Abbey Thermal Insulation Limited - Period Ending 2018-06-30

Registration number: 02814170

Abbey Thermal Insulation Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2018

Abbey Thermal Insulation Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Abbey Thermal Insulation Limited

Company Information

Directors	Mr Ronald Charles Turner Mr Paul Derrick Mr Robert John Stubbs

Registered office

23-24 Riverside House Lower Southend Road Wickford Essex SS11 8BB

Accountants

Anthony Russel Limited Winghams House 9 Freeport Office Village Century Drive Braintree Essex CM77 8YG

Page 1

Abbey Thermal Insulation Limited

(Registration number: 02814170)
Balance Sheet as at 30 June 2018

	Note	2018  £	2017  £
Fixed assets
Tangible assets	4	24,429	23,379
Current assets
Debtors	5	767,912	1,011,992
Cash at bank and in hand		250,458	1,148,316
		1,018,370	2,160,308
Creditors: Amounts falling due within one year	6	(241,529)	(1,388,463)
Net current assets		776,841	771,845
Total assets less current liabilities		801,270	795,224
Provisions for liabilities		(3,847)	(3,610)
Net assets		797,423	791,614
Capital and reserves
Called up share capital		19,200	19,200
Capital redemption reserve		19,200	19,200
Profit and loss account		759,023	753,214
Total equity		797,423	791,614

For the financial year ending 30 June 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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 Profit and Loss Account has been taken.

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Abbey Thermal Insulation Limited

(Registration number: 02814170)
Balance Sheet as at 30 June 2018

Approved and authorised by the Board on 19 October 2018 and signed on its behalf by:
 

.........................................

Mr Ronald Charles Turner
Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Abbey Thermal Insulation Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

1	General information

The company is a private company limited by share capital, incorporated in Other.

The address of its registered office is:
23-24 Riverside House
Lower Southend Road
Wickford
Essex
SS11 8BB
England

The principal place of business is:
23-24 Riverside House
Lower Southend Road
Wickford
Essex
SS11 8BB
England

These financial statements were authorised for issue by the Board on 19 October 2018.

2	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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover represents revenue earned under a wide variety of contracts to provide goods and services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, including expenses and disbursements but excluding value added tax.

Page 4

Abbey Thermal Insulation Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

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
Furniture & Fixtures	25 % Reducing Balance Method
Computer Equipment	25 % Reducing Balance Method

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2017 - 16).

Page 5

Abbey Thermal Insulation Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 July 2017	151,640	151,640
Additions	8,492	8,492
At 30 June 2018	160,132	160,132
Depreciation
At 1 July 2017	128,260	128,260
Charge for the year	7,443	7,443
At 30 June 2018	135,703	135,703
Carrying amount
At 30 June 2018	24,429	24,429
At 30 June 2017	23,379	23,379

5

Debtors

	2018  £	2017  £
Trade debtors	12,404	116,339
Other debtors	186,310	61,844
Director current account	73,508	55,651
Amounts recoverable on contracts	495,690	778,158
Total current trade and other debtors	767,912	1,011,992

Page 6

Abbey Thermal Insulation Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

6

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Trade creditors		134,317	941,670
Other creditors		19,686	2,938
Accrued expenses		3,910	69,450
PAYE and NIC		37,480	103,666
VAT		43,057	97,990
Corporation tax		3,079	172,749
		241,529	1,388,463

7

Dividends

Interim dividends paid

		2018 £		2017 £
Interim dividend of £Nil (2017 - £19.5313) per each Ordinary		-		375,000

Page 7

Abbey Thermal Insulation Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

8	Related party transactions

Transactions with directors The following advances and credits to a director subsisted during the years ended 30 June 2018 and 30 June 2017:

Transactions with directors

2018	At 1 July 2017 £	Advances to directors £	Repayments by director £	At 30 June 2018 £
Interest is charged at 2.5% per annum on debit balances	55,651	173,510	(155,653)	73,508

2017	At 1 July 2016 £	Advances to directors £	Repayments by director £	At 30 June 2017 £
Interest is charged at 2.5% per annum on debit balances	-	243,847	(188,196)	55,651

Directors' remuneration

The directors' remuneration for the year was as follows:

	2018 £	2017 £
Remuneration	225,584	222,908
Contributions paid to money purchase schemes	7,532	2,517
	233,116	225,425

Page 8