Abacus Pallets Ltd.

Abbreviated Unaudited Accounts

For The Year Ended 31 May 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

James Kirkwood

SECRETARY:

Elizabeth Lynn

REGISTERED OFFICE:

16 Muir Street

Hamilton

ML3 8HE

REGISTERED NUMBER:

SC323186 (Scotland)

ACCOUNTANTS:

John Di Mambro & Co.

Chartered Accountants

16 Muir Street

Hamilton

ML3 6EP

FIXED ASSETS

Intangible assets

2

6,000

12,000

Tangible assets

3

58,400

61,429

64,400

73,429

CURRENT ASSETS

Stocks

20,000

Debtors

146,776

122,110

Cash at bank and in hand

264,110

207,029

430,886

349,139

CREDITORS

Amounts falling due within one year

102,680

85,145

NET CURRENT ASSETS

328,206

263,994

TOTAL ASSETS LESS CURRENT
LIABILITIES

392,606

337,423

PROVISIONS FOR LIABILITIES

1,676

2,054

NET ASSETS

390,930

335,369

CAPITAL AND RESERVES

Called up share capital

4

1

Profit and loss account

390,929

335,368

SHAREHOLDERS' FUNDS

390,930

335,369

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 27 February 2017 and were signed by:

James Kirkwood - Director

1.	ACCOUNTING POLICIES

Accounting convention

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).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property

-

2% on reducing balance

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

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

obsolete and slow moving items.

Deferred tax

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

the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

and 31 May 2016

60,000

AMORTISATION

At 1 June 2015

48,000

Amortisation for year

6,000

At 31 May 2016

54,000

NET BOOK VALUE

At 31 May 2016

6,000

At 31 May 2015

12,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

and 31 May 2016

98,890

DEPRECIATION

At 1 June 2015

37,461

Charge for year

3,029

At 31 May 2016

40,490

NET BOOK VALUE

At 31 May 2016

58,400

At 31 May 2015

61,429

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.16

31.5.15

value:

£

1

Ordinary

£1

1