REGISTERED NUMBER: 03161746 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

ABSTRACT AVR LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr SE Watts

REGISTERED OFFICE:

Westfield

24-26 Leicester Road

Blaby

Leicester

Leicestershire

LE8 4GQ

REGISTERED NUMBER:

03161746 (England and Wales)

BANKERS:

National Westminster Bank Plc

Natwest Business Centre

St Johns House

East Street

Leicester

LE1 9GW

FIXED ASSETS

Intangible assets

4

30,000

40,000

Tangible assets

5

74,814

82,571

104,814

122,571

CURRENT ASSETS

Stocks

56,288

83,268

Debtors

6

416,656

356,618

Cash at bank and in hand

6,315

19,382

479,259

459,268

CREDITORS

Amounts falling due within one year

7

193,819

166,879

NET CURRENT ASSETS

285,440

292,389

TOTAL ASSETS LESS CURRENT LIABILITIES

390,254

414,960

PROVISIONS FOR LIABILITIES

3,706

3,275

NET ASSETS

386,548

411,685

CAPITAL AND RESERVES

Called up share capital

7,500

7,500

Other reserves

2,500

2,500

Retained earnings

376,548

401,685

SHAREHOLDERS' FUNDS

386,548

411,685

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 19 December 2017 and were signed by:

Mr SE Watts - Director

1.	STATUTORY INFORMATION

Abstract AVR Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This is the first year in which the financial statements have been prepared under FRS 102.

There are no material transactions as a result of the transition.

RELATED PARTY EXEMPTION

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

TURNOVER

Revenue comprises the fair value for the sale of goods excluding value added taxes and represents net invoice

value less estimated rebates, returns and settlement discounts. The company supplies products to customers,

under standard terms and conditions. In all cases revenue is recognised when the risks and rewards of ownership

are transferred and this is defined to be on dispatch of the goods.

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being written off

over its remaining estimated useful life of four years.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FOREIGN CURRENCIES

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 of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method, less any impairment.

CREDITORS

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2016 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

500,000

AMORTISATION

At 1 April 2016

460,000

Amortisation for year

10,000

At 31 March 2017

470,000

NET BOOK VALUE

At 31 March 2017

30,000

At 31 March 2016

40,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2016

146,406

79,662

29,165

255,233

Additions

4,283

1,450

-

5,733

At 31 March 2017

150,689

81,112

29,165

260,966

DEPRECIATION

At 1 April 2016

81,316

64,625

26,721

172,662

Charge for year

10,406

2,473

611

13,490

At 31 March 2017

91,722

67,098

27,332

186,152

NET BOOK VALUE

At 31 March 2017

58,967

14,014

1,833

74,814

At 31 March 2016

65,090

15,037

2,444

82,571

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

42,886

51,236

Amounts owed by group undertakings

352,323

285,382

Other debtors

20,531

20,000

Prepayments

916

-

416,656

356,618

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

1,473

Trade creditors

104,464

77,082

Paye/Ni payable

20,040

20,553

VAT

36,119

44,305

Other creditors

12,630

10,820

Accruals and deferred income

20,566

12,646

193,819

166,879

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

11,927

-

Between one and five years

19,370

-

31,297

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

-

1,473

The debt is secured by a fixed charge secured against the company's assets.

10.	RELATED PARTY DISCLOSURES

During the year the company charged rent to Digital Advanced Lighting at a cost of £1,500 (2016: £7,500).Mr S

Watts is a partner in Digital Advanced Lighting.

As at 31 March 2017 the amount owed to Ledion Limited amounted to £11,387 (2016: £10,223). Mr S Watts is a

director and shareholder in Ledion Limited.

11.	ULTIMATE CONTROLLING PARTY

Steve Watts Holdings Limited, incorporated in England, is the company's ultimate parent company and

controlling party.