ABACUS PRINTING COMPANY LIMITED Company Accounts

COMPANY REGISTRATION NUMBER: 00958331

ABACUS PRINTING COMPANY LIMITED

Filleted Unaudited Financial Statements

31 March 2018

ABACUS PRINTING COMPANY LIMITED

Financial Statements

Year ended 31st March 2018

Contents	Pages

Balance sheet	1 to 2

Notes to the financial statements	3 to 6

ABACUS PRINTING COMPANY LIMITED

Balance Sheet

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5	2,553	3,405
Investments	6	–	1,000
		-------	-------
		2,553	4,405

Current assets

Stocks		720,971	1,403,658
Debtors	7	11,887	7,023
Cash at bank and in hand		2,384,670	2,568,985
		------------	------------
		3,117,528	3,979,666

Creditors: amounts falling due within one year	8	( 15,676)		( 17,976)
		------------		------------
Net current assets			3,101,852	3,961,690
			------------	------------
Total assets less current liabilities			3,104,405	3,966,095
			------------	------------
Net assets			3,104,405	3,966,095
			------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	3,104,305	3,965,995
	------------	------------
Shareholders funds	3,104,405	3,966,095
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st March 2018 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 .

ABACUS PRINTING COMPANY LIMITED

Balance Sheet (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 11 October 2018 , and are signed on behalf of the board by:

Mr. S. R. Raja
Director

Company registration number: 00958331

ABACUS PRINTING COMPANY LIMITED

Notes to the Financial Statements

Year ended 31st March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bruce Grove, Tottenham, London, N17 6RA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Revenue is recognised on the exchange of contracts for the sale of properties developed and the sale can be reasonably assured and the proceeds guaranteed. Revenue arising from commissions and royalties from outsourced printing activities are recognised on accruals basis in accordance with the substance of the relevant agreement.

Operating leases

Rentals receivable under operating leases are included in turnover on an accruals basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Motor vehicles	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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 stock to its present location and condition. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. 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 Balance Sheet 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.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Contributions are recognised in profit or loss as they become payable.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2017: 6 ).

5. Tangible assets

	Motor vehicles	Total
	£	£
Cost
At 1st April 2017 and 31st March 2018	35,223	35,223
	--------	--------
Depreciation
At 1st April 2017	31,818	31,818
Charge for the year	852	852
	--------	--------
At 31st March 2018	32,670	32,670
	--------	--------
Carrying amount
At 31st March 2018	2,553	2,553
	--------	--------
At 31st March 2017	3,405	3,405
	--------	--------

6. Investments

	Shares in group undertakings
	£
Cost
At 1st April 2017	144,875
Disposals	( 144,875)
	---------
At 31st March 2018	–
	---------
Impairment
At 1st April 2017	143,875
Disposals	( 143,875)
	---------
At 31st March 2018	–
	---------

Carrying amount
At 31st March 2018	–
	---------
At 31st March 2017	1,000
	---------

7. Debtors

	2018	2017
	£	£
Amounts owed by group undertakings	–	291
Prepayments and accrued income	6,558	6,027
Director's loan account	4,759	–
Other debtors	570	705
	--------	-------
	11,887	7,023
	--------	-------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	717	601
Accruals and deferred income	4,328	6,406
Social security and other taxes	10,631	10,969
	--------	--------
	15,676	17,976
	--------	--------

9. Director's advances, credits and guarantees

During the year, £4,759 was advanced to the director. This loan is interest free and was repaid within nine months after the year end.

10. Related party transactions

The director's aggregate remuneration in respect of qualifying services was £27,179 (2017: £29,644). During the year, dividends of £210,000 (2017: £Nil) was paid to the director and £90,000 (2017: £Nil) to the director's wife. The company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions with members of the same group that are wholly owned.