Abtec Worcester Limited - Accounts to registrar

REGISTERED NUMBER: 07086148 (England and Wales)

ABTEC WORCESTER LIMITED

Unaudited Financial Statements

for the Year Ended 31 March 2017

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

8

DIRECTORS:

Mrs V Attwood

A A Attwood

REGISTERED OFFICE:

Britannia Court

5 Moor Street

WORCESTER

Worcs.

WR1 3DB

REGISTERED NUMBER:

07086148 (England and Wales)

ACCOUNTANTS:

Haines Watts (HW Worcester Limited)

Chartered Certified Accountants

Britannia Court

Moor Street

Worcester

WR1 3DB

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the

company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and

certain other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Abtec Worcester Limited for the year ended 31 March 2017 which comprise the

Income Statement, Other Comprehensive Income, Balance Sheet, and the related notes 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/rulebook.

This report is made solely to the Board of Directors of Abtec Worcester Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Abtec Worcester Limited and state those matters that we have agreed to state to the Board of Directors of Abtec Worcester 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/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Abtec Worcester Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Abtec Worcester Limited. You consider that Abtec Worcester 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 financial statements of Abtec Worcester 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 financial statements.

Haines Watts (HW Worcester Limited)

Chartered Certified Accountants

Britannia Court

Moor Street

Worcester

WR1 3DB

26 July 2017

FIXED ASSETS

Intangible assets

4

5,400

7,200

Tangible assets

5

1,324

597

6,724

7,797

CURRENT ASSETS

Stocks

5,963

5,525

Debtors

6

182,934

161,300

Cash at bank

65,761

76,367

254,658

243,192

CREDITORS

Amounts falling due within one year

7

85,755

62,248

NET CURRENT ASSETS

168,903

180,944

TOTAL ASSETS LESS CURRENT
LIABILITIES

175,627

188,741

PROVISIONS FOR LIABILITIES

208

50

NET ASSETS

175,419

188,691

CAPITAL AND RESERVES

Called up share capital

8

1,000

Retained earnings

9

174,419

187,691

SHAREHOLDERS' FUNDS

175,419

188,691

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 July 2017 and were signed on its
behalf by:

A A Attwood - Director

1.	STATUTORY INFORMATION

Abtec Worcester Limited is a private company, limited by shares , registered in England and Wales.

The 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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

18,000

AMORTISATION

At 1 April 2016

10,800

Amortisation for year

1,800

At 31 March 2017

12,600

NET BOOK VALUE

At 31 March 2017

5,400

At 31 March 2016

7,200

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

COST

At 1 April 2016

236

3,825

4,061

Additions

375

1,509

1,884

At 31 March 2017

611

5,334

5,945

DEPRECIATION

At 1 April 2016

189

3,275

3,464

Charge for year

106

1,051

1,157

At 31 March 2017

295

4,326

4,621

NET BOOK VALUE

At 31 March 2017

316

1,008

1,324

At 31 March 2016

47

550

597

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade debtors

182,934

161,300

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade creditors

48,218

44,109

Corporation tax

7,049

4,276

VAT

10,256

5,575

Credit card

261

-

Directors' current accounts

18,721

7,038

Accrued expenses

1,250

85,755

62,248

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

1,000

Ordinary

£1

1,000

9.

RESERVES

Retained

earnings

£

At 1 April 2016

187,691

Profit for the year

26,728

Dividends

(40,000

)

At 31 March 2017

174,419

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £40,000 (2016 - £65,000) were paid to the directors .

Key management personnel remuneration during the year totalled £132,000.

11.	FIRST YEAR ADOPTION

The Company has transitioned to FRS 102 from previously being prepared under the historical cost

convention and in accordance with the Financial Reporting Standards for Smaller Entities (effective

April 2016) as at 1st April 2016.

Reconciliation of equity

No transitional adjustments were required.

Reconciliation of profit or loss for the year

No reconciliation of profit or loss were required