UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2017

FOR

ABACUS INDUSTRIAL FLOORING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G M Miles

SECRETARY:

Ms J Parker

REGISTERED OFFICE:

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

REGISTERED NUMBER:

06708358 (England and Wales)

ACCOUNTANTS:

Plus Accounting

Chartered Accountants

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

FIXED ASSETS

Intangible assets

4

66,000

99,000

Tangible assets

5

30,518

24,026

96,518

123,026

CURRENT ASSETS

Stocks

12,000

6,000

Debtors

6

778,672

790,907

Cash at bank and in hand

8,019

3,069

798,691

799,976

CREDITORS

Amounts falling due within one year

7

(446,232

)

(456,864

)

NET CURRENT ASSETS

352,459

343,112

TOTAL ASSETS LESS CURRENT LIABILITIES

448,977

466,138

PROVISIONS FOR LIABILITIES

8

(5,798

)

(4,805

)

NET ASSETS

443,179

461,333

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

443,079

461,233

SHAREHOLDERS' FUNDS

443,179

461,333

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 in accordance with Section 476 of the Companies Act 2006.

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.

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.

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 31 January 2018 and were signed by:

G M Miles - Director

1.	STATUTORY INFORMATION

Abacus Industrial Flooring Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The impact on the financial statements from transition to FRS 102 has been disclosed in the notes to the financial

statements.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates and

these estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised if the revision affects only that period, or in the

period of the revision and future periods if the revision affects both current and future periods.

The items in the financial statements where these judgements and estimates have been made include, but are not

limited to, the useful economic life of intangible and tangible fixed assets, the depreciation and amortisation of

these assets and the recoverability of debtors.

Turnover

Turnover represents the fair value of consideration receivable net of VAT and trade discounts. Revenue from the

sale of goods is recognised at the point of sale.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

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

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating

as intended by management.

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 reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

straight line over 3 years

Stocks

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

moving items.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the entity after deducting all of its financial liabilities.

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.

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

Rentals paid under operating leases are charged to profit or loss 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 5 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2016

and 30 April 2017

330,000

AMORTISATION

At 1 May 2016

231,000

Amortisation for year

33,000

At 30 April 2017

264,000

NET BOOK VALUE

At 30 April 2017

66,000

At 30 April 2016

99,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 May 2016

16,427

1,123

38,350

6,409

62,309

Additions

-

2,100

11,606

985

14,691

At 30 April 2017

16,427

3,223

49,956

7,394

77,000

DEPRECIATION

At 1 May 2016

12,300

859

18,715

6,409

38,283

Charge for year

1,032

591

6,248

328

8,199

At 30 April 2017

13,332

1,450

24,963

6,737

46,482

NET BOOK VALUE

At 30 April 2017

3,095

1,773

24,993

657

30,518

At 30 April 2016

4,127

264

19,635

-

24,026

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

282,358

392,167

Other debtors

496,314

398,740

778,672

790,907

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

165,655

187,376

Taxation and social security

93,915

183,890

Other creditors

186,662

85,598

446,232

456,864

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

5,798

4,805

Deferred

tax

£

Balance at 1 May 2016

4,805

Accelerated capital allowances

993

Balance at 30 April 2017

5,798

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

90

Ordinary

£1

90

90

10

Ordinary A

£1

10

10

100

100

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

G M Miles

During the year under review, the company made loans to the director G M Miles totalling £73,377 including

loan interest of £10,156.

At 30 April 2017 the director G M Miles owed the company £382,378 (2016 £309,001).

11.	FIRST YEAR ADOPTION

On transition to FRS 102 the entity's accounting policies applied under the entity's previous accounting

framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.