REGISTERED NUMBER: 03575157 (England and Wales)

ABBEY PYNFORD FOUNDATION

SYSTEMS LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2017

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

to

7

DIRECTORS:

P Kiss

P N Jones

SECRETARY:

P Kiss

REGISTERED OFFICE:

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

REGISTERED NUMBER:

03575157 (England and Wales)

AUDITORS:

Wags LLP t/a Wagstaffs

Chartered Accountants and Statutory Auditors

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

FIXED ASSETS

Property, plant and equipment

4

-

53,346

CURRENT ASSETS

Debtors

291,787

261,422

Cash at bank

1,225

11,626

293,012

273,048

CREDITORS

Amounts falling due within one year

(269,735

)

(300,095

)

NET CURRENT ASSETS/(LIABILITIES)

23,277

(27,047

)

TOTAL ASSETS LESS CURRENT LIABILITIES

23,277

26,299

PROVISIONS FOR LIABILITIES

-

(9,958

)

NET ASSETS

23,277

16,341

CAPITAL AND RESERVES

Called up share capital

5

50,000

50,000

Retained earnings

(26,723

)

(33,659

)

SHAREHOLDERS' FUNDS

23,277

16,341

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30th November 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 9th August 2018 and were signed on its behalf by:

P Kiss - Director

1.	STATUTORY INFORMATION

Abbey Pynford Foundation Systems 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.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared on a going concern basis and under the historical cost

convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard

102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose

related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 3, management

is required to make judgements estimates and assumptions about the carrying value of assets and

liabilities that are not readily apparent from other sources. The estimates and underlying

assumptions are based on historical experience and other factors that are considered to be relevant.

Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to

accounting estimates are recognised in the period in which the estimate is revised if the revision

affects only that period, or in the period of the revision and future periods if the revision affects both

current and future periods.

The Key sources of estimation uncertainty that have a significant effect on the amounts recognised

in the financial statements are described below.

Significant judgements and estimates - continued

- Useful economic life of tangible assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated

useful lives and residual values of the assets. The useful economic lives and residual values are

re-assessed annually. They are amended when necessary to reflect current estimates, based on

technological advancement, future investments, economic utilisation and physical condition of the

assets.

- Impairment of receivables

The company makes an estimate of the recoverable value of trade and other receivables. When

assessing impairment of trade and other receivables, management considers factors including the

current credit rating of the receivable, the ageing profile of debtors and historical experience.

- Long term contracts

Long term contracts are assessed on a contract basis and are reflected in the income statement by

recording turnover and related costs as contract activity progresses. Where the outcome of each

long term contract can be assessed with reasonable certainty before its conclusion, the attributable

profit is recognised in the income statements as the difference between the reported turnover and

the related costs for that contract.

Amounts recoverable on long term contracts, which are included in debtors are stated at the net

sales value of the work done after provisions for contingencies and anticipated future losses on

contracts, less amounts received as progress payments on account. Excess progress payments are

included in creditors as payments received on account.

Revenue

Revenue represents total invoiced sales of goods, excluding value added tax, trade discounts and all

other taxes of sales made in the year.

Revenue recognition

Revenue is recognised when goods have been delivered and services supplied to customers such

that risks and rewards of ownership have transferred to them.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost and 10% on cost

Tax

Tax for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred tax 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not

reversed at the statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Provision for guarantees

Provisions for the expected costs of maintenance under guarantees are charged against profits when

products have been invoiced. The effect of the time value of money is not material and therefore

the provisions are not discounted.

Financial instruments

Basic financial instruments are recognised at amortised cost, with changes recognised on the income

statement. Derivative financial instruments are initially recorded at cost and thereafter at fair value

with changes recognised on the income statement.

4.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

Cost

At 1st December 2016

448,766

Disposals

(417,161

)

At 30th November 2017

31,605

Depreciation

At 1st December 2016

395,420

Charge for year

28,993

Eliminated on disposal

(392,808

)

At 30th November 2017

31,605

Net book value

At 30th November 2017

-

At 30th November 2016

53,346

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

40,000

Ordinary A

£1

40,000

40,000

10,000

Ordinary B

£1

10,000

10,000

50,000

50,000

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nilesh Savjani (Senior Statutory Auditor)

for and on behalf of Wags LLP t/a Wagstaffs

7.	CONTINGENT LIABILITIES

8.	PARENT UNDERTAKING

The parent undertaking is Abbey Pynford Holdings Limited, whose registered office is 1st Floor, West

Wing, IMEX, Maxted Road, Hemel Hempstead, Hertfordshire, HP2 7DX.