Registered Number 04722801

ABSTRACT INC LIMITED

Abbreviated Accounts

5 April 2016

ABSTRACT INC LIMITED Registered Number 04722801

Abbreviated Balance Sheet as at 5 April 2016

Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 - 9,346
- 9,346
Current assets
Debtors - 389
Cash at bank and in hand - 3,926
- 4,315
Creditors: amounts falling due within one year (2,806) (12,633)
Net current assets (liabilities) (2,806) (8,318)
Total assets less current liabilities (2,806) 1,028
Total net assets (liabilities) (2,806) 1,028
Capital and reserves
Called up share capital 3 2 2
Profit and loss account (2,808) 1,026
Shareholders' funds (2,806) 1,028
  • For the year ending 5 April 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 5 May 2016

And signed on their behalf by:
G. Payne, Director

ABSTRACT INC LIMITED Registered Number 04722801

Notes to the Abbreviated Accounts for the period ended 5 April 2016

1Accounting Policies

Basis of measurement and preparation of accounts
Basis of accounting

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).

The financial statements have been prepared on the going concern basis. The director considers that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's director and bankers during this time.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year.

Tangible assets depreciation policy
Fixed assets

All fixed assets are initially recorded at cost.


Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & Machinery - 15% Reducing balance basis
Motor Vehicles - 25% Reducing balance basis

Other accounting policies
Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

2Tangible fixed assets
£
Cost
At 6 April 2015 19,325
Additions -
Disposals (19,325)
Revaluations -
Transfers -
At 5 April 2016 0
Depreciation
At 6 April 2015 9,979
Charge for the year 1,529
On disposals (11,508)
At 5 April 2016 0
Net book values
At 5 April 2016 0
At 5 April 2015 9,346
3Called Up Share Capital
Allotted, called up and fully paid:
2016
£		 2015
£
2 Ordinary shares of £1 each 2 2

RELATED PARTY TRANSACTIONS

No transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard for Smaller Entities (effective January 2015).

ULTIMATE CONTROLLING PARTY

The company was under the joint control of G. and Mrs S. E. Payne throughout the current and previous year. G. Payne is the managing director.