Registration number:
ABDA Design Consultants Limited
for the Period from 29 February 2016 to 28 February 2017
10 Cheyne Walk
Northampton
Northamptonshire
NN1 5PT
ABDA Design Consultants Limited
Contents
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Company Information |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
ABDA Design Consultants Limited
Company Information
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Director |
D Summers |
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Company secretary |
K Summers |
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Registered office |
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Accountants |
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Page 1 |
ABDA Design Consultants Limited
(Registration number: 03462213)
Abridged Balance Sheet as at 28 February 2017
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2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Accruals and deferred income |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
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Page 2 |
ABDA Design Consultants Limited
(Registration number: 03462213)
Abridged Balance Sheet as at 28 February 2017
Approved and authorised by the
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D Summers
Director
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Page 3 |
ABDA Design Consultants Limited
Notes to the Abridged Financial Statements for the Period from 29 February 2016 to 28 February 2017
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General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
The Baptist Chapel
Hall Lane
Little Brington
Northampton
Northamptonshire
NN7 4HX
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
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Page 4 |
ABDA Design Consultants Limited
Notes to the Abridged Financial Statements for the Period from 29 February 2016 to 28 February 2017
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2 |
Accounting policies (continued) |
Judgements
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate. |
Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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Page 5 |
ABDA Design Consultants Limited
Notes to the Abridged Financial Statements for the Period from 29 February 2016 to 28 February 2017
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Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
25% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Page 6 |
ABDA Design Consultants Limited
Notes to the Abridged Financial Statements for the Period from 29 February 2016 to 28 February 2017
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Accounting policies (continued) |
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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 statement of financial position 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.
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Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
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Page 7 |
ABDA Design Consultants Limited
Notes to the Abridged Financial Statements for the Period from 29 February 2016 to 28 February 2017
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Tangible assets |
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Total |
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Cost or valuation |
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At 29 February 2016 |
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Additions |
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Disposals |
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At 28 February 2017 |
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Depreciation |
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At 29 February 2016 |
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Charge for the period |
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Eliminated on disposal |
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At 28 February 2017 |
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Carrying amount |
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At 28 February 2017 |
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At 28 February 2016 |
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Stocks |
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2017 |
2016 |
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Other inventories |
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Related party transactions |
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Transactions with directors |
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2017 |
Advances to directors |
At 28 February 2017 |
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D Summers |
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Director's loan account |
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Page 8 |
ABDA Design Consultants Limited
Notes to the Abridged Financial Statements for the Period from 29 February 2016 to 28 February 2017
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Related party transactions (continued) |
As at 28 February 2017, D Summers had an overdrawn director's loan account balance of £125,089.
This was repaid in the form of dividends as at 31 March 2017.
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Transition to FRS 102 |
The company's date of transition to FRS 102 Section 1A is therefore 29 February 2016.
In carrying out the transition to FRS 102, the company has not applied any of the optional exemptions as permitted by Section 35 transition to this FRS.
There have been no adjustments made to the figures previously reported under the old UK GAAP at 29 February 2016, as a result of the transition to FRS 102 Section 1A.
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Page 9 |