Abel Tech Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06081792

Abel Tech Ltd

Filleted Unaudited Financial Statements

31 March 2018

Abel Tech Ltd

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		1,550	2,067

Current assets

Debtors	7	10,733	7,030
Cash at bank and in hand		3,344	2,895
		--------	-------
		14,077	9,925

Creditors: amounts falling due within one year	8	15,357		11,457
		--------		--------
Net current liabilities			1,280	1,532
			-------	-------
Total assets less current liabilities			270	535
			----	----
Net assets			270	535
			----	----

Capital and reserves

Called up share capital	100	100
Profit and loss account	170	435
	----	----
Shareholders funds	270	535
	----	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Abel Tech Ltd

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 23 July 2018 , and are signed on behalf of the board by:

Mr J D Bale

Director

Company registration number: 06081792

Abel Tech Ltd

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Wharton Close, Rhoose, Barry, Vale Of Glamorgan, CF62 3EG, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2017 and 31 March 2018	35,000
	--------
Amortisation
At 1 April 2017 and 31 March 2018	35,000
	--------
Carrying amount
At 31 March 2018	–
	--------
At 31 March 2017	–
	--------

6. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 April 2017 and 31 March 2018	3,255	3,255
	-------	-------
Depreciation
At 1 April 2017	1,188	1,188
Charge for the year	517	517
	-------	-------
At 31 March 2018	1,705	1,705
	-------	-------
Carrying amount
At 31 March 2018	1,550	1,550
	-------	-------
At 31 March 2017	2,067	2,067
	-------	-------

7. Debtors

	2018	2017
	£	£
Other debtors	10,733	7,030
	--------	-------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Corporation tax	10,499	8,346
Social security and other taxes	3,898	2,151
Other creditors	960	960
	--------	--------
	15,357	11,457
	--------	--------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr J D Bale	7,030	184,364	( 180,662)	10,732
	-------	---------	---------	--------

	2017
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr J D Bale	2,310	38,720	( 34,000)	7,030
	-------	--------	--------	-------

10. Related party transactions

The company was under the control of Mr J D Bale throughout the current year. Mr Bale is the managing director and sole shareholder.