| ABL CIRCUITS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 31ST AUGUST 2017 |
| ABL CIRCUITS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 31ST AUGUST 2017 |
| ABL CIRCUITS LIMITED (REGISTERED NUMBER: 04207139) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST AUGUST 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 8 |
| ABL CIRCUITS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST AUGUST 2017 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| First Floor, Woburn Court |
| 2 Railton Road |
| Woburn Rd Ind Est |
| Kempston |
| Bedfordshire |
| MK42 7PN |
| ABL CIRCUITS LIMITED (REGISTERED NUMBER: 04207139) |
| BALANCE SHEET |
| 31ST AUGUST 2017 |
| 31/8/17 | 31/8/16 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| ABL CIRCUITS LIMITED (REGISTERED NUMBER: 04207139) |
| BALANCE SHEET - continued |
| 31ST AUGUST 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| ABL CIRCUITS LIMITED (REGISTERED NUMBER: 04207139) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST AUGUST 2017 |
| 1. | STATUTORY INFORMATION |
| ABL Circuits Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in sterling which is the functional currency of the company and rounded to |
| the nearest £. |
| The significant accounting policies applied in the preparation of these financial statements are set out below. |
| These policies have been consistently applied to all years presented unless otherwise stated. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Stocks |
| Stocks are stated 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 stock to its present location and |
| condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and |
| slow-moving stock where appropriate. |
| Stocks that recognised in cost of sales during the year as an expense totalled £84,681. (31/8/16; £75,315) |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| ABL CIRCUITS LIMITED (REGISTERED NUMBER: 04207139) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1st September 2016 |
| and 31st August 2017 |
| AMORTISATION |
| At 1st September 2016 |
| and 31st August 2017 |
| NET BOOK VALUE |
| At 31st August 2017 |
| At 31st August 2016 |
| ABL CIRCUITS LIMITED (REGISTERED NUMBER: 04207139) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2017 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1st September 2016 |
| Additions |
| At 31st August 2017 |
| DEPRECIATION |
| At 1st September 2016 |
| Charge for year |
| At 31st August 2017 |
| NET BOOK VALUE |
| At 31st August 2017 |
| At 31st August 2016 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/8/17 | 31/8/16 |
| £ | £ |
| Trade debtors |
| Bad debts provision | (54,344 | ) | (36,059 | ) |
| Other debtors |
| Shareholders loan account | 4,176 | 44,071 |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/8/17 | 31/8/16 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Social security and other taxes |
| VAT | 37,078 | 50,455 |
| Accruals and deferred income |
| Accrued expenses |
| Credit Card | 256 | 448 |
| ABL CIRCUITS LIMITED (REGISTERED NUMBER: 04207139) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2017 |
| 8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31st August 2017 and |
| 31st August 2016: |
| 31/8/17 | 31/8/16 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| Included in debtors at the year end is a balance owed from the director totalling of £4,177 (2016: £44,071). The |
| director was charged interest during the financial period at an annual rate of 3% on balances owed to the |
| company during the year. The outstanding amount has been repaid within 9 months of the year end, prior to the |
| reporting date. |
| The director has personally guaranteed a sum of £50,000 to the company's bankers as security. |
| 9. | ULTIMATE CONTROLLING PARTY |
| The controlling party is M Leverett. |
| CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| ABL CIRCUITS LIMITED |
| The following reproduces the text of the report prepared for the director 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 Statement of Comprehensive Income and certain other primary |
| statements and the Report of the Director 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 ABL Circuits Limited for the year ended 31st August 2017 which comprise the Statement of |
| Comprehensive Income, 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 director of ABL Circuits Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of ABL Circuits Limited and state those matters that we have agreed to state to the director of ABL Circuits Limited 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 ABL Circuits Limited and its director for our work or for this report. |
| It is your duty to ensure that ABL Circuits 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 ABL Circuits Limited. You consider that ABL Circuits 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 ABL Circuits 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. |
| First Floor, Woburn Court |
| 2 Railton Road |
| Woburn Rd Ind Est |
| Kempston |
| Bedfordshire |
| MK42 7PN |