Abbott Management Limited Company Accounts

COMPANY REGISTRATION NUMBER: 02864799

ABBOTT MANAGEMENT LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2016

ABBOTT MANAGEMENT LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2016

CONTENTS	PAGES

Officers and professional advisers	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 7

The following pages do not form part of the financial statements

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	9

ABBOTT MANAGEMENT LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

DIRECTOR	Mr M D Belcher

REGISTERED OFFICE	Headlands House 1 Kings Court
	Kettering Parkway
	Kettering
	Northamptonshire
	United Kingdom
	NN15 6WJ

ACCOUNTANTS	Meadows & Co Limited
	Chartered Accountants
	Headlands House
	1 Kings Court
	Kettering Parkway
	Kettering
	NN15 6WJ

ABBOTT MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2016

	2016		2015
Note	£	£	£

FIXED ASSETS

Tangible assets	5		565,194	354,570

CURRENT ASSETS

Debtors	6	168,592	2,839
Cash at bank and in hand		562	3,312
		---------	-------
		169,154	6,151

CREDITORS: amounts falling due within one year	7	219,055		169,232
		---------		---------
NET CURRENT LIABILITIES			49,901	163,081
			---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES			515,293	191,489

CREDITORS: amounts falling due after more than one year	8	138,120	48,257
		---------	---------
NET ASSETS		377,173	143,232
		---------	---------

CAPITAL AND RESERVES

Called up share capital	2	2
Revaluation reserve	64,418	64,418
Profit and loss account	312,753	78,812
	---------	---------
MEMBERS FUNDS	377,173	143,232
	---------	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 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 .

ABBOTT MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 29 September 2017 , and are signed on behalf of the board by:

Mr M D Belcher
Director

Company registration number: 02864799

ABBOTT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2016

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Headlands House 1 Kings Court, Kettering Parkway, Kettering, Northamptonshire, NN15 6WJ, United Kingdom.

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 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office furniture and equipment	-	25% reducing balance and 33.33% straightline

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 5 (2015: 5 ).

5. TANGIBLE ASSETS

	Land and buildings	Office Furniture and Equipment	Total
	£	£	£
Cost
At 1 January 2016	344,850	35,399	380,249
Additions	211,614	3,289	214,903
	---------	--------	---------
At 31 December 2016	556,464	38,688	595,152
	---------	--------	---------
Depreciation
At 1 January 2016	–	25,679	25,679
Charge for the year	–	4,279	4,279
	---------	--------	---------
At 31 December 2016	–	29,958	29,958
	---------	--------	---------
Carrying amount
At 31 December 2016	556,464	8,730	565,194
	---------	--------	---------
At 31 December 2015	344,850	9,720	354,570
	---------	--------	---------

6. DEBTORS

	2016	2015
	£	£
Other debtors	168,592	2,839
	---------	-------

7. CREDITORS: amounts falling due within one year

	2016	2015
	£	£
Bank loans and overdrafts	4,713	7,933
Corporation tax	74,664	5,368
Social security and other taxes	10,896	13,907
Other creditors	128,782	142,024
	---------	---------
	219,055	169,232
	---------	---------

8. CREDITORS: amounts falling due after more than one year

	2016	2015
	£	£
Bank loans and overdrafts	74,116	89,900
Other creditors	64,004	( 41,643)
	---------	--------
	138,120	48,257
	---------	--------

There are four bank loans from Lloyds Bank plc all secured on the company's freehold properties. The first loan is for a period of 10 years from February 1999, repayable by variable monthly instalments with interest chargeable at 3.5% above the LLoyds Bank plc base lending rate. The second and third loans are both repayable by variable monthly instalments with interest chargeable at 3% above the Lloyds Bank plc base lending rate and are for a period of 15 years from November 2003 and 15 years from July 2005 respectively. The fourth loan is on similar terms and is repayable in 15 years from March 2007.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the company advanced monies to Mr M D Belcher , the director and shareholder.

	2016	2015
	£	£
Opening balance	41,462	17,050
Closing balance	–	41,462
Total advances	–	24,592
Total repaid	41,462	–
Maximum outstanding	41,462	41,642

10. TRANSITION TO FRS 102

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

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

ABBOTT MANAGEMENT LIMITED

MANAGEMENT INFORMATION

YEAR ENDED 31 DECEMBER 2016

The following pages do not form part of the financial statements.

ABBOTT MANAGEMENT LIMITED

CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ABBOTT MANAGEMENT LIMITED

YEAR ENDED 31 DECEMBER 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Abbott Management Limited for the year ended 31 December 2016, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Abbott Management Limited in accordance with the terms of our engagement letter dated 1 December 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Abbott Management Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbott Management Limited and its director for our work or for this report.

It is your duty to ensure that Abbott Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Abbott Management Limited. You consider that Abbott Management Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Abbott Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Meadows & Co Limited Chartered Accountants

Headlands House 1 Kings Court Kettering Parkway Kettering NN15 6WJ

29 September 2017