Registration number:
Abbey Fire (UK) Limited
for the Year Ended 31 August 2020
Abbey Fire (UK) Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Abbey Fire (UK) Limited
(Registration number: 04580085)
Statement of Financial Position as at 31 August 2020
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2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders funds |
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Abbey Fire (UK) Limited
(Registration number: 04580085)
Statement of Financial Position as at 31 August 2020
For the financial year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
.........................................
Director
Abbey Fire (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements for the year ended 31 August 2019 comply with FRS 102 Section 1A for small entities.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
Due to the current unprecedented market and economic conditions in the U.K. and internationally, the expected impact of the COVID-19 pandemic on the Company’s operations cannot be reasonably estimated. Revenue may fall as customers are hit by the pandemic, but expenses will, likely, decrease as a result which will help to mitigate the impact on profits and the company has support from the group in place to cover any deficit for at least 12 months from the date of approval of these financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants are included in the profit and loss account on teh accruals basis.
Abbey Fire (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and equipment |
15% straight line |
Motor vehicles |
varying rates on cost |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Abbey Fire (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Abbey Fire (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Property alterations |
Total |
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Cost or valuation |
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At 1 September 2019 |
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Disposals |
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- |
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At 31 August 2020 |
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Depreciation |
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At 1 September 2019 |
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- |
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Charge for the year |
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- |
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Eliminated on disposal |
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( |
- |
( |
At 31 August 2020 |
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- |
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Carrying amount |
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At 31 August 2020 |
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At 31 August 2019 |
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Stocks |
2020 |
2019 |
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Other inventories |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Abbey Fire (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
Hire purchase and finance lease liabilities |
- |
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2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Hire purchase and finance lease liabilities |
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Abbey Fire (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Secured creditors
Hire purchase and finance lease agreements are securd on the assets to which they relate. The bank overdraft is secured by way of fixed and floating charge over the assets of the company in favour of National Westminster Bank PLC dated 3 July 2013. The invoice financing account is secured by way of a fixed and floating charge over the assets of the company in favour of RBS Invoice Financing Limited dated 25 October 2018.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
2020 |
At 1 September 2019 |
Advances to directors |
At 31 August 2020 |
Mr P Jones |
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Advances |
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Interest charged @ 2.5% |
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191,179 |
72,379 |
263,558 |
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2019 |
At 1 September 2018 |
Advances to directors |
At 31 August 2019 |
Mr P Jones |
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Advances |
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Interest charged @ 2.5% |
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185,534 |
5,645 |
191,179 |
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