ABINGDON ACCOUNTANCY CENTRE LTD
Registered number: 04391764
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 1,727 1,631
Current assets
Debtors 4 4,282 11,035
Cash at bank and in hand 21,346 13,220
25,628 24,255
Creditors: amounts falling due within one year 5 (27,048) (25,560)
Net current liabilities (1,420) (1,305)
Net assets 307 326
Capital and reserves
Called up share capital 1 1
Profit and loss account 306 325
Shareholder's funds 307 326
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs M P Chick
Director
Approved by the board on 7 April 2017
ABINGDON ACCOUNTANCY CENTRE LTD
Notes to the Accounts
for the year ended 31 March 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 33.3% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Computer equipment Total
£ £ £
Cost
At 1 April 2016 1,757 9,852 11,609
Additions - 944 944
At 31 March 2017 1,757 10,796 12,553
Depreciation
At 1 April 2016 1,644 8,334 9,978
Charge for the year 28 820 848
At 31 March 2017 1,672 9,154 10,826
Net book value
At 31 March 2017 85 1,642 1,727
At 31 March 2016 113 1,518 1,631
4 Debtors 2017 2016
£ £
Trade debtors 1,692 2,414
Work in Progress 623 433
Director's Loan Account - 5,002
Other debtors 1,967 3,186
4,282 11,035
5 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 13 13
Corporation tax 12,971 13,578
Director's Loan account 24 -
Other taxes and social security costs 4,333 3,907
Other creditors 9,707 8,062
27,048 25,560
6 Other information
ABINGDON ACCOUNTANCY CENTRE LTD is a private company limited by shares and incorporated in England. Its registered office is:
23 Stockey End
Abingdon
OX14 2NF
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