Registered number: 04729663
A B A SURVEYING LIMITED
UNAUDITED
DIRECTOR'S REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2016
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A B A SURVEYING LIMITED
COMPANY INFORMATION
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A B A SURVEYING LIMITED
CONTENTS
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Notes to the financial statements
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A B A SURVEYING LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2016
The director presents his report and the financial statements for the year ended 31 March 2016.
The principal activity of the company during the year under review was that of surveyors.
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The loss for the year, after taxation, amounted to £38,262 (2015 - profit £53,317).
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The director who served during the year was:
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This report was approved by the board on 29 December 2016 and signed on its behalf.
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A B A SURVEYING LIMITED
REGISTERED NUMBER: 04729663
BALANCE SHEET
AS AT 31 MARCH 2016
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The director considers that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime and in accordance with the provisions of FRS 102 Section 1A – small entities.
 
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
 
The Company has opted not to file the profit and loss account in accordance with the provisions applicable to companies subject to small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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A B A SURVEYING LIMITED
REGISTERED NUMBER: 04729663
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2016
The notes on pages 4 to 12 form part of these financial statements.
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A B A SURVEYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
A B A Surveying Limited is a private company, limited by shares, incorporated in England and Wales, registration number 04729663. The address of the registered office is The Lansbury Estate, 102 Lower Guildford Road, Knaphill, Surrey, GU21 2EP.
2.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
The company has elected to early adopt The Companies, Partnerships and Groups (Accounts and
Reports) Regulations 2015 (S12015/980).
These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
These financial statements for the year ended 31 March 2016 are the first financial statements
that comply with FRS 102 Section 1A small entities. The date of transition is 1 April 2014.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Compliance with accounting standards
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The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A small
entities. There were no material departures from that standard.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
·the amount of revenue can be measured reliably;
·it is probable that the Company will receive the consideration due under the contract;
·the stage of completion of the contract at the end of the reporting period can be measured reliably; and
·the costs incurred and the costs to complete the contract can be measured reliably.
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A B A SURVEYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
2.ACCOUNTING POLICIES (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit and loss account over its useful economic life.
The estimated useful lives range as follows:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
 
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A B A SURVEYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
2.ACCOUNTING POLICIES (continued)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Short term creditors are measures at the transaction price.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
 
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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A B A SURVEYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
2.ACCOUNTING POLICIES (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
 
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
·The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
·Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
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The director judges that there are no critical accounting estimates.
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Cost of defined contribution scheme
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The average monthly number of employees, including directors, during the year was 15 (2015 - 15).
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A B A SURVEYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
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Charge owned for the period
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Page 8
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A B A SURVEYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
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Prepayments and accrued income
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CREDITORS: Amounts falling due within one year
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Taxation and social security
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Accruals and deferred income
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Shares classified as equity
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Allotted, called up and fully paid
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10,000 Ordinary shares of £1 each
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Profit and loss account
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
As explained further in note 16, two presentational adjustments have been made to correct prior year errors relating to the presentation of a directors loan account and pension costs.
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A B A SURVEYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £14,271 (2015 - £10,595). Contributions totalling £3,854 (2015 - £NIL) were payable to the fund at the balance sheet date and are included in creditors.
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COMMITMENTS UNDER OPERATING LEASES
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At 31 March 2016 the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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RELATED PARTY TRANSACTIONS
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The company owed Alan Barrow Associates, a business in which the director Mr A Barrow is a partner, £32,849 (2015 - £52,849). The balance, included in other creditors, is interest free and repayable on demand.
The company owes the director, Mr A Barrow £1,125,717 (2015 - £1,275,630). The loan is interest free, repayable on demand and included within other creditors.
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The company is controlled by its director, Mr A Barrow, by virtue of his 52% ownership of the company's issued share capital.
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