ABS Home Services Limited Small abridged accounts

Statement of Consent to Prepare Abridged Financial Statements

All of the members of ABS Home Services Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 05688470

ABS Home Services Limited

Unaudited Abridged Financial Statements

31 March 2017

ABS Home Services Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Officers and professional advisers	1

Director's report	2

Abridged statement of income and retained earnings	3

Abridged statement of financial position	4

Notes to the abridged financial statements	5

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

Detailed abridged income statement	9

Notes to the detailed abridged income statement	10

ABS Home Services Limited

Officers and Professional Advisers

Director	Mr C Thompson

Registered office	5 Greenwich Quay
	Clarence Road
	London
	SE8 3EY

Accountants	Peter Osalor & Co
	Chartered accountant
	2nd Floor
	5 Greenwich Quay
	Clarence Road
	London
	SE8 3EY

Bankers	Lloyds Bank
	102-104 High Road
	Ilford
	IG11 1DS

ABS Home Services Limited

Director's Report

Year ended 31 March 2017

The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 March 2017 .

Director

The director who served the company during the year was as follows:

Mr C Thompson

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 29 December 2017 and signed on behalf of the board by:

Mr C Thompson
Director

Registered office:

5 Greenwich Quay

Clarence Road

London

SE8 3EY

ABS Home Services Limited

Abridged Statement of Income and Retained Earnings

Year ended 31 March 2017

	2017	2016
Note	£	£
Gross profit	193,221	171,814

Administrative expenses	131,021	109,539
	---------	---------
Operating profit	62,200	62,275

Other interest receivable and similar income		–	1
		---------	---------
Profit before taxation	5	62,200	62,276

Tax on profit	13,018	13,426
	--------	--------
Profit for the financial year and total comprehensive income	49,182	48,850
	--------	--------

Dividends paid and payable	( 15,000)	( 51,000)

Retained earnings at the start of the year	42,799	44,949
	--------	--------
Retained earnings at the end of the year	76,981	42,799
	--------	--------

All the activities of the company are from continuing operations.

ABS Home Services Limited

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		8,677	11,569

Current assets

Debtors	137,511	53,861
Cash at bank and in hand	51,792	42,552
	---------	--------
	189,303	96,413

Creditors: amounts falling due within one year	120,899		65,083
	---------		--------
Net current assets		68,404	31,330
		--------	--------
Total assets less current liabilities		77,081	42,899
		--------	--------
Net assets		77,081	42,899
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	76,981	42,799
	--------	--------
Members funds	77,081	42,899
	--------	--------

These abridged financial statements have been prepared 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'.

For the year ending 31 March 2017 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 abridged 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 abridged financial statements .

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

Mr C Thompson
Director

Company registration number: 05688470

ABS Home Services Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Greenwich Quay, Clarence Road, London, SE8 3EY.

2. Statement of compliance

These abridged 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 abridged 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 abridged 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 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

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:

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.

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 Nil (2016: Nil).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	2,892	3,856
	------	------

6. Tangible assets

	£
Cost
At 1 April 2016 and 31 March 2017	26,483
	--------
Depreciation
At 1 April 2016	14,914
Charge for the year	2,892
	--------
At 31 March 2017	17,806
	--------
Carrying amount
At 31 March 2017	8,677
	--------
At 31 March 2016	11,569
	--------

7. Director's advances, credits and guarantees

8. Related party transactions

The company was under the control of Mr Christian Thompson throughout the current year. Mr Christian Thompson is the managing director. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.

9. Transition to FRS 102

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

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

ABS Home Services Limited

Management Information

Year ended 31 March 2017

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

ABS Home Services Limited

Detailed Abridged Income Statement

Year ended 31 March 2017

	2017	2016
	£	£
Turnover	536,790	536,462

Cost of sales

Purchases	8,038	5,823
Wages and salaries	224,059	228,246
Subcontractor costs	111,472	130,579
	---------	---------
	343,569	364,648

	---------	---------
Gross profit	193,221	171,814

Overheads

Administrative expenses	131,021	109,539

	---------	---------
Operating profit	62,200	62,275

Other interest receivable and similar income	–	1

	--------	--------
Profit before taxation	62,200	62,276
	--------	--------

ABS Home Services Limited

Notes to the Detailed Abridged Income Statement

Year ended 31 March 2017

	2017	2016
	£	£

Administrative expenses

Directors salaries	47,859	20,457
Wages and salaries	28,373	25,176
Employers national insurance contributions	6,676	8,414
Staff pension contributions	875	–
Rent and rates	5,805	9,625
Insurance	6,221	6,632
Repairs and maintenance (allowable)	250	351
Motor, travel and subsistence	11,907	13,244
Hire costs (non-operating leases)	5,065	3,298
Telephone	4,044	3,213
Office expenses	6,419	5,622
Printing postage and stationery	–	258
Charitable donations (allowable)	–	4,000
Legal and professional fees (disallowable)	–	459
Accountancy fees	4,000	4,000
Depreciation of tangible assets	2,892	3,856
Bank charges	635	934
	---------	---------
	131,021	109,539
	---------	---------

Other interest receivable and similar income

Interest on cash and cash equivalents	–	1
	----	----