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REGISTERED NUMBER: 02818534 (England and Wales)















REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

A.B.S./ ELBROW LIMITED

A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Report of the Directors 2

Profit & Loss Account 3

Balance Sheet 4

Notes to the Financial Statements 6


A.B.S./ ELBROW LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: R J Booker
P D Field





SECRETARY: Mrs D L Booker





REGISTERED OFFICE: The Workshop
7 Station Road Yate
Bristol
South Gloucestershire
BS37 5HZ





REGISTERED NUMBER: 02818534 (England and Wales)





ACCOUNTANTS: Gordon Wood Scott & Partners Limited
Chartered Accountants
Dean House
94 Whiteladies Road
Clifton
Bristol
BS8 2QX

A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report with the financial statements of the company for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of contractors specialising in industrial roofing and cladding systems.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

R J Booker
P D Field

DIRECTORS' LIABILITY INSURANCE
The company maintains directors' and officers insurance on behalf of its directors and officers to provide cover should any legal action be brought against them.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mrs D L Booker - Secretary


13 September 2024

A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534)

PROFIT & LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024

31.5.24 31.5.23
Notes £    £   

TURNOVER 10,524,442 16,543,617

Cost of sales (8,880,596 ) (14,356,583 )
GROSS PROFIT 1,643,846 2,187,034

Administrative expenses (934,413 ) (1,013,051 )
709,433 1,173,983

Other operating income - 131
OPERATING PROFIT 4 709,433 1,174,114

Interest receivable and similar income 36,416 11,995
745,849 1,186,109

Interest payable and similar expenses 5 (28,038 ) (25,459 )
PROFIT BEFORE TAXATION 717,811 1,160,650

Tax on profit 6 (181,378 ) (230,132 )
PROFIT FOR THE FINANCIAL YEAR 536,433 930,518

A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Tangible assets 7 340,149 312,126

CURRENT ASSETS
Debtors 8 2,799,308 4,368,865
Cash at bank 1,885,588 2,441,736
4,684,896 6,810,601
CREDITORS
Amounts falling due within one year 9 (1,751,737 ) (3,804,291 )
NET CURRENT ASSETS 2,933,159 3,006,310
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,273,308

3,318,436

CREDITORS
Amounts falling due after more than one
year

10

(205,704

)

(300,018

)

PROVISIONS FOR LIABILITIES 11 (78,200 ) (65,447 )
NET ASSETS 2,989,404 2,952,971

CAPITAL AND RESERVES
Called up share capital 12 38 38
Capital redemption reserve 13 62 62
Retained earnings 13 2,989,304 2,952,871
SHAREHOLDERS' FUNDS 2,989,404 2,952,971

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534)

BALANCE SHEET - continued
31 MAY 2024


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The accounts were approved by the Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by:




R J Booker - Director



P D Field - Director


A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

A.B.S./ Elbrow Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover - income recognition
Turnover represents the fair value of work carried out during the year and is stated after deducting discounts allowed and excludes VAT.

Profit is accounted for on contracts on the basis of wage costs. Profit is recognised pro rata based on total wages to date as a percentage of total wage costs over the life of the contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments and cash equivalents
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Short term debtors are measured at transaction price less any impairment.

Short term creditors are measured at transaction price.

Cash is represented by deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2023 - 36 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

31.5.24 31.5.23
£    £   
Depreciation - owned assets 63,657 79,439
Depreciation - assets on hire purchase contracts 11,588 5,792

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.5.24 31.5.23
£    £   
Bank interest 24,114 23,498
Hire purchase interest 3,924 1,961
28,038 25,459

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.5.24 31.5.23
£    £   
Current tax:
UK corporation tax 168,625 205,738

Deferred tax 12,753 24,394
Tax on profit 181,378 230,132

A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

7. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 653,155
Additions 117,768
Disposals (102,555 )
At 31 May 2024 668,368
DEPRECIATION
At 1 June 2023 341,029
Charge for year 75,245
Eliminated on disposal (88,055 )
At 31 May 2024 328,219
NET BOOK VALUE
At 31 May 2024 340,149
At 31 May 2023 312,126


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 2,355,547 3,804,317
Social security & other taxes 187,762 176,388
Prepayments and accrued income 255,999 388,160
2,799,308 4,368,865

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 90,000 90,000
Hire purchase contracts 4,314 4,314
Payments on account 47,716 -
Trade creditors 1,299,915 3,231,995
Corporation Tax 168,625 205,641
Social security and other taxes 80,316 95,855
Accruals and deferred income 60,851 176,486
1,751,737 3,804,291

A.B.S./ ELBROW LIMITED (REGISTERED NUMBER: 02818534)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans - 1-2 years 90,000 90,000
Bank loans - 2-5 years 82,500 172,500
Hire purchase contracts 33,204 37,518
205,704 300,018

11. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax
Accelerated capital allowances 78,200 65,447

Deferred
tax
£   
Balance at 1 June 2023 65,447
Provided during year 12,753
Balance at 31 May 2024 78,200

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
38 Ordinary 1 38 38

13. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 June 2023 2,952,871 62 2,952,933
Profit for the year 536,433 536,433
Dividends (500,000 ) (500,000 )
At 31 May 2024 2,989,304 62 2,989,366

14. OTHER FINANCIAL COMMITMENTS

The company has a commitment for operating lease charges amounting to £43,525 (£15,392: 2023)