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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Abacus 181 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 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 05200134
Abacus 181 Ltd
Unaudited Abridged Financial Statements
31 March 2017
Abacus 181 Ltd
Abridged Financial Statements
Year ended 31 March 2017
Contents
Page
Officers and professional advisers
1
Director's report
2
Abridged statement of income and retained earnings
3
Abridged statement of financial position
4
Notes to the abridged financial statements
5
The following pages do not form part of the abridged financial statements
Detailed abridged income statement
10
Notes to the detailed abridged income statement
11
Abacus 181 Ltd
Officers and Professional Advisers
Director
Mr J Liggitt
Company secretary
Mrs J J Liggitt
Registered office
2 The Hopkiln
Church Street
Harvington
Evesham
Worcestershire
WR11 8PB
Accountants
abacus 181 Ltd
Chartered accountant
2 The Hopkiln
Church Street
Harvington
Evesham
Worcestershire
WR11 8PB
Abacus 181 Ltd
Director's Report
Year ended 31 March 2017
The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 March 2017 .
Director
The director who served the company during the year was as follows:
Mr J Liggitt
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 29 December 2017 and signed on behalf of the board by:
Mr J Liggitt
Director
Registered office:
2 The Hopkiln
Church Street
Harvington
Evesham
Worcestershire
WR11 8PB
Abacus 181 Ltd
Abridged Statement of Income and Retained Earnings
Year ended 31 March 2017
2017
2016
Note
£
£
Gross profit
38,384
45,354
Administrative expenses
23,701
26,168
--------
--------
Operating profit
14,683
19,186
Interest payable and similar expenses
781
773
--------
--------
Profit before taxation
5
13,902
18,413
Tax on profit
2,788
3,705
--------
--------
Profit for the financial year and total comprehensive income
11,114
14,708
--------
--------
Dividends paid and payable
( 30,000)
Retained (losses)/earnings at the start of the year
( 15,050)
242
--------
--------
Retained losses at the end of the year
( 3,936)
( 15,050)
--------
--------
All the activities of the company are from continuing operations.
Abacus 181 Ltd
Abridged Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
7
72
111
Current assets
Debtors
56,359
34,520
Creditors: amounts falling due within one year
60,366
49,680
--------
--------
Net current liabilities
4,007
15,160
-------
--------
Total assets less current liabilities
( 3,935)
( 15,049)
-------
--------
Net liabilities
( 3,935)
( 15,049)
-------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 3,936)
( 15,050)
-------
--------
Shareholder deficit
( 3,935)
( 15,049)
-------
--------
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 March 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 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 29 December 2017 , and are signed on behalf of the board by:
Mr J Liggitt
Director
Company registration number: 05200134
Abacus 181 Ltd
Notes to the Abridged Financial Statements
Year ended 31 March 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 2 The Hopkiln, Church Street, Harvington, Evesham, WR11 8PB, Worcestershire.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, '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 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents and Licences
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Fixtures and Fittings
-
20% straight line
Computer Equipment
-
33% straight line
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.
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 .
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2017
2016
£
£
Depreciation of tangible assets
147
111
----
----
6. Intangible assets
£
Cost
At 1 April 2016 and 31 March 2017
1,000
-------
Amortisation
At 1 April 2016 and 31 March 2017
1,000
-------
Carrying amount
At 31 March 2017
-------
At 31 March 2016
-------
7. Tangible assets
£
Cost
At 1 April 2016
6,421
Additions
108
-------
At 31 March 2017
6,529
-------
Depreciation
At 1 April 2016
6,310
Charge for the year
147
-------
At 31 March 2017
6,457
-------
Carrying amount
At 31 March 2017
72
-------
At 31 March 2016
111
-------
8. Related party transactions
The company was under the control of Mr Liggitt throughout the current and previous year. Mr Liggitt is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRSSE.
9. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.
Abacus 181 Ltd
Management Information
Year ended 31 March 2017
The following pages do not form part of the abridged financial statements.
Abacus 181 Ltd
Detailed Abridged Income Statement
Year ended 31 March 2017
2017
2016
£
£
Turnover
38,384
45,966
Cost of sales
Purchases
612
--------
--------
Gross profit
38,384
45,354
Overheads
Administrative expenses
23,701
26,168
--------
--------
Operating profit
14,683
19,186
Interest payable and similar expenses
(781)
(773)
--------
--------
Profit before taxation
13,902
18,413
--------
--------
Abacus 181 Ltd
Notes to the Detailed Abridged Income Statement
Year ended 31 March 2017
2017
2016
£
£
Administrative expenses
Directors salaries
8,605
8,340
Travel and subsistence
2,944
6,513
Telephone
924
1,259
Computer expenses
5,416
4,817
Licenses & insurance
1,050
906
Bookkeeping costs
63
949
Subscriptions
1,287
1,577
Printing postage and stationery
442
589
Staff training
114
Marketing
890
Use of residence as office
400
400
Legal and professional fees (allowable)
852
Depreciation of computer equipment
147
111
Bank charges
567
707
--------
--------
23,701
26,168
--------
--------
Interest payable and similar expenses
Bank loan interest
781
773
----
----