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Statement of Consent to Prepare Abridged Financial Statements
All of the members of AB Software Consulting Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 05414558
AB Software Consulting Limited
Filleted Unaudited Abridged Financial Statements
31 March 2017
AB Software Consulting Limited
Abridged Financial Statements
Year ended 31 March 2017
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
2
AB Software Consulting Limited
Abridged Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Current assets
Debtors
1,103,317
934,386
Cash at bank and in hand
11,642
15,133
------------
---------
1,114,959
949,519
Creditors: amounts falling due within one year
752,744
603,250
------------
---------
Net current assets
362,215
346,269
---------
---------
Total assets less current liabilities
362,215
346,269
---------
---------
Net assets
362,215
346,269
---------
---------
Capital and reserves
Called up share capital
500
500
Profit and loss account
361,715
345,769
---------
---------
Members funds
362,215
346,269
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 14 August 2017 , and are signed on behalf of the board by:
Lucien Bartram, Director
Company registration number: 05414558
AB Software Consulting Limited
Notes to the Abridged Financial Statements
Year ended 31 March 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit D7 Sandown Industrial Estate, Mill Road, Esher, Surrey, KT10 8BL, England.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Deferred income policy
Deferred income is calculated to ensure that income is allocated to the period in which it is earned.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents amounts earned during the period, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intangible Assets
-
Useful economic life - 3 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2016: 4 ).
5. Intangible assets
£
Cost
At 1 April 2016 and 31 March 2017
20,000
--------
Amortisation
At 1 April 2016 and 31 March 2017
20,000
--------
Carrying amount
At 31 March 2017
--------
6. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.