IRIS Accounts Production v17.2.0.336 02551115 Board of Directors 1.1.16 31.12.16 31.12.16 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure025511152015-12-31025511152016-12-31025511152016-01-012016-12-31025511152014-12-31025511152015-01-012015-12-31025511152015-12-3102551115ns15:EnglandWales2016-01-012016-12-3102551115ns14:PoundSterling2016-01-012016-12-3102551115ns10:Director12016-01-012016-12-3102551115ns10:PrivateLimitedCompanyLtd2016-01-012016-12-3102551115ns10:SmallEntities2016-01-012016-12-3102551115ns10:AuditExemptWithAccountantsReport2016-01-012016-12-3102551115ns10:SmallCompaniesRegimeForDirectorsReport2016-01-012016-12-3102551115ns10:SmallCompaniesRegimeForAccounts2016-01-012016-12-3102551115ns10:FullAccounts2016-01-012016-12-3102551115ns10:Director22016-01-012016-12-3102551115ns10:Director32016-01-012016-12-3102551115ns10:Director42016-01-012016-12-3102551115ns10:CompanySecretary12016-01-012016-12-3102551115ns10:RegisteredOffice2016-01-012016-12-3102551115ns5:CurrentFinancialInstruments2016-12-3102551115ns5:CurrentFinancialInstruments2015-12-3102551115ns5:Non-currentFinancialInstruments2016-12-3102551115ns5:Non-currentFinancialInstruments2015-12-3102551115ns5:ShareCapital2016-12-3102551115ns5:ShareCapital2015-12-3102551115ns5:RetainedEarningsAccumulatedLosses2016-12-3102551115ns5:RetainedEarningsAccumulatedLosses2015-12-3102551115ns5:LeaseholdImprovements2016-01-012016-12-3102551115ns5:PlantMachinery2016-01-012016-12-3102551115ns5:FurnitureFittings2016-01-012016-12-3102551115ns5:MotorVehicles2016-01-012016-12-3102551115ns5:LeaseholdImprovements2015-12-3102551115ns5:PlantMachinery2015-12-3102551115ns5:FurnitureFittings2015-12-3102551115ns5:MotorVehicles2015-12-3102551115ns5:LeaseholdImprovements2016-12-3102551115ns5:PlantMachinery2016-12-3102551115ns5:FurnitureFittings2016-12-3102551115ns5:MotorVehicles2016-12-3102551115ns5:LeaseholdImprovements2015-12-3102551115ns5:PlantMachinery2015-12-3102551115ns5:FurnitureFittings2015-12-3102551115ns5:MotorVehicles2015-12-3102551115ns5:LeasedAssetsHeldAsLesseens5:MotorVehicles2015-12-3102551115ns5:LeasedAssetsHeldAsLesseens5:MotorVehicles2016-01-012016-12-3102551115ns5:LeasedAssetsHeldAsLesseens5:MotorVehicles2016-12-3102551115ns5:LeasedAssetsHeldAsLesseens5:MotorVehicles2015-12-3102551115ns5:CurrentFinancialInstrumentsns5:WithinOneYear2016-12-3102551115ns5:CurrentFinancialInstrumentsns5:WithinOneYear2015-12-3102551115ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2016-12-3102551115ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2015-12-3102551115ns5:MoreThanFiveYearsns5:Non-currentFinancialInstruments2016-12-3102551115ns5:MoreThanFiveYearsns5:Non-currentFinancialInstruments2015-12-3102551115ns5:Secured2016-12-3102551115ns5:Secured2015-12-31


REGISTERED NUMBER: 02551115 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

ABACA SYSTEMS LIMITED

ABACA SYSTEMS LIMITED (REGISTERED NUMBER: 02551115)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016










Page

Company information 1

Chartered accountants' report 2

Balance sheet 3

Notes to the financial statements 5


ABACA SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2016







Directors: A L Cartwright
B Cartwright
G Dickinson
D J Batty





Secretary: B Cartwright





Registered office: 6 Hattersley Court
Ormskirk
Lancashire
L39 2AY





Registered number: 02551115 (England and Wales)





Accountants: Moore and Smalley C.A. Limited
Chartered Accountants
Hoghton Chambers
Hoghton Street
Southport
PR9 0TB

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ABACA SYSTEMS LIMITED


The following reproduces the text of the report prepared for the directors and members in respect of
the Company's annual unaudited financial statements. In accordance with the Companies Act 2006,
the Company is only required to file a Balance sheet. Readers are cautioned that the Income
statement and certain other primary statements and the Directors' report are not required to be filed
with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval
the financial statements of Abaca Systems Limited for the year ended 31 December 2016 which comprise the
Profit and loss account, Balance sheet and the related notes from the Company's accounting records and
from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Abaca Systems Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Abaca Systems Limited and state those matters that we have agreed to state to the Board of Directors of Abaca Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abaca Systems Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Abaca Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Abaca Systems Limited. You consider that Abaca Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Abaca Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Moore and Smalley C.A. Limited
Chartered Accountants
Hoghton Chambers
Hoghton Street
Southport
PR9 0TB


27 September 2017

ABACA SYSTEMS LIMITED (REGISTERED NUMBER: 02551115)

BALANCE SHEET
31 DECEMBER 2016

2016 2015
Notes £    £    £    £   
Fixed assets
Tangible assets 4 791,959 662,951

Current assets
Debtors 5 626,610 579,359
Investments 6 236,868 227,208
Cash at bank 528,831 569,223
1,392,309 1,375,790
Creditors
Amounts falling due within one year 7 507,223 430,342
Net current assets 885,086 945,448
Total assets less current liabilities 1,677,045 1,608,399

Creditors
Amounts falling due after more than one
year

8

(154,246

)

(171,228

)

Provisions for liabilities (32,387 ) (26,108 )

Accruals and deferred income (917,618 ) (863,928 )
Net assets 572,794 547,135

Capital and reserves
Called up share capital 2,500 2,500
Retained earnings 570,294 544,635
Shareholders' funds 572,794 547,135

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as
at the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the Company.

ABACA SYSTEMS LIMITED (REGISTERED NUMBER: 02551115)

BALANCE SHEET - continued
31 DECEMBER 2016


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.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors on 27 September 2017 and were signed on
its behalf by:





A L Cartwright - Director


ABACA SYSTEMS LIMITED (REGISTERED NUMBER: 02551115)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016


1. Statutory information

Abaca 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. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting
Standard applicable in the UK and Republic of Ireland" ("FRS102") and the requirements of the
Companies Act 2006 as applicable to companies subject to the small companies regime. The
disclosure requirements of Section 1A of FRS102 have been applied other than where additional
disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal
accounting policies adopted are set out below.

These financial statements for the year ended 31 December 2016 are the first financial statements
of the Company prepared in accordance with FRS 102, The Financial Reporting Standard applicable
in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported
financial position and financial performance for the previous year are not affected by the transition to
FRS 102.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and
services provided in the normal course of business, and is shown net of VAT. The fair value of
consideration takes into account trade discounts and settlement discounts.
Revenue is recognised when the significant risks and rewards and the amount of revenue can be
measured reliably and, it is probable that the economic benefits associated with the transaction will
flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured
reliably.

ABACA SYSTEMS LIMITED (REGISTERED NUMBER: 02551115)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2016


2. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 50 years straight line excluding land
Plant and machinery - 3 to 10 years straight line
Solar photovoltaic panels - 25 years straight line
Motor vehicles - 22.5% & 25% reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of
depreciation and any impairment losses.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale
proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets
At each reporting period end date, the Company reviews the carrying amounts of its tangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any
such indication exists, the recoverable amount of the asset is estimated in order to determine the
extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of
an individual asset, the Company estimates the recoverable amount of the cash-generating unit to
which the asset belongs.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable
amount.

ABACA SYSTEMS LIMITED (REGISTERED NUMBER: 02551115)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2016


2. Accounting policies - continued

Financial instruments
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and
Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's balance sheet when the Company becomes
party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,
when there is a legally 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the
effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries,
associates or joint ventures, are initially measured at fair value, which is normally the transaction price.
Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit or loss, except that investments in equity instruments that are not publicly traded and whose fair
values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators
of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events
that occurred after the initial recognition of the financial asset, the estimated future cash flows have
been affected. If an asset is impaired, the impairment loss is the difference between the carrying
amount and the present value of the estimated cash flows discounted at the asset’s original effective
interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was
recognised, the impairment is reversed. The reversal is such that the current carrying amount does not
exceed what the carrying amount would have been, had the impairment not previously been
recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset
expire or are settled, or when the Company transfers the financial asset and substantially all the risks
and rewards of ownership to another entity, or if some significant risks and rewards of ownership are
retained but control of the asset has transferred to another party that is able to sell the asset in its
entirety to an unrelated third party.

Classification of financial liabilities
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 Company after deducting all of its liabilities.





ABACA SYSTEMS LIMITED (REGISTERED NUMBER: 02551115)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2016


2. Accounting policies - continued

Basic financial liabilities
Basic financial liabilities, including creditors, that are classified as debt, 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 receipts discounted at a market rate of
interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Amounts payable are classified as current liabilities if payment is
due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are
recognised initially at transaction price and subsequently measured at amortised cost using the
effective interest method.

Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently
measured at fair value through profit or loss. Debt instruments may be designated as being measured
at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments
are measured and their performance evaluated on a fair value basis in accordance with a documented
risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are
discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue
costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at
the discretion of the company.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as
reported in the profit and loss account because it excludes items of income or expense that are
taxable or deductible in other years and it further excludes items that are never taxable or deductible.
The Company’s liability for current tax is calculated using tax rates that have been enacted or
substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing
difference arises from goodwill or from the initial recognition of other assets and liabilities in a
transaction that effect neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of
the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account, except when it relates to items charged or credited directly to equity, in which
case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company has a legally enforceable right to offset current tax assets and liabilities and deferred tax and
liabilities levied by the same tax authority.

ABACA SYSTEMS LIMITED (REGISTERED NUMBER: 02551115)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2016


2. Accounting policies - continued

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


Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call
with banks, other short-term liquid investments with original maturities of three months or less, and
bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at
the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those
held under finance leases are depreciated over their estimated useful lives or the lease term,
whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The
capital element of the future payments is treated as a liability.

Amounts payable under operating leases are charged to the profit and loss account on a straight line
basis over the period of the lease.

Amounts due from lessees are included in debtors. The associated income is apportioned between
interest, which is credited to the profit and loss account and repayment of capital, which reduces the
amount due from the lessee.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those
costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s
services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably
committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall
due.

3. Employees and directors

The average number of employees during the year was 18 (2015 - 17 ) .

ABACA SYSTEMS LIMITED (REGISTERED NUMBER: 02551115)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2016


4. Tangible fixed assets
Solar
Land and Plant and photovoltaic Motor
buildings machinery panels vehicles Totals
£    £    £    £    £   
Cost
At 1 January 2016 566,368 149,539 33,028 92,500 841,435
Additions 172,749 23,166 11,970 23,000 230,885
Disposals - (8,685 ) - (92,500 ) (101,185 )
At 31 December 2016 739,117 164,020 44,998 23,000 971,135
Depreciation
At 1 January 2016 35,267 106,427 5,284 31,506 178,484
Charge for year 11,079 23,306 1,681 5,897 41,963
Eliminated on disposal - (8,621 ) - (32,650 ) (41,271 )
At 31 December 2016 46,346 121,112 6,965 4,753 179,176
Net book value
At 31 December 2016 692,771 42,908 38,033 18,247 791,959
At 31 December 2015 531,101 43,112 27,744 60,994 662,951

Included in cost of land and buildings is freehold land of £ 186,673 (2015 - £ 186,673 ) which is not
depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
At 1 January 2016 92,500
Disposals (92,500 )
At 31 December 2016 -
Depreciation
At 1 January 2016 31,506
Charge for year 1,144
Eliminated on disposal (32,650 )
At 31 December 2016 -
Net book value
At 31 December 2016 -
At 31 December 2015 60,994

ABACA SYSTEMS LIMITED (REGISTERED NUMBER: 02551115)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2016


5. Debtors
2016 2015
£    £   
Amounts falling due within one year:
Trade debtors 239,988 304,112
Amounts receivable in respect of hire
purchase contracts

146,242

80,493
Prepayments 124,363 106,104
510,593 490,709

Amounts falling due after more than one year:
Amounts receivable in respect of hire
purchase contracts

116,017

88,650

Aggregate amounts 626,610 579,359

6. Current asset investments
2016 2015
£    £   
Listed investments 207,937 200,000
Peer to peer lending 28,931 27,208
236,868 227,208

7. Creditors: amounts falling due within one year
2016 2015
£    £   
Bank loans and overdrafts 16,813 16,272
Hire purchase contracts - 64,089
Trade creditors 23,697 14,112
Corporation tax 84,140 96,426
Social security and other taxes 94,966 46,893
Directors' loan accounts 287,607 192,550
507,223 430,342

8. Creditors: amounts falling due after more than one year
2016 2015
£    £   
Bank loan due in years 2 to 5 72,524 70,361
Bank loan due in 5 years + 81,722 100,867
154,246 171,228

Amounts falling due in more than five years:

Repayable by instalments
Bank loan due in 5 years + 81,722 100,867

ABACA SYSTEMS LIMITED (REGISTERED NUMBER: 02551115)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2016


9. Secured debts

The following secured debts are included within creditors:

2016 2015
£    £   
Bank loans 171,059 187,500
Hire purchase contracts - 64,089
171,059 251,589

Bank borrowings are secured by a fixed and floating charge on the assets of the company. Hire
purchase borrowings are secured on the assets concerned.

10. Other financial commitments

The company has future operating lease commitments of £59,900 (2015: £66,515).

11. Related party disclosures

Loans from directors are included within the Creditors note above.