Company Registration No. 06413292 (England and Wales)
ABNOVO LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
ABNOVO LIMITED
COMPANY INFORMATION
Directors
M O Reinikainen
U G H Reinikainen
Secretary
U G H Reinikainen
Company number
06413292
Registered office
Suite 115 Wey House
15 Church Street
Weybridge
KT13 8NA
Accountants
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
ABNOVO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ABNOVO LIMITED
Company Registration No. 06413292
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Current assets
Debtors
3
5,690
4,860
Cash at bank and in hand
148
1
5,838
4,861
Creditors: amounts falling due within one year
4
(9,324)
(13,201)
Net current liabilities
(3,486)
(8,340)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(3,586)
(8,440)
Total equity
(3,486)
(8,340)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2017 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 Act 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 21 December 2017 and are signed on its behalf by:
M O Reinikainen
Director
ABNOVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information

Abnovo Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 115 Wey House, 15 Church Street, Weybridge, KT13 8NA.

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.

These financial statements for the year ended 31 March 2017 are the first financial statements of Abnovo Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Going concern

The company has net liabilities of £3,486. The directors have confirmed that they will continue to support the company for the foreseeable future and are confident about the company's ability to trade as a going concern and meet its financial obligations. Therefore the accounts have been prepared on the going concern basis.

1.3
Turnover

Turnover comprises revenue recognised by the company in respect of consultancy services supplied during the year, exclusive of Value Added Tax and trade discounts.

 

Income is recognised in the period in which the service was supplied.

1.4
Cash at bank and in hand

Cash at bank and in hand 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
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

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

ABNOVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).

3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
3,466
2,512
Other debtors
2,224
2,348
5,690
4,860
4
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
-
61
Other taxation and social security
7,391
11,282
Other creditors
1,933
1,858
9,324
13,201

Included within creditors falling due within one year are secured bank loans and overdrafts of £Nil (2016 - £61). These are secured on the asset to which they relate.

ABNOVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
100
100
6
Related party transactions

At the balance date the company owed £83 (2016 - £38) to the directors. This loan is interest free.

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