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COMPANY REGISTRATION NUMBER: 00465367
Abbotts Amusements Limited
Filleted Unaudited Financial Statements
28 February 2017
Abbotts Amusements Limited
Financial Statements
Year ended 28 February 2017
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
The following pages do not form part of the financial statements
Accountants report to the board of directors on the preparation of the unaudited statutory financial statements
8
Abbotts Amusements Limited
Officers and Professional Advisers
The board of directors
Mrs N A Thurston
T J Turvill
Registered office
12a Daniels Road
Northants
Little Irchester
Wellingborough
United Kingdom
NN8 2EQ
Accountants
Denton Tavara Ltd
Accountants
6 Alfred Street
Rushden
Northants
NN10 9YS
Abbotts Amusements Limited
Statement of Financial Position
28 February 2017
2017
2016
Note
£
£
£
£
Fixed assets
Tangible assets
4
350
350
Current assets
Cash at bank and in hand
1,702
1,584
Creditors: amounts falling due within one year
5
1,726
1,726
--------
--------
Net current liabilities
24
142
-----
-----
Total assets less current liabilities
326
208
-----
-----
Net assets
326
208
-----
-----
Capital and reserves
Called up share capital
2,598
2,598
Profit and loss account
( 2,272)
( 2,390)
--------
--------
Members funds
326
208
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Abbotts Amusements Limited
Statement of Financial Position (continued)
28 February 2017
These financial statements were approved by the board of directors and authorised for issue on 14 September 2017 , and are signed on behalf of the board by:
Mrs N A Thurston
Director
Company registration number: 00465367
Abbotts Amusements Limited
Notes to the Financial Statements
Year ended 28 February 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12a Daniels Road, Northants, Little Irchester, Wellingborough, NN8 2EQ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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. Tangible assets
Land and buildings
£
Cost
At 1 March 2016 and 28 February 2017
350
-----
Depreciation
At 1 March 2016 and 28 February 2017
-----
Carrying amount
At 28 February 2017
350
-----
5. Creditors: amounts falling due within one year
2017
2016
£
£
Other creditors
1,726
1,726
--------
--------
6. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.
No transitional adjustments were required in equity or profit or loss for the year.
Abbotts Amusements Limited
Management Information
Year ended 28 February 2017
The following pages do not form part of the financial statements.
Abbotts Amusements Limited
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Abbotts Amusements Limited
Year ended 28 February 2017
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 28 February 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Denton Tavara Ltd Accountants
6 Alfred Street Rushden Northants NN10 9YS
14 September 2017