Registered number
04444902
ABK Plastering and Partitions Limited
Filleted Accounts
31 March 2023
ABK Plastering and Partitions Limited
Registered number: 04444902
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 38,511 37,216
Current assets
Debtors 4 139,325 112,152
Cash at bank and in hand 35,089 103,765
174,414 215,917
Creditors: amounts falling due within one year 5 (101,988) (98,880)
Net current assets 72,426 117,037
Total assets less current liabilities 110,937 154,253
Creditors: amounts falling due after more than one year 6 (1,945) (5,278)
Provisions for liabilities (7,609) (6,657)
Net assets 101,383 142,318
Capital and reserves
Called up share capital 2 2
Profit and loss account 101,381 142,316
Shareholders' funds 101,383 142,318
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Greenwood
Director
Approved by the board on 14 January 2024
ABK Plastering and Partitions Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Equipment over 5 years
Computer equipment over 4 years
Motor vehicles 25% reducing balance
Garden office over 10 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 2,725 39,404 78,393 120,522
Additions - 1,041 20,695 21,736
Disposals - - (50,948) (50,948)
At 31 March 2023 2,725 40,445 48,140 91,310
Depreciation
At 1 April 2022 544 35,907 46,855 83,306
Charge for the year 272 1,897 11,320 13,489
On disposals - - (43,996) (43,996)
At 31 March 2023 816 37,804 14,179 52,799
Net book value
At 31 March 2023 1,909 2,641 33,961 38,511
At 31 March 2022 2,181 3,497 31,538 37,216
4 Debtors 2023 2022
£ £
Trade debtors 108,616 97,911
Other debtors 30,709 14,241
139,325 112,152
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 3,333 3,333
Trade creditors 76,168 59,258
Directors loan account - 3,348
Taxation and social security costs 20,822 31,321
Other creditors 1,665 1,620
101,988 98,880
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 1,945 5,278
7 Controlling party
The company was under the control of Mr and Mrs A Greenwood throughout the year. Mr and Mrs Greenwood are the company's directors and hold 100% of the issued share capital of the company's holding company ABK Holdings Limited.
8 Other information
ABK Plastering and Partitions Limited is a private company limited by shares and incorporated in England. Its registered office is:
39 Tamworth Road
Lichfield
Staffs
WS14 9EY
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