Abacus Accountancy Services (East Anglia) Ltd,Ltd - AccountsLtd

As at 31 May 2017

Abacus Accountancy Services (East Anglia) Ltd

Statement of Financial Position

Registered Number :

07244306

2016

2017

Notes

Fixed assets

Property, plant and equipment

2,192

3,635

2,192

3,635

Current assets

Inventories

450

277

Trade and other receivables

9,533

8,358

28,863

Cash and cash equivalents

26,442

35,077

38,846

Trade and other payables: amounts falling due within one year

(19,172)

(13,721)

19,674

21,356

Net current assets

Total assets less current liabilities

23,548

23,309

(416)

(557)

Provisions for liabilities

23,132

Net assets

22,752

Capital and reserves

Called up share capital

Retained earnings

23,129

22,749

23,132

22,752

Shareholders' funds

For the year ended 31 May 2017 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

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 proper 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 Section 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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.

Mr James Charnley Director

These financial statements were approved and authorised for issue by the Board on 28 February 2018 and were signed by:

The notes form part of these financial statements

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For the year ended 31 May 2017

Abacus Accountancy Services (East Anglia) Ltd

Notes to the Financial Statements

Statutory Information

Abacus Accountancy Services (East Anglia) Ltd is a private limited company, limited by shares, domiciled in England and

Wales, registration number 07244306.

Principal place of business:

10 Sage Avenue

Downham Market

Norfolk

PE38 9UF

Registered address:

49 Castle Rising Road

South Wootton

King's Lynn

Norfolk

PE30 3JA

The presentation currency is £ sterling.

1. Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A 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 costs convention as modified by the revaluation of certain

assets.

Revenue recognition

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Property, plant and equipment

Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

66% Reducing balance

Motor vehicles

25% Reducing balance

Fixtures and fittings

Government grants

Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Inventories

Stocks 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 costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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For the year ended 31 May 2017

Abacus Accountancy Services (East Anglia) Ltd

Notes to the Financial Statements Continued

2. Property, plant and equipment

Total

Fixtures and

fittings

Motor vehicles

Cost or valuation

At 01 June 2016

6,428

4,761

1,667

100

Additions

At 31 May 2017

1,667

4,861

6,528

Provision for depreciation and impairment

At 01 June 2016

2,793

2,610

183

Charge for year

1,543

564

979

At 31 May 2017

4,336

3,174

1,162

At 31 May 2017

Net book value

505

1,687

2,192

At 31 May 2016

1,484

2,151

3,635

3. Inventories

2016

2017

Stocks

277

450

4. Trade and other receivables

2016

2017

Trade debtors

8,358

9,533

5. Trade and other payables: amounts falling due within one year

2016

2017

Bank loans and overdraft

251

410

Trade creditors

558

2,416

Taxation and social security

6,605

7,585

Other creditors

6,307

8,761

13,721

19,172

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