Company Registration No. 06953753 (England and Wales)
ABN SECURITY SYSTEMS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2016
ABN SECURITY SYSTEMS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABN SECURITY SYSTEMS LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
22,559
7,552
Current assets
Debtors
53,488
27,661
Cash at bank and in hand
85
21,779
53,573
49,440
Creditors: amounts falling due within one year
3
(67,107)
(53,160)
Net current liabilities
(13,534)
(3,720)
Total assets less current liabilities
9,025
3,832
Creditors: amounts falling due after more than one year
4
(8,137)
-
Provisions for liabilities
(4,512)
(1,344)
(3,624)
2,488
Capital and reserves
Called up share capital
5
100
100
Profit and loss account
(3,724)
2,388
Shareholders' funds
(3,624)
2,488
For the financial year ended 31 July 2016 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 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 financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 28 April 2017
Mr D J Overy
Director
Company Registration No. 06953753
ABN SECURITY SYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
At the end of the year the company reported a deficiency in assets of £3,624 (2015 - net current assets of £2,488). The company is reliant on the continued support of its director and its creditors in order to fund its day to day working capital requirements. The director has no reason to believe that this support will be withdrawn to the detriment of the company within twelve months from the date of signature of these financial statements and accordingly considers it appropriate to prepare them on a going concern basis,
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
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 less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
20% reducing balance
Fixtures, fittings and equipment
20% reducing balance
Motor vehicles
25% reducing balance
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
ABN SECURITY SYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 August 2015
17,922
Additions
23,690
Disposals
(2,200)
At 31 July 2016
39,412
Depreciation
At 1 August 2015
10,370
On disposals
(963)
Charge for the year
7,446
At 31 July 2016
16,853
Net book value
At 31 July 2016
22,559
At 31 July 2015
7,552
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £6,509 (2015 - £1,600).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £8,137 (2015 - £0).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
6
Related party relationships and transactions
Transactions with directors
At the end of the year the company owed the director £458 (2015 - £106) by way of his director's current account.
During the year the company traded rent free from the director's home address.