REGISTERED NUMBER: 03915252 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2016

FOR

ABILITY ASSOCIATES LIMITED

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

2

FIXED ASSETS

Tangible assets

2

35,976

28,272

CURRENT ASSETS

Debtors

4,808

18,177

Cash at bank and in hand

69,472

25,577

74,280

43,754

CREDITORS

Amounts falling due within one year

53,180

38,457

NET CURRENT ASSETS

21,100

5,297

TOTAL ASSETS LESS CURRENT LIABILITIES

57,076

33,569

CREDITORS

Amounts falling due after more than one year

-

(5,114

)

PROVISIONS FOR LIABILITIES

-

(29

)

NET ASSETS

57,076

28,426

CAPITAL AND RESERVES

Called up share capital

3

101

101

Share premium

49

49

Profit and loss account

56,926

28,276

SHAREHOLDERS' FUNDS

57,076

28,426

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 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 Board of Directors on 4 July 2016 and were signed on its behalf by:

Mr A Nosko - 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

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of

Value Added Tax.

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.

Leasehold property

-

50% straight line

Plant and machinery

-

30% on reducing balance

Motor vehicles

-

25% on reducing balance

Equipment

-

15% on reducing balance

All fixed assets are initially recorded at cost.

Deferred tax

Deferred tax is recognised in respect of all 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, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed

assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the

extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned.

However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more

likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the

replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider 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.

Hire purchase and leasing commitments

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any

contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with

the lessor are charged against profits on a straight line basis over the period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

99,744

Additions

18,411

At 31 March 2016

118,155

DEPRECIATION

At 1 April 2015

71,472

Charge for year

10,707

At 31 March 2016

82,179

NET BOOK VALUE

At 31 March 2016

35,976

At 31 March 2015

28,272

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

100

Ordinary A

£1

100

100

1

Ordinary B

£1

1

1

101

101

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES