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Company registration number:
06127321
Abacus Cleaning Services Ltd
Unaudited Filleted Financial Statements for the year ended
30 April 2017
Abacus Cleaning Services Ltd
Report to the director on the preparation of the unaudited statutory financial statements of Abacus Cleaning Services Ltd
Year ended
30 April 2017
As described on the statement of financial position, the Board of Directors of
Abacus Cleaning Services Ltd
are responsible for the preparation of the
financial statements
for the year ended
30 April 2017
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Ginger Accounts
Member of The Association of Accounting Technicians
341 Bolton Road
Westhoughton
Bolton
BL5 3EL
United Kingdom
Date:
21 December 2017
Abacus Cleaning Services Ltd
Statement of Financial Position
30 April 2017
20172016
Note££
Fixed assets    
Intangible assets 5
15,000
 
16,500
 
Tangible assets 6
1,902
 
1,738
 
16,902
 
18,238
 
Current assets    
Stocks
760
 
865
 
Debtors 7
104,875
 
117,531
 
Cash at bank and in hand
149,000
 
130,951
 
254,635
 
249,347
 
Creditors: amounts falling due within one year 8
(77,893
)
(96,628
)
Net current assets
176,742
 
152,719
 
Total assets less current liabilities 193,644   170,957  
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
193,544
 
170,857
 
Shareholders funds
193,644
 
170,957
 
For the year ending
30 April 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
21 December 2017
, and are signed on behalf of the board by:
Mrs Jane Harrison
Director
Company registration number:
06127321
Abacus Cleaning Services Ltd
Notes to the Financial Statements
Year ended
30 April 2017

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
13 Kennet Close
,
Westhoughton
,
Bolton
,
BL5 3EZ
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are measured at the fair value at the acquisition date.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
5% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
25% straight line
Office equipment
25% straight line
Motor vehicles
25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

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 stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
9
(2016:
10
).

5 Intangible assets

Goodwill
£
Cost  
At
1 May 2016
and
30 April 2017
30,000
 
Amortisation  
At
1 May 2016
13,500
 
Charge
1,500
 
At
30 April 2017
15,000
 
Carrying amount  
At
30 April 2017
15,000
 
At 30 April 2016
16,500
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 May 2016
24,140
 
Additions
1,599
 
Disposals
(2,169
)
At
30 April 2017
23,570
 
Depreciation  
At
1 May 2016
22,402
 
Charge
1,432
 
Disposals
(2,166
)
At
30 April 2017
21,668
 
Carrying amount  
At
30 April 2017
1,902
 
At 30 April 2016
1,738
 

7 Debtors

20172016
££
Trade debtors
106,459
 
117,531
 
Other debtors
(1,584
) -  
104,875
 
117,531
 

8 Creditors: amounts falling due within one year

20172016
££
Bank loans and overdrafts -  
613
 
Trade creditors
50,612
 
64,980
 
Taxation and social security
23,955
 
29,082
 
Other creditors
3,326
 
1,953
 
77,893
 
96,628