Abacus IFA Limited - Filleted accounts

Abacus IFA Limited
Registered number:		05810874
Balance Sheet
as at 31 March 2017

Notes			2017			2016
£				£
Fixed assets
Intangible assets	2		11,192			12,592
Tangible assets	3		344			727
			11,536			13,319

Current assets
Debtors	4	137,818			145,347

Creditors: amounts falling due within one year	5	(113,044)			(133,834)

Net current assets			24,774			11,513

Total assets less current liabilities			36,310			24,832

Creditors: amounts falling due after more than one year	6		(11,000)			(13,500)

Provisions for liabilities			(145)			(145)


Net assets			25,165			11,187

Capital and reserves
Called up share capital			10,000			10,000
Profit and loss account			15,165			1,187

Shareholders' funds			25,165			11,187

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




N Richmond
Director
Approved by the board on 17 May 2017

Abacus IFA Limited
Notes to the Accounts
for the year ended 31 March 2017


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery	over 7 years
	Fixtures, fittings, tools and equipment	over 7 years

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.


2	Intangible fixed assets				£
	Goodwill:

	Cost
	At 1 April 2016				13,992
	At 31 March 2017				13,992

	Amortisation
	At 1 April 2016				1,400
	Provided during the year				1,400
	At 31 March 2017				2,800

	Net book value
	At 31 March 2017				11,192
	At 31 March 2016				12,592

	Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.


3	Tangible fixed assets
					Plant and machinery etc
£
	Cost
	At 1 April 2016				3,111
	At 31 March 2017				3,111

	Depreciation
	At 1 April 2016				2,384
	Charge for the year				383
	At 31 March 2017				2,767

	Net book value
	At 31 March 2017				344
	At 31 March 2016				727


4	Debtors		2017		2016
£				£

	Trade debtors		71,382		26,858
	Other debtors		66,436		118,489
			137,818		145,347


5	Creditors: amounts falling due within one year		2017		2016
£				£

	Bank loans and overdrafts		28,318		24,886
	Trade creditors		2,500		5,042
	Corporation tax		58,465		30,614
	Other taxes and social security costs		18,637		13,366
	Other creditors		5,124		59,926
			113,044		133,834


6	Creditors: amounts falling due after one year		2017		2016
£				£

	Bank loans		11,000		13,500


7	Other information

	Abacus IFA Limited is a private company limited by shares and incorporated in England. Its registered office is: