Abacus Express Limited - Accounts to registrar

REGISTERED NUMBER: 03885308 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2017

for

Abacus Express Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Dally

M Hollingworth

REGISTERED OFFICE:

114 Burley Road

Leeds

LS3 1JP

REGISTERED NUMBER:

03885308 (England and Wales)

ACCOUNTANTS:

Walker Broadbent Associates

Chartered Accountants

Lencett House

45 Boroughgate

Otley

West Yorkshire

LS21 1AG

FIXED ASSETS

Intangible assets

4

9,000

12,000

Tangible assets

5

21,401

34,330

Investments

6

1,000

31,401

47,330

CURRENT ASSETS

Debtors

7

244,801

264,634

Cash at bank and in hand

283,581

164,262

528,382

428,896

CREDITORS

Amounts falling due within one year

8

256,314

159,601

NET CURRENT ASSETS

272,068

269,295

TOTAL ASSETS LESS CURRENT
LIABILITIES

303,469

316,625

PROVISIONS FOR LIABILITIES

807

1,579

NET ASSETS

302,662

315,046

CAPITAL AND RESERVES

Called up share capital

25

Retained earnings

302,637

315,021

SHAREHOLDERS' FUNDS

302,662

315,046

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 12 October 2017 and were signed on its behalf by:

J Dally - Director

1.	STATUTORY INFORMATION

Abacus Express Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2000, is being amortised evenly over its estimated useful life of twenty years.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

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.

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.

Hire purchase and leasing commitments

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair

value. The capital element of the future payments is treated as a liability and the interest is charged to the profit

and loss account on a straight line basis.

Rentals payable under operating leases are charged to the profit and loss account as incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2016

and 30 April 2017

60,000

AMORTISATION

At 1 May 2016

48,000

Charge for year

3,000

At 30 April 2017

51,000

NET BOOK VALUE

At 30 April 2017

9,000

At 30 April 2016

12,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2016

157,935

Additions

531

Disposals

(27,514

)

At 30 April 2017

130,952

DEPRECIATION

At 1 May 2016

123,605

Charge for year

5,911

Eliminated on disposal

(19,965

)

At 30 April 2017

109,551

NET BOOK VALUE

At 30 April 2017

21,401

At 30 April 2016

34,330

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 May 2016

and 30 April 2017

1,000

NET BOOK VALUE

At 30 April 2017

1,000

At 30 April 2016

1,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

Trade debtors

120,536

119,920

Amounts owed by group undertakings

93,805

120,205

Other debtors

30,460

24,509

244,801

264,634

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

Trade creditors

40,255

35,252

Taxation and social security

31,726

18,964

Other creditors

184,333

105,385

256,314

159,601

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £60,000 (2016 - £60,000) were paid to the directors .

During the year the company rented premises from Balmoral Investments Limited, a company controlled by Ms J

Dally, the rent payable being £20,000 (2016: £20,000).

The company also paid for expenditure totalling £3,600 (2016: £8,893) on behalf of Balmoral Investments

Limited.

At 30 April 2017 Balmoral Investments Limited owed the company £93,805 (2016: £120,205).

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by the director, Ms J Dally.