| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 August 2017 |
| for |
| ABS Precision Limited |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 August 2017 |
| for |
| ABS Precision Limited |
| ABS Precision Limited (Registered number: 05129895) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| ABS Precision Limited |
| Company Information |
| for the Year Ended 31 August 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 140 Coniscliffe Road |
| DARLINGTON |
| County Durham |
| DL3 7RT |
| ABS Precision Limited (Registered number: 05129895) |
| Balance Sheet |
| 31 August 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| ABS Precision Limited (Registered number: 05129895) |
| Balance Sheet - continued |
| 31 August 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| ABS Precision Limited (Registered number: 05129895) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2017 |
| 1. | STATUTORY INFORMATION |
| ABS Precision Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| There were no material departures from that standard. |
| These financial statements for the year ended 31 August 2017 are the first financial statements that comply with |
| FRS 102 Section 1A small entities. The date of transition is 1 September 2015. |
| The principal accounting policies adopted in the preparation of the financial statements are set out below and |
| have remained unchanged from the previous year, and also have been consistently applied within the same |
| accounts. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value |
| added taxes. Turnover represents the sale of goods and is recognised when the significant risks and rewards of |
| ownership of the goods have transferred to the buyer. |
| Tangible fixed assets |
| Leasehold improvements | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
| except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| ABS Precision Limited (Registered number: 05129895) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
| under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
| are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
| of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| Grants |
| Capital based grants are credited to the profit and loss account in equal instalments, over the estimated useful life |
| of the related asset. Revenue based grants are credited to the profit and loss account on receipt. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Leasehold | Plant and | and |
| improvements | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 September 2016 |
| Additions |
| At 31 August 2017 |
| DEPRECIATION |
| At 1 September 2016 |
| Charge for year |
| At 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| At 31 August 2016 |
| ABS Precision Limited (Registered number: 05129895) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2017 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2016 |
| Additions |
| At 31 August 2017 |
| DEPRECIATION |
| At 1 September 2016 |
| Charge for year |
| At 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| At 31 August 2016 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 September 2016 |
| Additions |
| At 31 August 2017 |
| DEPRECIATION |
| At 1 September 2016 |
| Charge for year |
| At 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| At 31 August 2016 |
| 5. | STOCKS |
| 2017 | 2016 |
| £ | £ |
| Stocks |
| Stocks are valued at the lower of cost and selling price less estimated costs to sell, after making due allowance |
| for obsolete and slow moving items. |
| ABS Precision Limited (Registered number: 05129895) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2017 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Corporation tax |
| Taxation and social security |
| Directors' current accounts | 103,270 | 151,230 |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Hire purchase contracts (see note 9) |
| Accruals and deferred income |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2017 | 2016 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating |
| leases |
| 2017 | 2016 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| ABS Precision Limited (Registered number: 05129895) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2017 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Hire purchase contracts | 217,711 | 145,027 |
| 11. | PROVISIONS FOR LIABILITIES |
| 2017 | 2016 |
| £ | £ |
| Deferred tax | 65,333 | 47,707 |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2016 |
| Accelerated capital allowances | 17,626 |
| Balance at 31 August 2017 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary | £1 | 30,000 | 30,000 |
| Ordinary A | £1 | 300 | 300 |
| 30,300 | 30,300 |
| 13. | RELATED PARTY DISCLOSURES |
| 2017 | 2016 |
| £ | £ |
| Amounts due to directors | 103,270 | 151,230 |
| No interest has been charged. |
| 14. | FIRST YEAR ADOPTION |
| The company has adopted FRS 102 Section 1A Small Entities for the year ended 31 August 2017. There were no |
| adjustments required on transition. |