Abstract Creative Screenprinters Ltd Small abridged accounts

Statement of Consent to Prepare Abridged Financial Statements

All of the members of Abstract Creative Screenprinters Ltd have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 May 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04759714

Abstract Creative Screenprinters Ltd

Unaudited Abridged Financial Statements

31 May 2017

Abstract Creative Screenprinters Ltd

Abridged Financial Statements

Year Ended 31 May 2017

Contents	Page

Director's Report	1

Abridged Statement of Income and Retained Earnings	2

Abridged Statement of Financial Position	3

Notes to the Abridged Financial Statements	4

The following pages do not form part of the abridged financial statements

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements	9

Abstract Creative Screenprinters Ltd

Director's Report

Year Ended 31 May 2017

The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 May 2017 .

Incorporation

The company was incorporated on 9th May 2003 and commenced trading on that date.

Director

The director who served the company during the year was as follows:

Mr M Fogg

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 9 May 2018 and signed on behalf of the board by:

Mr M Fogg	Mrs A M Fogg
Director	Company Secretary

Registered office:

Unit 15 Hartford House

Weston Street

Bolton

BL3 2AW

Abstract Creative Screenprinters Ltd

Abridged Statement of Income and Retained Earnings

Year Ended 31 May 2017

	2017	2016
Note	£	£
Gross Profit	61,490	75,419

Administrative expenses	59,365	61,103
	--------	--------
Operating Profit	2,125	14,316

Other interest receivable and similar income		5	8
		--------	--------
Profit Before Taxation	5	2,130	14,324

Tax on profit	1,667	2,724
	-------	--------
Profit for the Financial Year and Total Comprehensive Income	463	11,600
	-------	--------

Dividends paid and payable	( 6,000)	( 5,000)

Retained Earnings at the Start of the Year	70,319	63,719
	--------	--------
Retained Earnings at the End of the Year	64,782	70,319
	--------	--------

All the activities of the company are from continuing operations.

Abstract Creative Screenprinters Ltd

Abridged Statement of Financial Position

31 May 2017

	2017		2016
Note	£	£	£

Fixed Assets

Tangible assets	6		19,022	22,120

Current Assets

Stocks	1,000	1,000
Debtors	63,872	68,573
Cash at bank and in hand	16,905	14,710
	--------	--------
	81,777	84,283

Creditors: amounts falling due within one year	36,016		36,083
	--------		--------
Net Current Assets		45,761	48,200
		--------	--------
Total Assets Less Current Liabilities		64,783	70,320
		--------	--------
Net Assets		64,783	70,320
		--------	--------

Capital and Reserves

Called up share capital	1	1
Profit and loss account	64,782	70,319
	--------	--------
Members Funds	64,783	70,320
	--------	--------

These abridged financial statements have been prepared 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'.

For the year ending 31 May 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 members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 9 May 2018 , and are signed on behalf of the board by:

Mr M Fogg
Director

Company registration number: 04759714

Abstract Creative Screenprinters Ltd

Notes to the Abridged Financial Statements

Year Ended 31 May 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 Unit 15 Hartford House, Weston Street, Bolton, BL3 2AW.

2. Statement of Compliance

These abridged 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 abridged 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 abridged 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 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	15% reducing balance
Fixtures & Fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial Instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 8 (2016: 8 ).

5. Profit Before Taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	4,477	3,693
	-------	-------

6. Tangible Assets

	£
Cost
At 1 June 2016	55,307
Additions	1,379
	--------
At 31 May 2017	56,686
	--------
Depreciation
At 1 June 2016	33,187
Charge for the year	4,477
	--------
At 31 May 2017	37,664
	--------
Carrying amount
At 31 May 2017	19,022
	--------
At 31 May 2016	22,120
	--------

7. Related Party Transactions

During the year, the company paid a dividend of £6,000 to the Director (2016 £5,000)

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 June 2015.

No transitional adjustments were required in equity or profit or loss for the year.

9. Other Spare Note 99 Heading

SPAREB99 USER DEFINED HEADING

The company.......

Abstract Creative Screenprinters Ltd

Management Information

Year Ended 31 May 2017

The following pages do not form part of the abridged financial statements.

Abstract Creative Screenprinters Ltd

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Abstract Creative Screenprinters Ltd

Year Ended 31 May 2017

As described on the abridged statement of financial position, the director of the company is responsible for the preparation of the abridged financial statements for the year ended 31 May 2017, which comprise the abridged statement of income and retained earnings, abridged 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 abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

STEVE ASTBURY LTD Chartered accountant

9 Manchester Road Heywood Lancashire OL10 2DZ

9 May 2018