Registration number:
Abbey Marketing Communications Limited
for the Year Ended 31 March 2018
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB
Abbey Marketing Communications Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Abbey Marketing Communications Limited
Company Information
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Directors |
P I Brett M Cantwell A J F Cantwell |
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Company secretary |
M Cantwell |
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Registered office |
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Solicitors |
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Bankers |
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Accountants |
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Page 1 |
Abbey Marketing Communications Limited
(Registration number: 04387927)
Balance Sheet as at 31 March 2018
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Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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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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Provisions for liabilities |
( |
( |
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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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Revaluation reserve |
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Profit and loss account |
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Total equity |
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For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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
P I Brett
Director
M Cantwell
Company secretary and director
A J F Cantwell
Director
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Page 2 |
Abbey Marketing Communications Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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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.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Revenue recognition
Turnover represents net invoiced sales of goods excluding value added tax.
Foreign currency transactions and balances
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
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Page 3 |
Abbey Marketing Communications Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Depreciation
Depreciation is charged so as to write off the cost or valuation 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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Plant and machinery |
50% and 25% straight line and reducing balance |
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Website development |
20% Straight line method |
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Motor Vehicles |
25% and 20% straight line method |
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Office equipment |
25% straight line method |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
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 at the transaction price 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 debt.
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 at the transaction price less impairment.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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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Page 4 |
Abbey Marketing Communications Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Page 5 |
Abbey Marketing Communications Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
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Tangible assets |
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Website |
Motor vehicles |
Office Equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Additions |
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- |
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At 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
- |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
- |
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At 31 March 2017 |
- |
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Page 6 |
Abbey Marketing Communications Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Revaluation
The fair value of the company's Plant and machinery was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
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Debtors |
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2018 |
2017 |
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Trade debtors |
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Directors loan |
32,692 |
27,954 |
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Other debtors |
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Prepayments and accrued income |
42,072 |
32,090 |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2018 |
2017 |
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Due within one year |
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Loans and borrowing |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Corporation tax |
36,109 |
33,618 |
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Accruals and deferred income |
22,947 |
18,252 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £9,130 (2017 - £8,623).
Creditors: amounts falling due after more than one year
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Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £784 (2017 - £9,914.
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Page 7 |
Abbey Marketing Communications Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
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Share capital |
Allotted, called up and fully paid shares
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2018 |
2017 |
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No. |
£ |
No. |
£ |
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75 |
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75 |
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
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Revaluation reserve |
Total |
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Surplus/(deficit) on property, plant and equipment revaluation |
( |
( |
An increase in the deferred tax provision on the revaluation reserve of plant and machinery, as required under FRS 102, has been debited to the revaluation reserve of £13,763.
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Loans and borrowings |
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2018 |
2017 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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2018 |
2017 |
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Current loans and borrowings |
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Finance lease liabilities |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
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Related party transactions |
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Transactions with directors |
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2018 |
At 1 April 2017 |
Advances to director |
Repayments by director |
At 31 March 2018 |
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Advances and credits to directors |
27,955 |
71,752 |
(67,015) |
32,692 |
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27,955 |
71,752 |
(67,015) |
32,692 |
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Page 8 |
Abbey Marketing Communications Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
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2017 |
At 1 April 2016 |
Advances to director |
Repayments by director |
At 31 March 2017 |
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Advances and credits to directors |
113,731 |
74,904 |
(160,680) |
27,955 |
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113,731 |
74,904 |
(160,680) |
27,955 |
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Interest was charged at 2.5% on the loan.
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Page 9 |