Registered number
05165018
ABX SLATE AND STONE LIMITED
Filleted Accounts
31 August 2023
ABX SLATE AND STONE LIMITED
Registered number: 05165018
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 93,354 72,633
Current assets
Stocks 82,000 98,500
Debtors 4 85,304 88,540
Cash at bank and in hand 198,763 154,147
366,067 341,187
Creditors: amounts falling due within one year 5 (143,665) (132,623)
Net current assets 222,402 208,564
Total assets less current liabilities 315,756 281,197
Creditors: amounts falling due after more than one year 6 (21,666) (40,789)
Provisions for liabilities (19,604) (15,253)
Net assets 274,486 225,155
Capital and reserves
Called up share capital 15,000 15,000
Profit and loss account 259,486 210,155
Shareholders' funds 274,486 225,155
The director is 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 director acknowledges his 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.
Ian Taylor
Director
Approved by the board on 1 May 2024
ABX SLATE AND STONE LIMITED
Notes to the Accounts
for the year ended 31 August 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 evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2022 17,326 100,484 117,810
Additions - 61,000 61,000
Disposals - (51,734) (51,734)
At 31 August 2023 17,326 109,750 127,076
Depreciation
At 1 September 2022 10,993 34,184 45,177
Charge for the year 2,667 10,598 13,265
On disposals - (24,720) (24,720)
At 31 August 2023 13,660 20,062 33,722
Net book value
At 31 August 2023 3,666 89,688 93,354
At 31 August 2022 6,333 66,300 72,633
4 Debtors 2023 2022
£ £
Trade debtors 70,584 76,801
Other debtors 14,720 11,739
85,304 88,540
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts - 4,494
Trade creditors 105,308 68,290
Taxation and social security costs 18,462 38,851
Other creditors 9,895 10,988
143,665 132,623
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,666 31,666
Obligations under finance lease and hire purchase contracts - 9,123
21,666 40,789
7 Related party transactions
The director, Mr Ian Taylor, made net loans to the company during the year of £120. The amount due to the director at the balance sheet date was £1,709.
8 Controlling party
The company is controlled by the Directors.
9 Other information
ABX SLATE AND STONE LIMITED is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Unit 7 Hendy Industrial Estate
Pontarddulais
Swansea
SA4 0XP
ABX SLATE AND STONE LIMITED 05165018 false 2022-09-01 2023-08-31 2023-08-31 VT Final Accounts April 2024 Ian Taylor No description of principal activity 05165018 2021-09-01 2022-08-31 05165018 core:WithinOneYear 2022-08-31 05165018 core:AfterOneYear 2022-08-31 05165018 core:ShareCapital 2022-08-31 05165018 core:RetainedEarningsAccumulatedLosses 2022-08-31 05165018 2022-09-01 2023-08-31 05165018 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 05165018 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 05165018 bus:Director40 2022-09-01 2023-08-31 05165018 1 2022-09-01 2023-08-31 05165018 2 2022-09-01 2023-08-31 05165018 core:PlantMachinery 2022-09-01 2023-08-31 05165018 core:Vehicles 2022-09-01 2023-08-31 05165018 countries:England 2022-09-01 2023-08-31 05165018 bus:FRS102 2022-09-01 2023-08-31 05165018 bus:FilletedAccounts 2022-09-01 2023-08-31 05165018 2023-08-31 05165018 core:WithinOneYear 2023-08-31 05165018 core:AfterOneYear 2023-08-31 05165018 core:ShareCapital 2023-08-31 05165018 core:RetainedEarningsAccumulatedLosses 2023-08-31 05165018 core:PlantMachinery 2023-08-31 05165018 core:Vehicles 2023-08-31 05165018 2022-08-31 05165018 core:PlantMachinery 2022-08-31 05165018 core:Vehicles 2022-08-31 iso4217:GBP xbrli:pure