Registration number:
Abbott's Auto Services Limited
for the Year Ended 31 May 2017
Chartered Certified Accountants
Ground Floor
30 Victoria Avenue
Harrogate
North Yorkshire
HG1 5PR
Abbott's Auto Services Limited
Contents
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Company Information |
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Accountants' Report |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Abbott's Auto Services Limited
Company Information
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Director |
Mr A J Abbott |
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Registered office |
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Accountants |
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Page 1 |
Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Abbott's Auto Services Limited
for the Year Ended 31 May 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Abbott's Auto Services Limited for the year ended 31 May 2017 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of Abbott's Auto Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Abbott's Auto Services Limited and state those matters that we have agreed to state to the Board of Directors of Abbott's Auto Services Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbott's Auto Services Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Abbott's Auto Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Abbott's Auto Services Limited. You consider that Abbott's Auto Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Abbott's Auto Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountants
30 Victoria Avenue
Harrogate
North Yorkshire
HG1 5PR
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Page 2 |
Abbott's Auto Services Limited
(Registration number: 04770576)
Abridged Balance Sheet as at 31 May 2017
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Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
- |
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- |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Accruals and deferred income |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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Total equity |
( |
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For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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Page 3 |
Abbott's Auto Services Limited
(Registration number: 04770576)
Abridged Balance Sheet as at 31 May 2017
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the director on
.........................................
Mr A J Abbott
Director
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Page 4 |
Abbott's Auto Services Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2017
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General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis. The company ceased to trade on 31st May 2017 and will be wound up.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and Machinery |
25% Reducing Balance |
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Motor Vehicles |
25% Reducing Balance |
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Office equipment |
33% Straight Line |
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Page 5 |
Abbott's Auto Services Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2017
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
10% Straight Line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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Page 6 |
Abbott's Auto Services Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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Intangible assets |
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Total |
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Cost or valuation |
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At 1 June 2016 |
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At 31 May 2017 |
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Amortisation |
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At 1 June 2016 |
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Amortisation charge |
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At 31 May 2017 |
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Carrying amount |
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At 31 May 2017 |
- |
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At 31 May 2016 |
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Goodwill has been fully amortised due to the cessation of the Company's trade.
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
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Page 7 |
Abbott's Auto Services Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2017
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Tangible assets |
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Total |
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Cost or valuation |
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At 1 June 2016 |
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Disposals |
( |
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At 31 May 2017 |
- |
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Depreciation |
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At 1 June 2016 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 31 May 2017 |
- |
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Carrying amount |
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At 31 May 2017 |
- |
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At 31 May 2016 |
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Stocks |
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2017 |
2016 |
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Raw materials and consumables |
- |
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Creditors: amounts falling due within one year |
Creditors include Loans to Directors of £3,736 (2016 - £9,699), Corporation Tax of £1,379 (2016 - £1,425) and Social Security & Other Taxes £1,143 (2016 -£3,782)
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Dividends |
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2017 |
2016 |
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£ |
£ |
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Final dividend of £Nil (2016 - £ |
- |
4,000 |
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Page 8 |
Abbott's Auto Services Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2017
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Related party transactions |
Key management compensation
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2017 |
2016 |
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Salaries and other short term employee benefits |
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Loans from related parties
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2017 |
Key management |
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At start of period |
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Advanced |
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Repaid |
( |
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At end of period |
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2016 |
Key management |
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At start of period |
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Advanced |
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Repaid |
( |
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At end of period |
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Non adjusting events after the financial period |
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Transition to FRS 102 |
Balance Sheet at 1 June 2015
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Page 9 |
Abbott's Auto Services Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2017
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Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Capital and reserves |
|||||
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Called up share capital |
100 |
- |
- |
100 |
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Profit and loss account |
4,222 |
- |
- |
4,222 |
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Total equity |
4,322 |
- |
- |
4,322 |
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Page 10 |
Abbott's Auto Services Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2017
Balance Sheet at 31 May 2016
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Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Capital and reserves |
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Share premium reserve |
100 |
- |
- |
100 |
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Profit and loss account |
3,396 |
- |
- |
3,396 |
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Total equity |
3,496 |
- |
- |
3,496 |
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Page 11 |
Abbott's Auto Services Limited
Detailed Profit and Loss Account for the Year Ended 31 May 2017
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2017 |
2016 |
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Turnover (analysed below) |
54,492 |
66,179 |
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Cost of sales (analysed below) |
(24,088) |
(29,473) |
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Gross profit |
30,404 |
36,706 |
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Gross profit (%) |
55.8% |
55.46% |
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Administrative expenses |
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Employment costs (analysed below) |
(13,452) |
(13,452) |
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Establishment costs (analysed below) |
(5,280) |
(8,290) |
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General administrative expenses (analysed below) |
(6,484) |
(7,250) |
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Finance charges (analysed below) |
(234) |
(257) |
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Depreciation costs (analysed below) |
(9,102) |
(2,858) |
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(34,552) |
(32,107) |
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Operating (loss)/profit |
(4,148) |
4,599 |
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(Loss)/profit before tax |
(4,148) |
4,599 |
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Page 12 |
Abbott's Auto Services Limited
Detailed Profit and Loss Account for the Year Ended 31 May 2017
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2017 |
2016 |
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Turnover |
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Sales, UK |
54,492 |
66,179 |
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Cost of sales |
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Opening stock |
675 |
650 |
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Purchases |
23,413 |
29,498 |
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Closing stock |
- |
(675) |
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24,088 |
29,473 |
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Employment costs |
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Wages and salaries |
(5,400) |
(5,400) |
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Directors remuneration |
(8,052) |
(8,052) |
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(13,452) |
(13,452) |
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Establishment costs |
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Rent |
(5,280) |
(8,290) |
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General administrative expenses |
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Insurance |
(2,082) |
(2,054) |
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Repairs and renewals |
(218) |
(1,194) |
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Telephone and fax |
(300) |
(317) |
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Printing, postage and stationery |
(171) |
(177) |
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Trade subscriptions |
- |
(180) |
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Sundry expenses |
(1,344) |
(215) |
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Motor expenses |
(1,229) |
(1,663) |
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Accountancy fees |
(1,140) |
(1,450) |
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(6,484) |
(7,250) |
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Finance charges |
||
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Bank charges |
(234) |
(257) |
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Page 13 |
Abbott's Auto Services Limited
Detailed Profit and Loss Account for the Year Ended 31 May 2017
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Depreciation costs |
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Amortisation of goodwill |
(7,420) |
(1,680) |
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Depreciation of plant and machinery |
(571) |
(761) |
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Depreciation of motor vehicles |
(278) |
(371) |
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Depreciation of office equipment |
(46) |
(46) |
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(Profit)/loss on disposal of tangible fixed assets |
(787) |
- |
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(9,102) |
(2,858) |
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Page 14 |