ABF Workspace Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC394840

ABF Workspace Limited

Filleted Unaudited Financial Statements

31 March 2018

ABF Workspace Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		11,040	364,896

Current assets

Stocks		3,340	3,955
Debtors	7	95,280	57,193
Cash at bank and in hand		188,285	26,139
		---------	--------
		286,905	87,287

Creditors: amounts falling due within one year	8	119,851		258,022
		---------		---------
Net current assets/(liabilities)			167,054	( 170,735)
			---------	---------
Total assets less current liabilities			178,094	194,161

Creditors: amounts falling due after more than one year	9		–	185,871

Provisions	2,097	1,877
	---------	---------
Net assets	175,997	6,413
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	175,897	6,313
	---------	-------
Shareholders funds	175,997	6,413
	---------	-------

These 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 statement of comprehensive income has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

ABF Workspace Limited

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 6 November 2018 , and are signed on behalf of the board by:

Mr A Stewart

Director

Company registration number: SC394840

ABF Workspace Limited

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2 Osborne Place, Dundee, DD2 1BD, Scotland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Corporation & deferred 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% reducing balance
Equipment	-	15% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2017: 4 ).

5. Tax on profit/(loss)

Major components of tax expense/(income)

	2018	2017
	£	£

Current tax:

UK current tax expense/(income)	38,257	( 1,472)
Adjustments in respect of prior periods	( 6)	–
	--------	-------
Total current tax	38,251	( 1,472)
	--------	-------

Deferred tax:

Origination and reversal of timing differences	221	( 286)
	--------	-------
Tax on profit/(loss)	38,472	( 1,758)
	--------	-------

6. Tangible assets

	Freehold property	Plant and machinery	Equipment	Total
	£	£	£	£
Cost
At 1 April 2017	355,019	17,350	5,074	377,443
Additions	–	–	3,112	3,112
Disposals	( 355,019)	–	–	( 355,019)
	---------	--------	-------	---------
At 31 March 2018	–	17,350	8,186	25,536
	---------	--------	-------	---------
Depreciation
At 1 April 2017	–	10,613	1,934	12,547
Charge for the year	–	1,011	938	1,949
	---------	--------	-------	---------
At 31 March 2018	–	11,624	2,872	14,496
	---------	--------	-------	---------
Carrying amount
At 31 March 2018	–	5,726	5,314	11,040
	---------	--------	-------	---------
At 31 March 2017	355,019	6,737	3,140	364,896
	---------	--------	-------	---------

7. Debtors

	2018	2017
	£	£
Trade debtors	78,449	55,721
Other debtors	16,831	1,472
	--------	--------
	95,280	57,193
	--------	--------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	–	14,128
Trade creditors	53,587	47,911
Corporation tax	38,257	–
Social security and other taxes	17,083	10,913
Other creditors	10,924	185,070
	---------	---------
	119,851	258,022
	---------	---------

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	–	185,871
	----	---------

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2018	2017
	£	£
Included in provisions	2,097	1,877
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2018	2017
	£	£
Accelerated capital allowances	2,097	1,877
	-------	-------

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	12,358	8,750
Later than 1 year and not later than 5 years	12,063	9,557
	--------	--------
	24,421	18,307
	--------	--------