Registered Number 06814980

ABOVEMARK LTD

Micro-entity Accounts

28 February 2017

ABOVEMARK LTD Registered Number 06814980

Micro-entity Balance Sheet as at 28 February 2017

Notes 2017 2016
£ £
Fixed assets
Tangible assets 1 - 535
- 535
Current assets
Debtors 5,896 13,556
Cash at bank and in hand 41,793 17,777
47,689 31,333
Creditors: amounts falling due within one year (7,780) (20,238)
Net current assets (liabilities) 39,909 11,095
Total assets less current liabilities 39,909 11,630
Total net assets (liabilities) 39,909 11,630
Capital and reserves
Called up share capital 2 2
Profit and loss account 39,907 11,628
Shareholders' funds 39,909 11,630
  • For the year ending 28 February 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
  • The accounts have been prepared in accordance with the micro-entity provisions and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 30 November 2017

And signed on their behalf by:
David John Hogan, Director

ABOVEMARK LTD Registered Number 06814980

Notes to the Micro-entity Accounts for the period ended 28 February 2017

1Tangible fixed assets
£
Cost
At 29 February 2016 2,398
Additions -
Disposals -
Revaluations -
Transfers -
At 28 February 2017 2,398
Depreciation
At 29 February 2016 1,863
Charge for the year 535
On disposals -
At 28 February 2017 2,398
Net book values
At 28 February 2017 0
At 28 February 2016 535

2Accounting Policies

Basis of measurement and preparation of accounts
These financial statements for the year ended 28 February 2017 are the first financial statements that comply with FRS 102
Section 1A small entities. The transition date is 1 March 2015.

The financial statements have been prepared under the historic cost convention,except that as disclosed in the accounting
policies, certain items are shown at fair value. The presentational currency is in sterling which has been rounded to the nearest
£1.

Turnover policy
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in
the course of the company's activities and is shown net of sales/value added tax, returns, rebates and discounts. Income is
recognised when goods/services have been delivered/provided to clients should that risk and rewards of ownership have
transferred to them.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less accumulated depreciation and accumulative impairment losses.

Depreciation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the useful economic
life of that asset as follows:
Office equipment - 33% straight line
Fixtures & fittings - 15% reducing balance
Motor vehicles - 25% reducing balance
Plant and machinery - 15% reducing balance

Other accounting policies
Stocks
Stock has been valued at the lower of cost and estimated selling price less costs to sell.

Foreign Currency
Transactions in foreign currency are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

Pension Costs
The company operates a defined contribution pension scheme and the pension cost charge represents the contributions payable by the company to the fund in respect of the period. The assets of the scheme are held separately from those of the company in an independently administered fund.

Deferred Tax
Deferred Taxation is provided on the liability method to take account of timing differences between treatment of certain items for accounts purposes and their treatment for tax. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Leasing
Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated. Rentals payable under operating leases are charged to the statement of income and retained earnings on a straight line basis over the period.
Financial Instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors loans. Bank Loans are initially measured at the present value of future payments, discounted at the market rate of interest and subsequently at amortised cost using the effective interest method. Directors Loan (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Going Concern
The director reviews the financial position of the company from the date of approval of the accounts on an ongoing basis, and concludes that the company is able to meet all its liabilities as they fall due.