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COMPANY REGISTRATION NUMBER: 03689226
ABSR Holdings Limited
Filleted Unaudited Financial Statements
31 January 2017
ABSR Holdings Limited
Financial Statements
Year ended 31 January 2017
Contents
Pages
Officers and professional advisers
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
4 to 8
ABSR Holdings Limited
Officers and Professional Advisers
The board of directors
B.B. Adams
S.T. Jones
Company secretary
S.T. Jones
Registered office
12 Court Drive
Shenstone
Staffordshire
WS14 0JG
Accountants
Daw White Murrall
Chartered accountant
1 George Street
Snow Hill
Wolverhampton
WV2 4DG
ABSR Holdings Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of ABSR Holdings Limited
Year ended 31 January 2017
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 January 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Daw White Murrall Chartered accountant
1 George Street Snow Hill Wolverhampton WV2 4DG
22 August 2017
ABSR Holdings Limited
Statement of Financial Position
31 January 2017
2017
2016
Note
£
£
£
Fixed assets
Investments
5
1,000
1,000
Current assets
Debtors
6
25,200
25,200
--------
--------
Net current assets
25,200
25,200
--------
--------
Total assets less current liabilities
26,200
26,200
--------
--------
Capital and reserves
Called up share capital
8
26,200
26,200
--------
--------
Members funds
26,200
26,200
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 January 2017 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 .
These financial statements were approved by the board of directors and authorised for issue on 22 August 2017 , and are signed on behalf of the board by:
B.B. Adams
Director
Company registration number: 03689226
ABSR Holdings Limited
Notes to the Financial Statements
Year ended 31 January 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 12 Court Drive, Shenstone, Staffordshire, WS14 0JG.
2. Statement of compliance
These 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 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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. No significant judgements, estimates and assumptions have had to be made by the directors in preparing these financial statements.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2017
2016
£
£
Dividends on ordinary shares
10,150
8,450
Dividends on 'A' ordinary shares
37,002
39,442
Dividends on 'B' ordinary shares
3,873
7,609
Dividends on preferred ordinary shares
1,350
1,350
--------
--------
52,375
56,851
--------
--------
5. Investments
Shares in group undertakings
£
Cost
At 1 Feb 2016 and 31 Jan 2017
1,000
-------
Impairment
At 1 Feb 2016 and 31 Jan 2017
-------
Carrying amount
At 31 January 2017
1,000
-------
The company owns 100% of the issued share capital of Request Systems Limited, whose principal activity was the development, sale and support of accounting and business software. The subsidiary undertaking is incorporated in England and Wales.
The aggregate amount of its capital reserves at 31 January 2017 was £127,378 (2016 - £121,557) and its profit after dividends for the year then ended amounted to £5,821 (2016 - £2,624).
6. Debtors
2017
2016
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
25,200
25,200
--------
--------
7. Financial instruments at fair value
2017
2016
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
26,200
26,200
--------
--------
8. Called up share capital
Authorised share capital
2017
2016
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
'A' ordinary shares of £ 1 each
100
100
100
100
'B' ordinary shares of £ 1 each
100
100
100
100
Preferred ordinary shares of £ 1 each
25,000
25,000
25,000
25,000
--------
--------
--------
--------
26,200
26,200
26,200
26,200
--------
--------
--------
--------
Issued, called up and fully paid
2017
2016
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
'A' ordinary shares of £ 1 each
100
100
100
100
'B' ordinary shares of £ 1 each
100
100
100
100
Preferred ordinary shares of £ 1 each
25,000
25,000
25,000
25,000
--------
--------
--------
--------
26,200
26,200
26,200
26,200
--------
--------
--------
--------
The preferred ordinary shares are not redeemable, carry no voting rights and are entitled to receive a dividend on 5.4p per share in any year in which a dividend is paid on the other ordinary shares. These shares carry the right to a repayment of their nominal value ahead of the other ordinary shares in the event of a sale of the company or on winding up.
9. Related party transactions
The company was under the control of B.B. Adams throughout the current and previous year. B.B. Adams is the managing director and majority shareholder. During the year dividends were paid to the directors as follows:
2017 2016
£ £
B.B. Adams 44,782 46,032
S.T. Jones 4,888 8,454
In addition, during the year ended 31 January 2017 dividends were paid to JABA Associates Limited, a company controlled by B.B. Adams and his wife, amounting to £1,015 (2016 - £845).
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.
No transitional adjustments were required in equity or profit or loss for the year.