Registered number
05176062
Abacus Logistics limited
Unaudited Filleted Accounts
31 March 2017
Winton House
Winton Square
Basingstoke
Hampshire
RG21 8EN
t | 01256 830000
e |support@cranleys.co.uk
Abacus Logistics limited
Registered number: 05176062
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 831,197 753,506
Current assets
Debtors 3 896,286 989,357
Cash at bank and in hand 264,738 182,784
1,161,024 1,172,141
Creditors: amounts falling due within one year 4 (431,428) (492,658)
Net current assets 729,596 679,483
Total assets less current liabilities 1,560,793 1,432,989
Creditors: amounts falling due after more than one year 5 (594,232) (527,561)
Provisions for liabilities (102,979) (112,810)
Net assets 863,582 792,618
Capital and reserves
Called up share capital 10 10
Profit and loss account 863,572 792,608
Shareholders' funds 863,582 792,618
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Paul Carr
Director
Approved by the board on 21 December 2017
Abacus Logistics limited
Notes to the Accounts
for the year ended 31 March 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings 25% reducing balance
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2016 22,714 172,664 1,426,060 1,621,438
Additions - - 389,950 389,950
Disposals - - (193,785) (193,785)
At 31 March 2017 22,714 172,664 1,622,225 1,817,603
Depreciation
At 1 April 2016 13,691 71,598 782,643 867,932
Charge for the year 2,256 25,267 249,544 277,067
On disposals - - (158,593) (158,593)
At 31 March 2017 15,947 96,865 873,594 986,406
Net book value
At 31 March 2017 6,767 75,799 748,631 831,197
At 31 March 2016 9,023 101,066 643,417 753,506
3 Debtors 2017 2016
£ £
Trade debtors 740,822 825,674
Amounts owed by group undertakings and undertakings in which the company has a participating interest 152,000 157,675
Other debtors 3,464 6,008
896,286 989,357
4 Creditors: amounts falling due within one year 2017 2016
£ £
Obligations under finance lease and hire purchase contracts 147,601 130,473
Trade creditors 105,516 202,984
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 22,550
Corporation tax 37,961 -
Other taxes and social security costs 129,420 85,098
Director's loan 10,930 51,553
431,428 492,658
5 Creditors: amounts falling due after one year 2017 2016
£ £
Obligations under finance lease and hire purchase contracts 590,404 523,733
Other creditors 3,828 3,828
594,232 527,561
6 Controlling party
The ultimate controlling party is P J Carr, B Carr and P Carr by virtue of directorship and shareholding.
7 Other information
Abacus Logistics limited is a private company limited by shares and incorporated in England. Its registered office is:
Winton House
Winton Square
Basingstoke
Hampshire
RG21 8EN
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