Abacus Building Services Limited Company Accounts

COMPANY REGISTRATION NUMBER: 06681614

Abacus Building Services Limited

Filleted Unaudited Financial Statements

31 August 2017

Abacus Building Services Limited

Financial Statements

Year ended 31 August 2017

Contents	Pages

Balance sheet	1 to 2

Notes to the financial statements	3 to 6

Abacus Building Services Limited

Balance Sheet

31 August 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		11,373	15,164

Current assets

Stocks and work in progress		45,000	35,000
Debtors	6	110,616	132,456
Cash at bank and in hand		216,926	319,688
		---------	---------
		372,542	487,144

Creditors: amounts falling due within one year	7	45,333		123,395
		---------		---------
Net current assets			327,209	363,749
			---------	---------
Total assets less current liabilities			338,582	378,913

Provisions

Taxation including deferred tax	2,161	3,033
	---------	---------
Net assets	336,421	375,880
	---------	---------

Abacus Building Services Limited

Balance Sheet (continued)

31 August 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	336,321	375,780
	---------	---------
Shareholder funds	336,421	375,880
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings (including profit and loss account) has not been delivered.

For the year ending 31 August 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 28 February 2018 , and are signed on behalf of the board by:

Ms. L. J. Spagnoli
Director

Company registration number: 06681614

Abacus Building Services Limited

Notes to the Financial Statements

Year ended 31 August 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Revenue recognition

Turnover comprises sales to customers after discounts, excluding Value Added Tax. Where the outcome of construction contracts can be assessed with reasonable certainty, the revenues and costs on such contracts are recognised based on stage of completion. Contract revenue is recognised by reference to the stage of completion based on work performed to date. The assessment of the stage of completion is dependent on the nature of the contract, but will generally be based on costs incurred to the extent these relate to the contract costs arising up to the reporting date.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Stocks and work in progress

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments

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, loans from banks and other third parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 September 2016 and 31 August 2017	10,110	27,290	37,400
	--------	--------	--------
Depreciation
At 1 September 2016	6,753	15,483	22,236
Charge for the year	839	2,952	3,791
	--------	--------	--------
At 31 August 2017	7,592	18,435	26,027
	--------	--------	--------
Carrying amount
At 31 August 2017	2,518	8,855	11,373
	--------	--------	--------
At 31 August 2016	3,357	11,807	15,164
	--------	--------	--------

6. Debtors

	2017	2016
	£	£
Trade debtors	6,024	4,120
Prepayments and accrued income	877	918
Corporation tax repayable	3,297	–
Other debtors	100,418	127,418
	---------	---------
	110,616	132,456
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	–	2,294
Trade creditors	333	599
Accruals and deferred income	3,750	5,150
Corporation tax	–	61,098
Social security and other taxes	9,229	19,118
Director loan accounts	230	5,136
Other creditors	31,791	30,000
	--------	---------
	45,333	123,395
	--------	---------

8. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2017	2016
	£	£
Included in provisions	2,161	3,033
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2017	2016
	£	£
Accelerated capital allowances	2,161	3,033
	-------	-------

9. Related party transactions

During the year, the company paid dividends of £20,000 (2016: £13,000) to the director. Included within creditors due within one year is an amount of £230 (2016: £5,136) owed to the director. This loan is interest free and repayable on demand.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.

No transitional adjustments were required in equity or profit or loss for the year.