REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 |
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ABBOTT STREET FORGE LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 |
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FOR |
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ABBOTT STREET FORGE LIMITED |
ABBOTT STREET FORGE LIMITED (REGISTERED NUMBER: 08109419) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 June 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Accountants' Report | 5 |
ABBOTT STREET FORGE LIMITED |
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COMPANY INFORMATION |
for the year ended 30 June 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
10 St Ann Street |
Salisbury |
Wiltshire |
SP1 2DN |
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BANKERS: |
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Abbey National House |
301 St Vincent Street |
Glasgow |
G2 5NB |
ABBOTT STREET FORGE LIMITED (REGISTERED NUMBER: 08109419) |
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BALANCE SHEET |
30 June 2020 |
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30.6.20 | 30.6.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS/(LIABILITIES) |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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( |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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ABBOTT STREET FORGE LIMITED (REGISTERED NUMBER: 08109419) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 June 2020 |
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1. | STATUTORY INFORMATION |
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Abbott Street Forge Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the value of handcrafted wrought iron goods sold to the company's customers during the year and is measured at the fair value of the consideration received or receivable for the goods. |
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Turnover is recognised upon completion of customers work at which time the items are collected or delivered and the significant risks and rewards of ownership of the work undertaken have transferred to the customer. |
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Profit is recognised on long term contracts when the final outcome can be assessed with reasonable certainty by including turnover and related costs within the profit and loss account dependent upon the stage of completion of the contract at the balance sheet date. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
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Stocks |
The company holds stocks of materials, consumables and finished goods. As these items are not subject to physical obsolescence they are valued at cost. |
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Materials are issued to production on a first in first out basis, unless materials have been purchased for a specific order. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Debtors |
Short term debtors are measured at transaction price, which is usually the invoice price, less any impairment losses for bad and doubtful debts. |
ABBOTT STREET FORGE LIMITED (REGISTERED NUMBER: 08109419) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Cash |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
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Creditors |
Short term creditors are measured at transaction price, which is usually the invoice price. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 July 2019 |
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Additions |
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At 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Trade debtors |
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Recoverable on contracts |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
ABBOTT STREET FORGE LIMITED |
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The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Abbott Street Forge Limited for the year ended 30 June 2020 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Abbott Street Forge Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Abbott Street Forge Limited and state those matters that we have agreed to state to the director of Abbott Street Forge Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbott Street Forge Limited and its director for our work or for this report. |
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It is your duty to ensure that Abbott Street Forge Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Abbott Street Forge Limited. You consider that Abbott Street Forge Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Abbott Street Forge Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
10 St Ann Street |
Salisbury |
Wiltshire |
SP1 2DN |
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