Company Registration No. 05719712 (England and Wales)
Abacus Assurance Financial Services Limited
Unaudited accounts
for the year ended 31 May 2017
Abacus Assurance Financial Services Limited
Unaudited accounts
Contents
Abacus Assurance Financial Services Limited
Company Information
for the year ended 31 May 2017
Directors
Philip Vaughan
Caroline Vaughan
Company Number
05719712 (England and Wales)
Registered Office
7 HERBERT TERRACE
PENARTH
SOUTH GLAMORGAN
CF64 2AH
Abacus Assurance Financial Services Limited
Statement of financial position
as at 31 May 2017
Cash at bank and in hand
34,887
8,132
Creditors: amounts falling due within one year
(31,042)
(30,824)
Net current assets
80,680
64,229
Total assets less current liabilities
106,142
64,229
Provisions for liabilities
Other provisions
(30,000)
(30,000)
Called up share capital
9,942
9,942
Revaluation reserve
(44,000)
(32,446)
Profit and loss account
110,200
56,733
Shareholders' funds
76,142
34,229
For the year ending 31 May 2017 the company was entitled to exemption from audit 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 8 September 2017.
Philip Vaughan
Director
Company Registration No. 05719712
Abacus Assurance Financial Services Limited
Notes to the Accounts
for the year ended 31 May 2017
Abacus Assurance Financial Services Limited is a private company, limited by shares, registered in England and Wales, registration number 05719712. The registered office and principal place of business is 7 HERBERT TERRACE, PENARTH, SOUTH GLAMORGAN, CF64 2AH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 May 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 June 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Abacus Assurance Financial Services Limited
Notes to the Accounts
for the year ended 31 May 2017
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Fixtures & fittings
Accrued income and prepayments
-
1,000
Other debtors
76,835
85,921
7
Creditors: amounts falling due within one year
2017
2016
Obligations under finance leases and hire purchase contracts
409
948
Taxes and social security
27,825
27,224
Allotted, called up and fully paid:
9,942 Ordinary shares of £1 each
9,942
9,942
Abacus Assurance Financial Services Limited
Notes to the Accounts
for the year ended 31 May 2017
9
Average number of employees
During the year the average number of employees was 4 (2016: 4).