Abe Froman Ltd - Filleted accounts

Abe Froman Ltd
Registered number:		07267928
Balance Sheet
as at 31 March 2017

Notes			2017			2016
£				£
Fixed assets
Tangible assets	2		819			1,227

Current assets
Debtors	3	-			5,082
Cash at bank and in hand		35,316			19,105
		35,316			24,187

Creditors: amounts falling due within one year	4	(14,101)			(9,358)

Net current assets			21,215			14,829

Net assets			22,034			16,056

Capital and reserves
Called up share capital			6			6
Profit and loss account			22,028			16,050

Shareholders' funds			22,034			16,056

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit 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 accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Steven Boothright
Director
Approved by the board on 17 May 2017

Abe Froman Ltd
Notes to the Accounts
for the year ended 31 March 2017


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:



	Plant and machinery			over 5 years
	Fixtures, fittings, tools and equipment			over 3 to 5 years

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Tangible fixed assets
				Plant and machinery etc		Motor vehicles		Total
£					£		£
	Cost
	At 1 April 2016			2,142		1,000		3,142
	Additions			450		-		450
	At 31 March 2017			2,592		1,000		3,592

	Depreciation
	At 1 April 2016			1,165		750		1,915
	Charge for the year			608		250		858
	At 31 March 2017			1,773		1,000		2,773

	Net book value
	At 31 March 2017			819		-		819
	At 31 March 2016			977		250		1,227




3	Debtors					2017		2016
£							£

	Trade debtors					-		5,082


4	Creditors: amounts falling due within one year					2017		2016
£							£

	Corporation tax					17,357		14,206
	Other taxes and social security costs					6,033		4,272
	Other creditors					(9,289)		(9,120)
						14,101		9,358


5	Loans to directors
	Description and conditions	B/fwd	Paid		Repaid		C/fwd
£			£		£		£
	Mr S Boothright
	[Loan 1]	9,574		(9,574)		9,677		9,677

		9,574		(9,574)		9,677		9,677


6	Other information

	Abe Froman Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	8 The Mount
	Reading
	RG1 5HY