Abacus Fiscal Solutions Limited Company Accounts

COMPANY REGISTRATION NUMBER: 03860427

Abacus Fiscal Solutions Limited

Financial Statements

30 April 2017

Abacus Fiscal Solutions Limited

Financial Statements

Year ended 30 April 2017

Contents	Pages

Directors' report	1 to 2

Independent auditor's report to the members	3 to 4

Statement of income and retained earnings	5

Statement of financial position	6

Notes to the financial statements	7 to 8

Abacus Fiscal Solutions Limited

Directors' Report

Year ended 30 April 2017

The directors present their report and the financial statements of the company for the year ended 30 April 2017 .

Directors

The directors who served the company during the year were as follows:

M D Luckett
S W Robinson

Directors' responsibilities statement

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 25 January 2018 and signed on behalf of the board by:

M D Luckett

Director

Registered office:

10 Orange Street

Haymarket

London

WC2H 7DQ

Abacus Fiscal Solutions Limited

Independent Auditor's Report to the Members of Abacus Fiscal Solutions Limited

Year ended 30 April 2017

We have audited the financial statements of Abacus Fiscal Solutions Limited for the year ended 30 April 2017 which comprise the statement of income and retained earnings, statement of financial position and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''.

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditor

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the directors' report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 April 2017 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; and - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.

Trevor Clarke

(Senior Statutory Auditor)

For and on behalf of

SRG LLP

Chartered accountant & statutory auditor

26-28 Ely Place

London

EC1N 6AA

26 January 2018

Abacus Fiscal Solutions Limited

Statement of Income and Retained Earnings

Year ended 30 April 2017

	2017	2016
Note	£	£
Turnover	5,600	–

Cost of sales	( 5,000)	–
	-------	----
Gross profit	600	–

Administrative expenses	( 389)	( 464)
	----	----
Operating profit/(loss)	211	( 464)

Other interest receivable and similar income	4	1	4
		----	----
Profit/(loss) before taxation		212	( 460)

Tax on profit/(loss)	–	–
	----	----
Profit/(loss) for the financial year and total comprehensive income	212	( 460)
	----	----

Retained earnings at the start of the year	7,829	8,289
	-------	-------
Retained earnings at the end of the year	8,041	7,829
	-------	-------

All the activities of the company are from continuing operations.

Abacus Fiscal Solutions Limited

Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Current assets

Debtors	5	1,000	–
Cash at bank and in hand		8,069	8,839
		-------	-------
		9,069	8,839

Creditors: amounts falling due within one year	6	( 28)		( 10)
		-------		-------
Net current assets			9,041	8,829
			-------	-------
Total assets less current liabilities			9,041	8,829
			-------	-------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	8,041	7,829
	-------	-------
Members funds	9,041	8,829
	-------	-------

These financial statements have been prepared 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'.

These financial statements were approved by the board of directors and authorised for issue on 25 January 2018 , and are signed on behalf of the board by:

M D Luckett

Director

Company registration number: 03860427

Abacus Fiscal Solutions Limited

Notes to the Financial Statements

Year ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Other interest receivable and similar income

	2017	2016
	£	£
Interest on cash and cash equivalents	1	4
	----	----

5. Debtors

	2017	2016
	£	£
Other debtors	1,000	–
	-------	----

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Other creditors	28	10
	----	----

7. Related party transactions

The company was under the control of the directors on behalf of the principals of Shipleys LLP throughout the current and previous year. During the year Shipleys LLP paid expenses on behalf of the company of £240 (2016 £293). Amounts owed to Shipleys LLP were £28 (2016 £Nil) as at 30 April 2017.

8. Controlling party

The company was a wholly owned subsidiary of Shipleys LLP throughout the current and previous year.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.