ABCO Air & Shipping Limited - Accounts to registrar

REGISTERED NUMBER: 03908392 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

ABCO AIR & SHIPPING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

5

DIRECTOR:

S Abusch

SECRETARY:

A Abusch

REGISTERED OFFICE:

Ludwell House

2, Guildford Street

Chertsey

Surrey

KT16 9BQ

REGISTERED NUMBER:

03908392 (England and Wales)

ACCOUNTANTS:

H.G.Field & Co.

Accountants and Financial Advisors

Ludwell House

2 Guildford Street

Chertsey

Surrey

KT16 9BQ

FIXED ASSETS

Tangible assets

4

5,832

6,970

CURRENT ASSETS

Debtors

5

95,603

70,335

Cash at bank and in hand

65,591

52,691

161,194

123,026

CREDITORS

Amounts falling due within one year

6

56,618

47,646

NET CURRENT ASSETS

104,576

75,380

TOTAL ASSETS LESS CURRENT
LIABILITIES

110,408

82,350

CAPITAL AND RESERVES

Called up share capital

12,500

Retained earnings

97,908

69,850

SHAREHOLDERS' FUNDS

110,408

82,350

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 director acknowledges his 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 director on 21 December 2017 and were signed by:

S Abusch - Director

1.	STATUTORY INFORMATION

ABCO Air & Shipping 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.

Tangible fixed assets

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

Freehold property

-

10% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

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 material 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 1 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

COST

At 1 April 2016

and 31 March 2017

10,419

8,318

29,995

48,732

DEPRECIATION

At 1 April 2016

6,382

6,981

28,399

41,762

Charge for year

404

335

399

1,138

At 31 March 2017

6,786

7,316

28,798

42,900

NET BOOK VALUE

At 31 March 2017

3,633

1,002

1,197

5,832

At 31 March 2016

4,037

1,337

1,596

6,970

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

Trade debtors

91,338

60,374

VAT

4,265

9,961

95,603

70,335

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

Trade creditors

29,628

30,602

Tax

15,017

10,485

Social security and other taxes

4,032

1,949

Sundry Creditors

393

-

Workplace pension

2,589

-

Directors' current accounts

1,109

360

Accrued expenses

3,850

4,250

56,618

47,646

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £5,000 were paid to the director .

There are no further related party disclosures to report for this year or the previous year.

The following reproduces the text of the report prepared for the director 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 Director 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 ABCO Air & Shipping Limited for the year ended 31 March 2017 which comprise the Income

Statement, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of ABCO Air & Shipping Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of ABCO Air & Shipping Limited and state those matters that we have agreed to state to the director of ABCO Air & Shipping Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ABCO Air & Shipping Limited director for our work or for this report.

It is your duty to ensure that ABCO Air & Shipping 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 ABCO Air & Shipping Limited. You consider that ABCO Air & Shipping 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 ABCO Air & Shipping 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.

H.G.Field & Co.

Accountants and Financial Advisors

Ludwell House

2 Guildford Street

Chertsey

Surrey

KT16 9BQ

21 December 2017