REGISTERED NUMBER: SC130480 (Scotland)

Financial Statements for the Year Ended 31 December 2016

for

Abacus Agents Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R G Sturrock

K R Sturrock

SECRETARY:

None

REGISTERED OFFICE:

Faraday Street

Dryburgh Industrial Estate

Dundee

DD2 3UG

REGISTERED NUMBER:

SC130480 (Scotland)

ACCOUNTANTS:

Arthur Garty & Co. Ltd.

161 Albert Street

Dundee

Tayside

DD4 6PX

FIXED ASSETS

Tangible assets

4

683,183

627,995

CURRENT ASSETS

Stocks

381,207

328,628

Debtors

780,988

704,074

Cash at bank and in hand

615,451

459,025

1,777,646

1,491,727

CREDITORS

Amounts falling due within one year

785,625

663,995

NET CURRENT ASSETS

992,021

827,732

TOTAL ASSETS LESS CURRENT LIABILITIES

1,675,204

1,455,727

CREDITORS

Amounts falling due after more than one year

5

-

(2,375

)

PROVISIONS FOR LIABILITIES

(20,634

)

(14,402

)

NET ASSETS

1,654,570

1,438,950

CAPITAL AND RESERVES

Called up share capital

60,000

60,000

Revaluation reserve

7

258,119

254,683

Retained earnings

1,336,451

1,124,267

SHAREHOLDERS' FUNDS

1,654,570

1,438,950

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

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 13 June 2017 and were signed on its behalf by:

K R Sturrock - Director

1.	STATUTORY INFORMATION

Abacus Agents Limited is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land & buildings

-

1% on cost

Plant & machinery

-

20% on cost

Motor vehicles

-

25% on reducing balance

Office equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 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 obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 January 2016

841,345

Additions

97,781

Disposals

(31,425

)

Revaluations

3,436

At 31 December 2016

911,137

DEPRECIATION

At 1 January 2016

213,350

Charge for year

36,082

Eliminated on disposal

(21,478

)

At 31 December 2016

227,954

NET BOOK VALUE

At 31 December 2016

683,183

At 31 December 2015

627,995

Cost or valuation at 31 December 2016 is represented by:

Totals

£

Valuation in 2010

42,503

Valuation in 2011

43,436

Valuation in 2012

3,436

Valuation in 2013

3,436

Valuation in 2014

158,436

Valuation in 2015

3,436

Valuation in 2016

3,436

Cost

653,018

911,137

If the land and buildings had not been revalued they would have been included at the following historical cost:

2016

2015

£

£

Cost

343,618

343,618

Aggregate depreciation

53,301

53,301

The land and buildings were valued on an open market value basis on 10 March 2015 by DM Hall, Chartered Surveyors

.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST OR VALUATION

At 1 January 2016

and 31 December 2016

19,000

DEPRECIATION

At 1 January 2016

8,314

Charge for year

2,672

At 31 December 2016

10,986

NET BOOK VALUE

At 31 December 2016

8,014

At 31 December 2015

10,686

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Hire purchase contracts

-

2,375

6.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Hire purchase contracts

2,375

8,075

The hire purchase contracts are secured on the assets concerned.

7.

RESERVES

Revaluation

reserve

£

At 1 January 2016

254,683

Revaluation for the year

3,436

At 31 December 2016

258,119

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2016 and

31 December 2015:

2016

2015

£

£

R G Sturrock

Balance outstanding at start of year

4,900

4,900

Amounts repaid

(4,900

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

4,900

The loan to the director was interest free and has now been repaid.

9.	ULTIMATE CONTROLLING PARTY

The directors of Abacus Agents Limited are also both directors of Aidsun Holdings Limited, the ultimate parent

company. They each hold 38,500 ordinary shares (2015 - 38,500 ordinary shares) in the parent undertaking.

These 77,000 shares represent 100% of the issued ordinary share capital and voting rights of Aidsun Holdings

Limited. The directors, R G Sturrock and K R Sturrock, are therefore Abacus Agents Limited's ultimate

controlling party.