ABAX SYSTEMS LIMITED

Company Registration Number:
03851128 (England and Wales)

Abbreviated (Unaudited) Accounts

Period of accounts

Start date: 01 October 2015

End date: 30 September 2016

ABAX SYSTEMS LIMITED

Abbreviated Balance sheet

As at 30 September 2016


Notes
2016
£
2015
£
Fixed assets
Tangible assets: 2 3,047 4,062
Total fixed assets: 3,047 4,062
Current assets
Stocks: 0 0
Debtors: 0 0
Cash at bank and in hand: 0 2,014
Total current assets: 0 2,014
Creditors: amounts falling due within one year: 3 ( 61,305 ) ( 63,853 )
Net current assets (liabilities): ( 61,305 ) ( 61,839 )
Total assets less current liabilities: ( 58,258 ) ( 57,777 )
Creditors: amounts falling due after more than one year: 0 0
Provision for liabilities: 0 0
Total net assets (liabilities): ( 58,258 ) ( 57,777 )

The notes form part of these financial statements

ABAX SYSTEMS LIMITED

Balance sheet continued

As at 30 September 2016


Notes
2016
£
2015
£
Capital and reserves
Called up share capital: 4 100 100
Revaluation reserve: 0 0
Profit and loss account: ( 58,358 ) ( 57,877 )
Shareholders funds: ( 58,258 ) ( 57,777 )

For the year ending 30 September 2016 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.

The financial statements were approved by the Board of Directors on 29 June 2017

SIGNED ON BEHALF OF THE BOARD BY:

Name: Stephen John Griffiths
Status: Director

The notes form part of these financial statements

ABAX SYSTEMS LIMITED

Notes to the Abbreviated Accounts

for the Period Ended 30 September 2016

  • 1. Accounting policies

    Basis of measurement and preparation of accounts

    These financial statements have been prepared in accordance with the historical cost convention in accordance with the Financial Reporting Standards for Smaller Entities (effective June 2008).

    Turnover policy

    The turnover shown in the profit and loss account represents revenue earned during the period, exclusive of VAT

    Tangible fixed assets depreciation policy

    Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life. Freehold buildings - 2% on cost or revalued amounts, Plant and Machinery - 15% on cost, Fixtures and fittings - 10% on cost, Computer Equipment - 25% on cost.

    Intangible fixed assets amortisation policy

    Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives, not to exceed twenty years. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

    Valuation information and policy

    Stocks and work -in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

    Other accounting policies

    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 the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. Research and Development Expenditure on research and development is written off in the year in which it is incurred.

ABAX SYSTEMS LIMITED

Notes to the Abbreviated Accounts

for the Period Ended 30 September 2016

  • 2. Tangible assets

    Total
    Cost £
    01 October 2015: 51,671
    Additions: 0
    Disposals: 0
    Revaluations: 0
    Transfers: 0
    30 September 2016: 51,671
    Depreciation
    01 October 2015: 47,609
    Charge for year: 1,015
    On disposals: 0
    Other adjustments: 0
    30 September 2016: 48,624
    Net book value
    30 September 2016: 3,047
    30 September 2015: 4,062

ABAX SYSTEMS LIMITED

Notes to the Abbreviated Accounts

for the Period Ended 30 September 2016

  • 3. Creditors: amounts falling due within one year


    2016
    £
    2015
    £
    Bank loans and overdrafts: 0 0
    Amounts due under finance leases and hire purchase contracts: 0 0
    Trade creditors: 0 0
    Taxation and social security: 0 0
    Accruals and deferred income: 0 0
    Other creditors: 61,305 63,853
    Total: 61,305 63,853

ABAX SYSTEMS LIMITED

Notes to the Abbreviated Accounts

for the Period Ended 30 September 2016

  • 4. Called up share capital

    Allotted, called up and paid

    Previous period
    2015
    Class Number of shares Nominal value per share (£) Total (£)
    Ordinary shares: 100 1.00 100
    Preference shares: 0
    Total share capital (£): 100
    Current period
    2016
    Class Number of shares Nominal value per share (£) Total (£)
    Ordinary shares: 100 1.00 100
    Preference shares: 0
    Total share capital (£): 100