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Registration number: 05864327

Abtax CA Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2017

 

Abtax CA Limited

Contents

Company Information

1

Director's Report

2

Abridged Balance Sheet

3

Notes to the Abridged Financial Statements

4 to 6

 

Abtax CA Limited

Company Information

Director

Mrs O Odeniran

Registered office

6 Rookery View
Iwade
Sittingbourne
Kent
ME9 8TN

Bankers

HSBC
Sittingbourne
115 High Street
Sittingbourne
Kent
ME10 4AL

Barclays Bank Plc

Accountants

Abtax CA Limited
Certified
The Joiners Shop
The Historic Dockyard
Main Gate Road
Chatham
Kent
ME4 4TZ

 

Abtax CA Limited

Director's Report for the Year Ended 31 July 2017

The director presents her report and the abridged financial statements for the year ended 31 July 2017.

Director of the company

The director who held office during the year was as follows:

Mrs O Odeniran

Principal activity

The principal activity of the company is accountancy and consultancy services.

Small companies provision statement

This report has 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.

Approved by the Board on 15 September 2017 and signed on its behalf by:

.........................................
Mrs O Odeniran
Director

 

Abtax CA Limited

(Registration number: 05864327)
Abridged Balance Sheet as at 31 July 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

3

8,923

10,157

Current assets

 

Debtors

10,237

15,426

Cash at bank and in hand

 

256

620

 

10,493

16,046

Creditors: Amounts falling due within one year

(13,761)

(24,703)

Net current liabilities

 

(3,268)

(8,657)

Net assets

 

5,655

1,500

Capital and reserves

 

Called up share capital

800

800

Profit and loss account

4,855

700

Total equity

 

5,655

1,500

For the financial year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 15 September 2017
 

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

Mrs O Odeniran

Director

 

Abtax CA Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
6 Rookery View
Iwade
Sittingbourne
Kent
ME9 8TN
United Kingdom

These financial statements were authorised for issue by the director on 15 September 2017.

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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged 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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Abtax CA Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2017

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

Office equipment

18% Straight Line

Motor Car

18% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Abtax CA Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2017

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Tangible assets

Total
£

Cost or valuation

At 1 August 2016

13,358

Additions

240

At 31 July 2017

13,598

Depreciation

At 1 August 2016

3,201

Charge for the period

1,474

At 31 July 2017

4,675

Carrying amount

At 31 July 2017

8,923

At 31 July 2016

10,157