REGISTERED NUMBER: SC323186 (Scotland)

Abacus Pallets Ltd.

Unaudited Financial Statements

For The Year Ended 31 May 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

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

4

-

6,000

Tangible assets

5

83,066

58,400

83,066

64,400

CURRENT ASSETS

Stocks

20,000

20,000

Debtors

6

145,766

146,776

Cash at bank and in hand

323,606

264,110

489,372

430,886

CREDITORS

Amounts falling due within one year

7

118,189

102,680

NET CURRENT ASSETS

371,183

328,206

TOTAL ASSETS LESS CURRENT LIABILITIES

454,249

392,606

PROVISIONS FOR LIABILITIES

6,987

1,676

NET ASSETS

447,262

390,930

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

447,261

390,929

SHAREHOLDERS' FUNDS

447,262

390,930

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 26 February 2018 and were signed by:

James Kirkwood - Director

1.	STATUTORY INFORMATION

Abacus Pallets Ltd. is a private company, limited by shares , registered in Scotland. The company's

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 May 2017 are the first that are prepared in

accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance

with UK GAAP, the date of transition to FRS 102 Section 1A is 1 June 2015.

Turnover

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

rebates, value added tax and other sales taxes.

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss

Account, 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 balance sheet date.

Deferred tax

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

the balance sheet 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

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

period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2016

and 31 May 2017

60,000

AMORTISATION

At 1 June 2016

54,000

Amortisation for year

6,000

At 31 May 2017

60,000

NET BOOK VALUE

At 31 May 2017

-

At 31 May 2016

6,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

Property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 June 2016

60,252

5,024

30,496

3,118

98,890

Additions

-

-

38,000

-

38,000

Disposals

-

-

(23,416

)

-

(23,416

)

At 31 May 2017

60,252

5,024

45,080

3,118

113,474

DEPRECIATION

At 1 June 2016

7,711

4,489

26,500

1,790

40,490

Charge for year

1,052

133

10,059

333

11,577

Eliminated on disposal

-

-

(21,659

)

-

(21,659

)

At 31 May 2017

8,763

4,622

14,900

2,123

30,408

NET BOOK VALUE

At 31 May 2017

51,489

402

30,180

995

83,066

At 31 May 2016

52,541

535

3,996

1,328

58,400

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade debtors

145,766

146,776

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade creditors

9,788

5,298

Tax

18,917

23,808

Social security and other taxes

1,023

844

VAT

45,356

43,666

Directors' current accounts

40,205

26,124

Accrued expenses

2,900

2,940

118,189

102,680

8.	ULTIMATE CONTROLLING PARTY

The controlling party is James Kirkwood.