Company Registration No. 03493406 (England and Wales)
ABA-TEXT (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
PAGES FOR FILING WITH REGISTRAR
ABA-TEXT (UK) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
ABA-TEXT (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2018
31 January 2018
- 1 -
2018
2017
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
479
635
Current assets
Trade and other receivables
4
5,026
690
Cash and cash equivalents
39,184
45,797
44,210
46,487
Current liabilities
5
(7,123)
(14,911)
Net current assets
37,087
31,576
Total assets less current liabilities
37,566
32,211
Equity
Called up share capital
6
100
100
Retained earnings
37,466
32,111
Total equity
37,566
32,211

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 20 October 2018 and are signed on its behalf by:
Mr N J Halliwell
Ms M E Milego Campos
Director
Director
Company Registration No. 03493406
ABA-TEXT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
- 2 -
1
Accounting policies
Company information

Aba-Text (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 13 Clifton Road, Exeter, Devon, EX1 2BR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

1.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% reducing balance
Computers
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ABA-TEXT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 3 -
1.6
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 2).

3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 February 2017 and 31 January 2018
28,114
Depreciation and impairment
At 1 February 2017
27,479
Depreciation charged in the year
156
At 31 January 2018
27,635
Carrying amount
At 31 January 2018
479
At 31 January 2017
635
4
Trade and other receivables
2018
2017
Amounts falling due within one year:
£
£
Trade receivables
5,026
690
ABA-TEXT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 4 -
5
Current liabilities
2018
2017
£
£
Trade payables
1,200
1,865
Corporation tax
861
1,548
Other payables
5,062
11,498
7,123
14,911

'Other payables' relates to a loan from the directors, Mr N J Halliwell and Miss M E Milego Campos.

 

6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100  of £1 each
100
100
100
100
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