Statutory Information
Abc Ductwork Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number 11117912, registration address 10a High Street, Chislehurst, BR7 5AN, England.
The presentation currency is £ sterling.
| 1. |
Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and sales taxes.
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
• the Company has transferred the significant risks and rewards of ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract.
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
Where a contract has only been partially completed at the Balance Sheet date, turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date.
Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Taxation
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved by the shareholders prior to the balance sheet date.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.
Long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Interest income
Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis and taken to the Profit and Loss account by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.
Trade and other debtors
Short-term debtors are measured at the transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents are highly liquid investments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.
Trade and other creditors
Short-term creditors are measured at the transaction price. The other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of The Company.
|
| 2. |
Inventories
|
2025
£ |
|
2024
£ |
| Work in progress |
0 |
|
29,636 |
|
0 |
|
29,636 |
|
0 |
|
29,636 |
|
| 3. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Accrued income |
55,784 |
|
0 |
| Prepayments |
10,715 |
|
0 |
| CIS control account |
35,761 |
|
25,986 |
| VAT control account |
1,229 |
|
831 |
|
103,489 |
|
26,817 |
|
| 4. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade creditors |
16,090 |
|
0 |
| Accrued expenses |
2,016 |
|
1,400 |
| Other creditors |
350 |
|
0 |
| Directors' current accounts |
72 |
|
23 |
| Corporation tax |
27,875 |
|
14,121 |
|
46,403 |
|
15,544 |
|
| 5. |
Profit and loss account
| |
2025
£ |
| Balance at 01 January 2025 |
76,272 |
| Profit for the year |
88,679 |
| Equity dividend paid |
(79,500) |
| Balance at 31 December 2025 |
85,451 |
|
| 6. |
Average number of employees
Average number of employees during the year were 2 (2024: 2).
|
3
|