Company Registration No. 03877738 (England and Wales)
ABS CASES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2016
LB GROUP
Number One
Vicarage Lane
London
England
E15 4HF
ABS CASES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
ABS CASES LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
75,370
81,168
Tangible assets
2
13,420
13,183
88,790
94,351
Current assets
Stocks
53,500
68,050
Debtors
505,063
427,646
Cash at bank and in hand
15,028
18,557
573,591
514,253
Creditors: amounts falling due within one year
(581,698)
(496,429)
Net current liabilities/(assets)
(8,107)
17,824
Total assets less current liabilities
80,683
112,175
Creditors: amounts falling due after more than one year
(29,400)
(50,018)
51,283
62,157
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
51,281
62,155
Shareholders' funds
51,283
62,157
ABS CASES LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 31 July 2016 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 financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 26 April 2017
Mr. Barry Smith
Director
Company Registration No. 03877738
ABS CASES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. ents amounts receivable for goods and services net of VAT and trade discounts.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
ents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years . of 20 years.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
15% Reducing balance
1.6
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.7
Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
ABS CASES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2016
1
Accounting policies
(Continued)
- 4 -
1.8
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 August 2015
115,955
29,079
145,034
Additions
-
2,605
2,605
At 31 July 2016
115,955
31,684
147,639
Depreciation
At 1 August 2015
34,787
15,896
50,683
Charge for the year
5,798
2,368
8,166
At 31 July 2016
40,585
18,264
58,849
Net book value
At 31 July 2016
75,370
13,420
88,790
At 31 July 2015
81,168
13,183
94,351
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of 2p each
2
2