Abacus London Limited - Filleted accounts

Abacus London Limited
Registered number:		02142985
Balance Sheet
as at 30 June 2016

Notes			2016			2015
£				£
Fixed assets
Tangible assets	2		1,217			8

Current assets
Debtors	3	17,489			33,789
Cash at bank and in hand		16,123			8,837
		33,612			42,626

Creditors: amounts falling due within one year	4	(22,778)			(18,777)

Net current assets			10,834			23,849

Net assets			12,051			23,857

Capital and reserves
Called up share capital			5,000			5,000
Profit and loss account			7,051			18,857

Shareholder's funds			12,051			23,857

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 her 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.




S J Wickerson
Director
Approved by the board on 31 March 2017

Abacus London Limited
Notes to the Accounts
for the year ended 30 June 2016


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:

	Office equipment	over 3 years
	Fixtures and fittings	over 5 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
					Office equipment etc
£
	Cost
	At 1 July 2015				77,884
	Additions				1,813
	At 30 June 2016				79,697

	Depreciation
	At 1 July 2015				77,876
	Charge for the year				604
	At 30 June 2016				78,480

	Net book value
	At 30 June 2016				1,217
	At 30 June 2015				8


3	Debtors		2016		2015
£				£

	Trade debtors		12,714		31,023
	Other debtors		4,775		2,766
			17,489		33,789


4	Creditors: amounts falling due within one year		2016		2015
£				£

	Trade creditors		901		1,434
	Other taxes and social security costs		2,369		2,493
	Other creditors		19,508		14,850
			22,778		18,777


5	Other information

	Abacus London Limited is a private company limited by shares and incorporated in England. Its registered office is: 149a Masons Hill, Bromley, Kent, BR2 9HW