ABACUS 59 LIMITED - Filleted accounts

Registered number

06932082

ABACUS 59 LIMITED

Filleted Accounts

30 June 2017

ABACUS 59 LIMITED
Registered number:		06932082
Balance Sheet
as at 30 June 2017

Notes			2017			2016
£				£
Fixed assets
Tangible assets	2		4,443			7,274

Current assets
Debtors	3	1,824			13,326
Cash at bank and in hand		16,654			6,022
		18,478			19,348

Creditors: amounts falling due within one year	4	(21,698)			(28,362)

Net current liabilities			(3,220)			(9,014)

Total assets less current liabilities			1,223			(1,740)

Creditors: amounts falling due after more than one year	5		(1,584)			(935)



Net liabilities			(361)			(2,675)

Capital and reserves
Called up share capital			1,000			1,000
Profit and loss account			(1,361)			(3,675)

Shareholder's funds			(361)			(2,675)

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 member has 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.




O OLANIYAN
Director
Approved by the board on 20 March 2018

ABACUS 59 LIMITED
Notes to the Accounts
for the year ended 30 June 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.

	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:

	Freehold buildings	over 50 years
	Leasehold land and buildings	over the lease term
	Plant and machinery	over 3 years
	Fixtures, fittings, tools and equipment	over 3 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.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	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.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Tangible fixed assets
					Plant and machinery etc
£
	Cost
	At 1 July 2016				13,714
	Additions				427
	At 30 June 2017				14,141

	Depreciation
	At 1 July 2016				6,440
	Charge for the year				3,258
	At 30 June 2017				9,698

	Net book value
	At 30 June 2017				4,443
	At 30 June 2016				7,274


3	Debtors		2017		2016
£				£

	Trade debtors		1,824		13,326


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

	Trade creditors		(68)		(53)
	Taxation and social security costs		4,450		3,430
	Other creditors		17,316		24,985
			21,698		28,362


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

	Other creditors		1,584		935


6	Other information

	ABACUS 59 LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
	215 North Street
	Romford
	Essex
	RM1 4QA