Abbey Thermal Insulation Limited - Period Ending 2019-06-30

Registration number: 02814170

Abbey Thermal Insulation Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2019

Abbey Thermal Insulation Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

Abbey Thermal Insulation Limited

Company Information

Directors	Mr Ronald Charles Turner Mr Paul Derrick Mr Robert John Stubbs Mr Stuart James Sargeant

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 2019

	Note	2019  £	2018  £
Fixed assets
Tangible assets	4	25,874	24,429
Current assets
Debtors	5	659,502	767,912
Cash at bank and in hand		648,828	250,458
		1,308,330	1,018,370
Creditors: Amounts falling due within one year	6	(518,714)	(241,529)
Net current assets		789,616	776,841
Total assets less current liabilities		815,490	801,270
Provisions for liabilities		(4,264)	(3,847)
Net assets		811,226	797,423
Capital and reserves
Called up share capital		19,200	19,200
Capital redemption reserve		19,200	19,200
Profit and loss account		772,826	759,023
Total equity		811,226	797,423

For the financial year ending 30 June 2019 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 7 form an integral part of these financial statements.

Page 2

Abbey Thermal Insulation Limited

(Registration number: 02814170)
Balance Sheet as at 30 June 2019

Approved and authorised by the Board on 8 November 2019 and signed on its behalf by:
 

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

Mr Ronald Charles Turner
Director

The notes on pages 4 to 7 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 2019

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 8 November 2019.

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 2019

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

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 15 (2018 - 16).

Page 5

Abbey Thermal Insulation Limited

Notes to the Financial Statements for the Year Ended 30 June 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 July 2018	160,132	-	160,132
Additions	4,339	4,283	8,622
At 30 June 2019	164,471	4,283	168,754
Depreciation
At 1 July 2018	135,703	-	135,703
Charge for the year	6,463	714	7,177
At 30 June 2019	142,166	714	142,880
Carrying amount
At 30 June 2019	22,305	3,569	25,874
At 30 June 2018	24,429	-	24,429

5

Debtors

	2019  £	2018  £
Trade debtors	66,076	12,404
Other debtors	101,763	186,311
Director current account	101,834	73,507
Prepayments	40,225	-
Amounts recoverable on contracts	349,604	495,690
Total current trade and other debtors	659,502	767,912

Page 6

Abbey Thermal Insulation Limited

Notes to the Financial Statements for the Year Ended 30 June 2019

6

Creditors

Creditors: amounts falling due within one year

	Note	2019  £	2018  £
Due within one year
Trade creditors		340,378	134,317
Other creditors		15,696	19,686
Accrued expenses		4,050	3,910
PAYE and NIC		37,625	37,480
VAT		92,837	43,057
Corporation tax		28,128	3,079
		518,714	241,529

7	Related party transactions

Transactions with directors The following advances and credits to a director subsisted during the years ended 30 June 2019 and 30 June 2018:

Transactions with directors

2019	At 1 July 2018 £	Advances to directors £	Repayments by director £	At 30 June 2019 £
Interest is charged at 2.5% per annum on debit balances	73,508	106,834	(78,508)	101,834

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

Page 7