REGISTERED NUMBER: |
ABACUS CASH REGISTERS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
REGISTERED NUMBER: |
ABACUS CASH REGISTERS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
ABACUS CASH REGISTERS LIMITED (REGISTERED NUMBER: 03900262) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2016 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ABACUS CASH REGISTERS LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2016 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
The Riding School House |
Bulls Lane |
Wishaw |
Sutton Coldfield |
West Midlands |
B76 9QW |
ABACUS CASH REGISTERS LIMITED (REGISTERED NUMBER: 03900262) |
BALANCE SHEET |
31 December 2016 |
31/12/16 | 31/12/15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
ABACUS CASH REGISTERS LIMITED (REGISTERED NUMBER: 03900262) |
BALANCE SHEET - continued |
31 December 2016 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director on |
ABACUS CASH REGISTERS LIMITED (REGISTERED NUMBER: 03900262) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2016 |
1. | STATUTORY INFORMATION |
Abacus Cash Registers Limited is a |
Wales. 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 |
The financial statements been prepared on the going concern basis which assumes that the Company |
will be able to continue to trade for the foreseeable future. The Company's forecasts and projections |
show that the Company should be able to operate throughout a period of twelve months from date of |
approval of these financial statements. The Director therefore considers it appropriate to prepare the |
financial statements on a going concern basis. |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
Goodwill |
Purchased goodwill is written off in full to the profit and loss account in the year of acquisition. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Motor vehicles | - |
Computer equipment | - |
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 have been |
enacted or substantively enacted by the balance sheet date. |
ABACUS CASH REGISTERS LIMITED (REGISTERED NUMBER: 03900262) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2016 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2016 |
and 31 December 2016 |
AMORTISATION |
At 1 January 2016 |
and 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
At 31 December 2015 |
5. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
and 31 December 2016 |
DEPRECIATION |
At 1 January 2016 |
Charge for year |
At 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
At 31 December 2015 |
ABACUS CASH REGISTERS LIMITED (REGISTERED NUMBER: 03900262) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2016 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/16 | 31/12/15 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/16 | 31/12/15 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
The directors loan account is not subject to any formal loan agreement and is therefore deemed to be |
repayable on demand. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/16 | 31/12/15 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2016 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2016 |
10. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £15,000 (2015 - £15,000) were paid to the director . |
The amount owed to M P Pearce at 31st December 2016 was £380 ( 2015 : £7,321). |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is M P Pearce. |
ABACUS CASH REGISTERS LIMITED (REGISTERED NUMBER: 03900262) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2016 |
12. | FIRST YEAR ADOPTION |
These are the first financial statements produced by the company under Financial Reporting Standard |
102 Section 1A (applicable to small entities). |
The Director has assessed all accounting policies with reference to the new reporting standard and |
has confirmed that there are no transitional adjustments arising as a result of any of the entity's |
accounting policies. |