONS LIMITED
Abbey Industrial Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
- 3 -
1
Accounting policies
Company information
Abbey Industrial Solutions Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 7, Tuscany Court, Wakefield Europort, Normanton, WF6 2TZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with “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 £
1
.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies are set out below.
The ultimate parent company is Abbey Industrial (Holdings) Limited. The registered office of Abbey Industrial (Holdings) Limited is Unit 7, Tuscany Court, Wakefield Europort, Normanton, WF6 2TZ. The company and its parent comprise a small group and as such are exempt from preparing group accounts.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
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.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
ABBEY INDUSTRIAL SOLUTIONS LIMITED
Abbey Industrial Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 4 -
1.6
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:
Land and buildings leasehold
Over the term of the lease
Plant and machinery
15% straight line
Fixtures, fittings and computer equipment
25% straight line
Motor vehicles
25% 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
.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.8
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
ABBEY INDUSTRIAL SOLUTIONS LIMITED
Abbey Industrial Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 5 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
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 replacement cost and 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.
1.10
Cash at bank and in hand
Cash at bank and in hand
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.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
ABBEY INDUSTRIAL SOLUTIONS LIMITED
Abbey Industrial Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 6 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans
and
loans from
fellow group are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ABBEY INDUSTRIAL SOLUTIONS LIMITED
Abbey Industrial Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 7 -
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.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
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.
1.16
Leases
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.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 50 (2017 - 44
).
ABBEY INDUSTRIAL SOLUTIONS LIMITED
Abbey Industrial Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 8 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2017 and 31 May 2018
307,497
Amortisation and impairment
At 1 June 2017
20,500
Amortisation charged for the year
30,750
At 31 May 2018
51,250
Carrying amount
At 31 May 2018
256,247
At 31 May 2017
286,997
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2017
92,760
600,075
692,835
Additions
22,616
182,803
205,419
Disposals
-
(110,101)
(110,101)
At 31 May 2018
115,376
672,777
788,153
Depreciation and impairment
At 1 June 2017
67,852
345,711
413,563
Depreciation charged in the year
6,829
83,771
90,600
Eliminated in respect of disposals
-
(71,557)
(71,557)
At 31 May 2018
74,681
357,925
432,606
Carrying amount
At 31 May 2018
40,695
314,852
355,547
At 31 May 2017
24,908
254,364
279,272
ABBEY INDUSTRIAL SOLUTIONS LIMITED
Abbey Industrial Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
4
Tangible fixed assets
(Continued)
- 9 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2018
2017
£
£
Motor vehicles
218,875
202,476
218,875
202,476
Depreciation charge for the year in respect of leased assets
88,322
52,977
5
Fixed asset investments
2018
2017
£
£
Investments
56,167
56,167
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 June 2017 & 31 May 2018
56,167
Carrying amount
At 31 May 2018
56,167
At 31 May 2017
56,167
6
Subsidiaries
Details of the company's subsidiaries at 31 May 2018 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Indirect
ATN Limited
England and Wales
Supply and repair of pnuematic tools
Ordinary
100.00
Registered Office address:
Unit 7 Tuscany Court, Wakefield Europort, Normanton, WF6 2TZ
ABBEY INDUSTRIAL SOLUTIONS LIMITED
Abbey Industrial Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 10 -
7
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
1,301,166
1,130,164
Amounts owed by group undertakings
426,527
308,858
Other debtors
253,244
193,929
1,980,937
1,632,951
8
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
44,592
44,503
Trade creditors
792,077
955,706
Amounts owed to group undertakings
58,619
-
Taxation and social security
222,980
212,839
Other creditors
573,058
110,020
1,691,326
1,323,068
Bank loans and overdrafts are secured. Included within Other Creditors is £62,449 (2017 - £49,478) which is secured against the assets to which they relate.
9
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
93,339
131,202
Other creditors
103,148
74,171
196,487
205,373
Bank loans and overdrafts are secured. Included within Other Creditors is £103,148 (2017 - £74,171) which is secured against the assets to which they relate.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
475,000
45,690
2018-05-31
2017-06-01
false
CCH Software
CCH Accounts Production 2018.310
No description of principal activity
27 March 2019
Mr M G Stead
Mr C J Stead
Mrs M Stead
Mr J Stead
Mrs M Stead
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