A.B.I. Electronics Limited

Contents
	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: 01824588

		2017		2016
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	7		119,977		137,675

			119,977		137,675
CURRENT ASSETS
Stocks	8	404,653		357,953
Debtors	9	255,131		118,133
Cash at bank and in hand		372,590		444,155

		1,032,374		920,241
Creditors: Amounts Falling Due Within One Year	10	(239,153 )		(233,242 )

NET CURRENT ASSETS (LIABILITIES)			793,221		686,999

TOTAL ASSETS LESS CURRENT LIABILITIES			913,198		824,674

Creditors: Amounts Falling Due After More Than One Year	11		(9,640 )		-

PROVISIONS FOR LIABILITIES
Deferred Taxation	12		(22,157 )		(26,715 )

NET ASSETS			881,401		797,959

CAPITAL AND RESERVES
Called up share capital	13		100		100
Profit and Loss Account			881,301		797,859

SHAREHOLDERS' FUNDS			881,401		797,959

Page 1

Balance Sheet (continued)

As at 30 June 2017

For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Shaun Hayes

15/03/2018

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

1.2. Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

1.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Structural Improvements	Straight line over 5 years
Plant & Machinery	25% reducing balance
Motor Vehicles	25% reducing balance
Fixtures & Fittings	25% reducing balance
Computer Equipment	25% reducing balance

1.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

1.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

1.6. Taxation

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.

1.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

1.8. Government grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

Page 3

A.B.I. Electronics Limited

Notes to the Unaudited Accounts (continued)

For The Year Ended 30 June 2017

1.9. Group Companies

The financial statements present information about the company as an individual undertaking and not its group. Consolidated accounts are not being prepared as the group qualifies as a small group.

1.10. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.

4. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

7. Tangible Assets

	Land & Property
	Structural Improvements	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 July 2016	11,900	533,468	57,688	111,845	714,901
Additions	-	14,551	-	1,793	16,344

As at 30 June 2017	11,900	548,019	57,688	113,638	731,245

Depreciation
As at 1 July 2016	11,900	399,535	54,425	111,366	577,226
Provided during the period	-	32,376	728	938	34,042

As at 30 June 2017	11,900	431,911	55,153	112,304	611,268

Net Book Value
As at 30 June 2017	-	116,108	2,535	1,334	119,977

As at 1 July 2016	-	133,933	3,263	479	137,675

8. Stocks

	2017	2016
	£	£
Stock - materials and work in progress	404,653	357,953

	404,653	357,953

Page 4

A.B.I. Electronics Limited

Notes to the Unaudited Accounts (continued)

For The Year Ended 30 June 2017

9. Debtors

	2017	2016
	£	£
Due within one year
Trade debtors	252,152	98,906
Prepayments and accrued income	81	79
VAT	2,898	19,148

	255,131	118,133

10. Creditors: Amounts Falling Due Within One Year

	2017	2016
	£	£
Trade creditors	113,348	147,987
Corporation tax	99,028	67,139
PAYE creditor	13,825	8,922
Pension creditor	-	34
Accruals and deferred income	9,739	9,160
Deferred capital grants < 1 yr	3,213	-

	239,153	233,242

11. Creditors: Amounts Falling Due After More Than One Year

	2017	2016
	£	£
Deferred capital grant > 1 year	9,640	-

12. Deferred Taxation

	2017	2016
	£	£
As at 1 July 2016	26,715	12,643
Deferred taxation	(4,558 )	14,072


Deferred tax	22,157	26,715

The provision for deferred taxation is made up of accelerated capital allowances

13. Share Capital

	Value	Number	2017	2016
Allotted, called up and fully paid	£		£	£
Ordinary shares	1	100	100	100

Page 5

A.B.I. Electronics Limited

Notes to the Unaudited Accounts (continued)

For The Year Ended 30 June 2017

14. Other Commitments

At the end of the period the company had annual commitments under non-cancellable leases as follows:

	Other
	2017	2016
	£	£
After 5 years	38,000	38,000

	38,000	38,000

15. Dividends

	2017	2016
	£	£
On equity shares:
Final dividend paid	305,500	270,000

	305,500	270,000

16. Related Party Transactions

During the year dividends totalling £305,500 (2016 - £270,000) were paid to ABI Electronics (Holdings) Ltd.

17. Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking is ABI Electronics (Holdings) Limited. ABI Electronics (Holdings) Limited was incorporated in England. The ultimate controlling party is ABI Electronics (Holdings) Limited who controls 100% of the shares of A.B.I. Electronics Limited.

18. General Information

A.B.I. Electronics Limited Registered number 01824588 is a limited by shares company incorporated in England & Wales. The Registered Office is DEB House, 19 Middlewoods Way, Wharncliffe Business park, Carlton, Barnsley, S71 3HR.

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