Registered Number 01342529

A.B.A. LIMITED

Abbreviated Accounts

31 December 2015

A.B.A. LIMITED Registered Number 01342529

Abbreviated Balance Sheet as at 31 December 2015

Notes 2015 2014
£ £
Fixed assets
Tangible assets 2 257,908 259,692
257,908 259,692
Current assets
Stocks 35,500 35,000
Debtors 302,657 266,648
Cash at bank and in hand 25,972 143
364,129 301,791
Creditors: amounts falling due within one year 3 (204,314) (138,403)
Net current assets (liabilities) 159,815 163,388
Total assets less current liabilities 417,723 423,080
Creditors: amounts falling due after more than one year 3 (62,226) (78,018)
Provisions for liabilities (1,311) (1,919)
Total net assets (liabilities) 354,186 343,143
Capital and reserves
Called up share capital 4 100 100
Profit and loss account 354,086 343,043
Shareholders' funds 354,186 343,143
  • For the year ending 31 December 2015 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 28 September 2016

And signed on their behalf by:
C J Williams, Director

A.B.A. LIMITED Registered Number 01342529

Notes to the Abbreviated Accounts for the period ended 31 December 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
The turnover shown in the profit and loss account represents sale of goods during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible assets depreciation policy
All fixed assets are initially recorded at cost.

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:

Freehold Property - 2% straight line
Other plant & machinery - 25% straight line or 25% reducing balance

Other accounting policies
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Deferred taxation

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

Deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2Tangible fixed assets
£
Cost
At 1 January 2015 359,160
Additions 13,007
Disposals (18,872)
Revaluations -
Transfers -
At 31 December 2015 353,295
Depreciation
At 1 January 2015 99,468
Charge for the year 9,834
On disposals (13,915)
At 31 December 2015 95,387
Net book values
At 31 December 2015 257,908
At 31 December 2014 259,692

Included in the cost of land and buildings is freehold land of £50,000 (2014 - £50,000) which is not depreciated.

3Creditors
2015
£
2014
£
Secured Debts 22,576 20,322
4Called Up Share Capital
Allotted, called up and fully paid:
2015
£
2014
£
1,000 B Ordinary shares of £0.10 each 100 100

5Transactions with directors

Name of director receiving advance or credit: C J Williams
Description of the transaction: Directors loan account
Balance at 1 January 2015: £ 147,381
Advances or credits made: £ 17,425
Advances or credits repaid: £ 27,478
Balance at 31 December 2015: £ 137,328