REGISTERED NUMBER: 04800864 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2016

for

ABACUS CARS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R F Hawkins

Mr T F Hawkins

REGISTERED OFFICE:

59 Sherwood Drive

Whitstable

Kent

CT5 4PH

REGISTERED NUMBER:

04800864 (England and Wales)

ACCOUNTANTS:

Michael Martin Partnership Limited

Chartered Certified Accountants

18 Canterbury Road

Whitstable

Kent

CT5 4EY

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

154,685

131,286

154,685

131,286

CURRENT ASSETS

Debtors

4

28,150

30,705

Cash at bank and in hand

159,593

166,589

187,743

197,294

CREDITORS

Amounts falling due within one year

5

232,778

232,743

NET CURRENT LIABILITIES

(45,035

)

(35,449

)

TOTAL ASSETS LESS CURRENT LIABILITIES

109,650

95,837

PROVISIONS FOR LIABILITIES

6

30,195

23,443

NET ASSETS

79,455

72,394

CAPITAL AND RESERVES

Called up share capital

7

2

2

Profit and loss account

8

79,453

72,392

SHAREHOLDERS' FUNDS

79,455

72,394

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

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

The financial statements were approved by the Board of Directors on 15 March 2017 and were signed on its behalf by:

Mr T F Hawkins - Director

Mr R F Hawkins - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with

the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Hire purchase and leasing commitments

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

the period of the lease.

2.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2015

and 31 August 2016

70,000

AMORTISATION

At 1 September 2015

and 31 August 2016

70,000

NET BOOK VALUE

At 31 August 2016

-

At 31 August 2015

-

3.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 September 2015

4,334

283,967

6,835

295,136

Additions

-

93,502

-

93,502

Disposals

-

(56,523

)

-

(56,523

)

At 31 August 2016

4,334

320,946

6,835

332,115

DEPRECIATION

At 1 September 2015

4,334

153,146

6,370

163,850

Charge for year

-

51,490

248

51,738

Eliminated on disposal

-

(38,158

)

-

(38,158

)

At 31 August 2016

4,334

166,478

6,618

177,430

NET BOOK VALUE

At 31 August 2016

-

154,468

217

154,685

At 31 August 2015

-

130,821

465

131,286

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.16

31.8.15

£

£

Trade debtors

10,482

7,313

Other debtors

750

8,750

Prepayments

16,918

14,642

28,150

30,705

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.16

31.8.15

£

£

Trade creditors

9,148

8,910

Taxation

5,106

10,400

Social security and other taxes

44,785

43,703

Other creditors

10,825

10,234

Directors' current accounts

160,484

157,151

Accrued expenses

2,430

2,345

232,778

232,743

6.	PROVISIONS FOR LIABILITIES

31.8.16

31.8.15

£

£

Deferred tax

30,195

23,443

Deferred

tax

£

Balance at 1 September 2015

23,443

Provided during year

6,752

Balance at 31 August 2016

30,195

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.16

31.8.15

value:

£

£

2

Ordinary

£1

2

2

8.

RESERVES

Profit

and loss

account

£

At 1 September 2015

72,392

Profit for the year

47,061

Dividends

(40,000

)

At 31 August 2016

79,453