Company Registration No. 04139220 (England and Wales)
ABACUS INTERACTIVE MEDIA LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
ABACUS INTERACTIVE MEDIA LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABACUS INTERACTIVE MEDIA LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
100,352
100,140
Current assets
Debtors
29,475
21,988
Cash at bank and in hand
5,025
2,790
34,500
24,778
Creditors: amounts falling due within one year
(67,723)
(52,385)
Net current liabilities
(33,223)
(27,607)
Total assets less current liabilities
67,129
72,533
Creditors: amounts falling due after more than one year
(16,718)
(22,136)
50,411
50,397
Capital and reserves
Called up share capital
3
100
100
Revaluation reserve
26,107
26,107
Profit and loss account
24,204
24,190
Shareholders' funds
50,411
50,397
For the financial year ended 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 14 February 2017
Mr K Pinkney
Director
Company Registration No. 04139220
ABACUS INTERACTIVE MEDIA LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). The directors, having regard to the nature, size and complexity of the business, have assessed the financial risks affecting the company and its operations for the 12 months from the approval of the financial statements and consider it appropriate to prepare the financial statements on a going concern basis.
The directors, having regard to the nature, size and complexity of the business, have assessed the financial risks affecting the company and its operations for the 12 months from the approval of the financial statements and consider it appropriate to prepare the financial statements on a going concern basis.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
No depreciation
Fixtures, fittings & equipment
25% straight line
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
ABACUS INTERACTIVE MEDIA LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost or valuation
At 1 June 2015
6,000
117,071
123,071
Additions
-
376
376
At 31 May 2016
6,000
117,447
123,447
Depreciation
At 1 June 2015
6,000
16,931
22,931
Charge for the year
-
164
164
At 31 May 2016
6,000
17,095
23,095
Net book value
At 31 May 2016
-
100,352
100,352
At 31 May 2015
-
100,140
100,140
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
4
Related party relationships and transactions
Other transactions
At the balance sheet date Mr K Pinkney, the director of the company, was owed £12,222 (2015 - £407) from the company.