REGISTERED NUMBER: 03428841

Unaudited Financial Statements

for the Year Ended

31 January 2017

for

Abtec Network Systems Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

A Beynon

P Kennerdell

SECRETARY:

Mrs L Morrison

REGISTERED OFFICE:

Barents House

Compass Point

Market Harborough

Leicestershire

LE16 9HW

REGISTERED NUMBER:

03428841

ACCOUNTANTS:

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

The following reproduces the text of the report prepared for the directors and members in respect of

the company's annual unaudited financial statements. In accordance with the Companies Act 2006,

the company is only required to file a Balance Sheet. Readers are cautioned that the Income

Statement and certain other primary statements and the Report of the Directors are not required to

be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Abtec Network Systems Limited for the year ended 31 January 2017

which comprise the Income Statement, Balance Sheet and the related notes from the company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Abtec Network Systems Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Abtec Network Systems Limited and state those matters that we have agreed to state to the Board of Directors of Abtec Network Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abtec Network Systems Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Abtec Network Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Abtec Network Systems Limited. You consider that Abtec Network Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Abtec Network Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

13 April 2017

FIXED ASSETS

Tangible assets

4

108,158

81,755

Investments

5

-

177,700

108,158

259,455

CURRENT ASSETS

Stocks

66,453

64,554

Debtors

6

1,018,233

1,103,644

Cash at bank and in hand

1,628,889

937,438

2,713,575

2,105,636

CREDITORS

Amounts falling due within one year

7

1,078,567

844,754

NET CURRENT ASSETS

1,635,008

1,260,882

TOTAL ASSETS LESS CURRENT LIABILITIES

1,743,166

1,520,337

PROVISIONS FOR LIABILITIES

15,749

11,185

NET ASSETS

1,727,417

1,509,152

CAPITAL AND RESERVES

Called up share capital

10

905

905

Share premium

1,565

1,565

Retained earnings

1,724,947

1,506,682

SHAREHOLDERS' FUNDS

1,727,417

1,509,152

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 13 April 2017 and were signed on its behalf by:

A Beynon - Director

1.	STATUTORY INFORMATION

Abtec Network Systems 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.	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.

Turnover

Turnover represents net invoiced sales of goods and services, excluding VAT, except in respect of

service contracts where turnover is recognised when the company obtains the right to

consideration. Sales of goods are are recognised on date of invoice.

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.

Fixtures and fittings

-

33% on cost and 20% on reducing balance

Motor vehicles

-

25% on cost

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 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 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

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.

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.

Fixed asset investments

The fixed asset investments are included in the financial statement at cost less a provision for

permanent diminution.

Grant income

Government grant income has been received for the employment of apprentices. The income is

shown in other income and is recognised in the period to which it has been received.

Capital grants are written off over the expected life of the relevant assets.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 February 2016

521,186

-

521,186

Additions

74,164

9,599

83,763

Transfer to ownership

(32,606

)

-

(32,606

)

Reclassification/transfer

32,606

-

32,606

At 31 January 2017

595,350

9,599

604,949

DEPRECIATION

At 1 February 2016

439,431

-

439,431

Charge for year

54,960

2,400

57,360

At 31 January 2017

494,391

2,400

496,791

NET BOOK VALUE

At 31 January 2017

100,959

7,199

108,158

At 31 January 2016

81,755

-

81,755

Fixed assets, included in the above, which are held under finance leases are as follows:

Fixtures

and

fittings

£

COST

At 1 February 2016

32,606

Transfer to ownership

(32,606

)

At 31 January 2017

-

DEPRECIATION

At 1 February 2016

32,606

Transfer to ownership

(32,606

)

At 31 January 2017

-

NET BOOK VALUE

At 31 January 2017

-

At 31 January 2016

-

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 February 2016

177,700

Additions

66,808

Disposals

(244,508

)

At 31 January 2017

-

NET BOOK VALUE

At 31 January 2017

-

At 31 January 2016

177,700

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Trade debtors

843,718

893,239

Other debtors

143,978

183,937

Prepayments and accrued income

30,537

26,468

1,018,233

1,103,644

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Finance leases (see note 8)

-

906

Trade creditors

244,840

406,548

Corporation tax

159,303

127,219

Social security and other taxes

16,165

15,099

VAT

117,497

127,802

Other creditors

112,211

131,161

Directors' current accounts

386,624

733

Accruals and deferred income

41,927

35,286

1,078,567

844,754

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

31.1.17

31.1.16

£

£

Net obligations repayable:

Within one year

-

906

Non-cancellable

operating leases

31.1.17

31.1.16

£

£

Within one year

103,515

75,000

Between one and five years

24,047

-

127,562

75,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.17

31.1.16

£

£

Finance leases

-

906

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.17

31.1.16

value:

£

£

900

Ordinary A

£1

900

900

5

Ordinary B

£1

5

5

905

905

11.	RELATED PARTY DISCLOSURES

During the year dividends were paid to directors in respect of beneficial interests as follows:

31.1.17

31.1.16

£

£

Mr A Beynon

A Ordinary

300,000

312,000

Mr P Kennerdell

B Ordinary

181,773

92,196

The company operated from business premises owned by Mr A Beynon. During the year the company

paid rent of £85,000 (2016 - £75,000) to Mr A Beynon.

During the year the company was involved in transactions with Abtec Building Technologies Ltd as

follows:

31.1.17

31.1.16

£

£

Sales made to this company

14,640

39,932

Purchases made from this company

40,430

26,306

Management charges paid by this company

30,000

30,000

Amounts owed by this company at the balance sheet date

49,110

24,361

Amounts owed to this company at the balance sheet date

7,436

13,405

The company also provides a loan to Abtec Building Technologies Ltd. The loan was provided at an

interest rate of 5% per annum. The balance outstanding at the end of the year was £40,523.

Abtec Building Technologies Ltd is a company in which Mr A Beynon is a director and shareholder.

12.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102. The last financial

statements under UK GAAP were for the year ended 31 January 2016. The date of transition to FRS

102 was 1 February 2015. There are no changes to the company profits or equity as a result of its

transition from UK GAAP as previously reported to FRS 102.