Registration number:
Abbey Consultants (Southern) Limited
for the Year Ended 31 October 2016
Chartered Accountants
14 Le Corte Close
Kings Langley
Hertfordshire
WD4 9PS
Abbey Consultants (Southern) Limited
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Abbey Consultants (Southern) Limited
Company Information
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Director |
M Fitzpatrick |
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Company secretary |
A Fitzpatrick |
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Registered office |
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Bankers |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Abbey Consultants (Southern) Limited
for the Year Ended 31 October 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Abbey Consultants (Southern) Limited for the year ended 31 October 2016 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Abbey Consultants (Southern) Limited, as a body, in accordance with the terms of our engagement letter dated 2 February 2006. Our work has been undertaken solely to prepare for your approval the accounts of Abbey Consultants (Southern) Limited and state those matters that we have agreed to state to the Board of Directors of Abbey Consultants (Southern) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbey Consultants (Southern) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Abbey Consultants (Southern) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Abbey Consultants (Southern) Limited. You consider that Abbey Consultants (Southern) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Abbey Consultants (Southern) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Kings Langley
Hertfordshire
WD4 9PS
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Page 2 |
Abbey Consultants (Southern) Limited
(Registration number: 05248815)
Balance Sheet as at 31 October 2016
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Note |
31 October |
31 October |
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Fixed assets |
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Tangible assets |
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Other financial assets |
27,427 |
40,707 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
M Fitzpatrick
Director
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Page 3 |
Abbey Consultants (Southern) Limited
Notes to the Financial Statements for the Year Ended 31 October 2016
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General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Land and buildings |
10% of cost per year |
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Furniture, fittings and equipment |
25% of book value per year |
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Motor vehicles |
25% of book value per year |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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Page 4 |
Abbey Consultants (Southern) Limited
Notes to the Financial Statements for the Year Ended 31 October 2016 (continued)
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2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Page 5 |
Abbey Consultants (Southern) Limited
Notes to the Financial Statements for the Year Ended 31 October 2016 (continued)
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 November 2015 |
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- |
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Additions |
- |
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At 31 October 2016 |
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Depreciation |
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At 1 November 2015 |
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- |
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Charge for the year |
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At 31 October 2016 |
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Carrying amount |
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At 31 October 2016 |
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At 31 October 2015 |
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- |
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Included within the net book value of land and buildings above is £8,171 (2015 - £10,690) in respect of long leasehold land and buildings.
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Page 6 |
Abbey Consultants (Southern) Limited
Notes to the Financial Statements for the Year Ended 31 October 2016 (continued)
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Other financial assets (current and non-current) |
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Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 November 2015 |
188,920 |
188,920 |
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At 31 October 2016 |
188,920 |
188,920 |
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Impairment |
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At 1 November 2015 |
148,213 |
148,213 |
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Other adjustments |
13,280 |
13,280 |
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At 31 October 2016 |
161,493 |
161,493 |
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Carrying amount |
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At 31 October 2016 |
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27,427 |
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Debtors |
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31 October |
31 October |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
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Note |
31 October |
31 October |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Page 7 |
Abbey Consultants (Southern) Limited
Notes to the Financial Statements for the Year Ended 31 October 2016 (continued)
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Loans and borrowings |
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31 October |
31 October |
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Non-current loans and borrowings |
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Other borrowings |
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Transition to FRS 102 |
Balance Sheet at 1 November 2014
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Note |
As originally reported |
Remeasurement |
As restated |
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Fixed assets |
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Tangible assets |
18,530 |
- |
18,530 |
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Investments |
188,920 |
(112,712) |
76,208 |
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207,450 |
(112,712) |
94,738 |
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Current assets |
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Debtors |
78,742 |
21,710 |
100,452 |
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Cash at bank and in hand |
138,623 |
- |
138,623 |
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217,365 |
21,710 |
239,075 |
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Creditors: Amounts falling due within one year |
(155,414) |
- |
(155,414) |
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Net current assets |
61,951 |
21,710 |
83,661 |
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Total assets less current liabilities |
269,401 |
(91,002) |
178,399 |
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Provisions for liabilities |
(832) |
832 |
- |
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Net assets/(liabilities) |
268,569 |
(90,170) |
178,399 |
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Capital and reserves |
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Called up share capital |
2 |
- |
2 |
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Profit and loss account |
268,567 |
(90,170) |
178,397 |
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Total equity |
268,569 |
(90,170) |
178,399 |
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Page 8 |
Abbey Consultants (Southern) Limited
Notes to the Financial Statements for the Year Ended 31 October 2016 (continued)
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9 |
Transition to FRS 102 (continued) |
Balance Sheet at 31 October 2015
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Note |
As originally reported |
Remeasurement |
As restated |
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Fixed assets |
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Intangible assets |
16,834 |
- |
16,834 |
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Investments |
188,920 |
(148,213) |
40,707 |
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205,754 |
(148,213) |
57,541 |
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Current assets |
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Debtors |
173,863 |
28,709 |
202,572 |
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Cash at bank and in hand |
147,518 |
- |
147,518 |
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321,381 |
28,709 |
350,090 |
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Creditors: Amounts falling due within one year |
(180,625) |
- |
(180,625) |
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Net current assets |
140,756 |
28,709 |
169,465 |
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Total assets less current liabilities |
346,510 |
(119,504) |
227,006 |
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Creditors: Amounts falling due after more than one year |
(20,000) |
- |
(20,000) |
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Provisions for liabilities |
(934) |
934 |
- |
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Net assets/(liabilities) |
325,576 |
(118,570) |
207,006 |
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Capital and reserves |
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Called up share capital |
2 |
- |
2 |
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Profit and loss account |
325,574 |
(118,570) |
207,004 |
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Total equity |
325,576 |
(118,570) |
207,006 |
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Page 9 |