REGISTERED NUMBER: 05371053

ABACUS AUTO SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2017

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

P. I. Chance

SECRETARY:

Mrs J. Chance

REGISTERED OFFICE:

Units 4-6

Orchard Street

Smallwood

Redditch

Worcestershire

B98 7DP

REGISTERED NUMBER:

05371053

ACCOUNTANTS:

Charles Lovell & Co Limited

Chartered Certified Accountants

and Statutory Auditors

8 Church Green East

Redditch

Worcestershire

B98 8BP

FIXED ASSETS

Property, plant and equipment

5

68,650

73,532

CURRENT ASSETS

Inventories

1,620

1,800

Debtors

6

137,679

110,829

Cash at bank and in hand

1,869

1,977

141,168

114,606

CREDITORS

Amounts falling due within one year

7

185,569

166,212

NET CURRENT LIABILITIES

(44,401

)

(51,606

)

TOTAL ASSETS LESS CURRENT LIABILITIES

24,249

21,926

CREDITORS

Amounts falling due after more than one year

8

(9,996

)

(12,432

)

PROVISIONS FOR LIABILITIES

11

(13,730

)

(9,131

)

NET ASSETS

523

363

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

423

263

SHAREHOLDERS' FUNDS

523

363

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 19 April 2018 and were signed by:

P. I. Chance - Director

1.	STATUTORY INFORMATION

Abacus Auto Services Limited is a private company, limited by shares , registered in Not specified/Other. The company's

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

not provided

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% on reducing balance

Stocks

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

moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of

financial position 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under

hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated

over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2016 - 14 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Short

Plant and

Motor

Computer

leasehold

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2017

28,298

73,391

31,663

4,013

137,365

Additions

-

5,500

-

925

6,425

At 31 December 2017

28,298

78,891

31,663

4,938

143,790

DEPRECIATION

At 1 January 2017

422

49,920

11,207

2,284

63,833

Charge for year

-

5,795

5,114

398

11,307

At 31 December 2017

422

55,715

16,321

2,682

75,140

NET BOOK VALUE

At 31 December 2017

27,876

23,176

15,342

2,256

68,650

At 31 December 2016

27,876

23,471

20,456

1,729

73,532

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2017

and 31 December 2017

23,863

DEPRECIATION

At 1 January 2017

5,966

Charge for year

4,474

At 31 December 2017

10,440

NET BOOK VALUE

At 31 December 2017

13,423

At 31 December 2016

17,897

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

39,580

39,823

Amounts owed by group undertakings

95,240

71,006

Other debtors

2,859

-

137,679

110,829

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans and overdrafts

80,689

59,051

Hire purchase contracts (see note 9)

7,491

5,412

Trade creditors

60,229

59,984

Amounts owed to group undertakings

-

3,440

Taxation and social security

35,260

33,859

Other creditors

1,900

4,466

185,569

166,212

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Hire purchase contracts (see note 9)

9,996

12,432

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.17

31.12.16

£

£

Net obligations repayable:

Within one year

7,491

5,412

Between one and five years

9,996

12,432

17,487

17,844

Non-cancellable operating

leases

31.12.17

31.12.16

£

£

Within one year

3,461

7,859

Between one and five years

3,823

198

7,284

8,057

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.17

31.12.16

£

£

Bank overdrafts

80,689

59,051

Hire purchase contracts

17,487

17,844

98,176

76,895

The bank overdraft is secured by fixed and floating charges on all property of the company.

11.	PROVISIONS FOR LIABILITIES

31.12.17

31.12.16

£

£

Deferred tax

13,730

9,131

Deferred

tax

£

Balance at 1 January 2017

9,131

Utilised during year

4,599

Balance at 31 December 2017

13,730

12.	ULTIMATE CONTROLLING PARTY

The company is under the control of Zoom Corporation Limited which owns 100% of the issued share capital.