Abacus Solutions Development Ltd FILLETED ACCOUNTS COVER
Abacus Solutions Development Ltd
Company No. 06003555
Information for Filing with The Registrar
31 December 2016
Abacus Solutions Development Ltd DIRECTORS REPORT REGISTRAR
The Director presents his report and the accounts for the year ended 31 December 2016.
Principal activities
The principal activity of the company during the year under review was .
to be that of applied technology services.
Director
The Director who served at any time during the year was as follows:
S. Butler
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
S. Butler
Director
26 September 2017
Abacus Solutions Development Ltd BALANCE SHEET REGISTRAR
at
31 December 2016
Company No.
06003555
Notes
2016
2015
£
£
Fixed assets
Tangible assets
2
3,143927
3,143927
Current assets
Debtors
3
1,211,731465,584
Cash at bank and in hand
4,69520,346
1,216,426485,930
Creditors: Amount falling due within one year
4
(2,472,102)
(1,609,598)
Net current liabilities
(1,255,676)
(1,123,668)
Total assets less current liabilities
(1,252,533)
(1,122,741)
Net liabilities
(1,252,533)
(1,122,741)
Capital and reserves
Called up share capital
1,0001,000
Profit and loss account
5
(1,253,533)
(1,123,741)
Total equity
(1,252,533)
(1,122,741)
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 December 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 26 September 2017
And signed on its behalf by:
S. Butler
Director
26 September 2017
Abacus Solutions Development Ltd NOTES TO THE ACCOUNTS REGISTRAR
for the year ended 31 December 2016
1
Accounting policies
Basis of preparation
The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There were no material departures from that standard.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Furniture, fittings and equipment
25% on cost
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Foreign currencies
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
2
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
Cost or revaluation
At 1 January 2016
-1,8551,855
Additions
2,0961202,216
At 31 December 2016
2,0961,9754,071
Depreciation
At 1 January 2016
-928928
At 31 December 2016
-928928
Net book values
At 31 December 2016
2,0961,0473,143
At 31 December 2015
-927927
3
Debtors
2016
2015
£
£
Amounts owed by group undertakings
1,194,708433,335
VAT recoverable
17,023-
Other debtors
-32,249
1,211,731465,584
4
Creditors:
amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
15,059-
Trade creditors
197,817381,572
Amounts owed to group undertakings
2,235,5121,209,071
Other taxes and social security
7,9383,125
Other creditors
-15,830
Accruals and deferred income
15,776-
2,472,1021,609,598
5
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
6
Related party disclosures
Controlling party
Immediate controlling party
No single party controls the company.
7
Additional information
Its registered number is:
06003555
Its registered office is:
Old Bank House
59 High Street
ODIHAM
Hampshire
RG29 1LF
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