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Abacus Business Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Abacus Accountants
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

Abacus Business Management Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 12

Abacus Business Management Limited

Company Information

Directors

Mr Dorian Allcock Mrs Hilary Joy Allcock

Registered office

21 Castlewood Avenue Highweek NEWTON ABBOT Devon TQ12 1NX

Accountants

Abacus Accountants 21 Castlewood Avenue Highweek NEWTON ABBOT Devon TQ12 1NX

Page 1

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Abacus Business Management Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Abacus Business Management Limited for the year ended 31 March 2017 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

Although not a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), wherever possible we have carried out this engagement in accordance with its ethical and other professional requirements.

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

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

......................................

Abacus Accountants
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

23 June 2017

Page 2

Abacus Business Management Limited

Statement of Comprehensive Income for the Year Ended 31 March 2017

	Note	2017 £	2016 £
Profit for the year		14,441	9,786
Total comprehensive income for the year		14,441	9,786

The notes on pages 6 to 12 form an integral part of these financial statements.

Page 3

Abacus Business Management Limited

(Registration number: 04760838)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	5	8	10
Current assets
Stocks	6	1,261	5,672
Debtors	7	8,153	1,151
Cash at bank and in hand		16,348	1,960
		25,762	8,783
Creditors: Amounts falling due within one year	8	(21,134)	(8,598)
Net current assets		4,628	185
Net assets		4,636	195
Capital and reserves
Called up share capital		2	2
Profit and loss account		4,634	193
Total equity		4,636	195

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 June 2017 and signed on its behalf by:
 

.........................................

Mrs Hilary Joy Allcock

Director

The notes on pages 6 to 12 form an integral part of these financial statements.

Page 4

Abacus Business Management Limited

Statement of Changes in Equity for the Year Ended 31 March 2017

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	2	193	195
Profit for the year	-	14,441	14,441
Total comprehensive income	-	14,441	14,441
Dividends	-	(10,000)	(10,000)
At 31 March 2017	2	4,634	4,636

	Share capital £	Profit and loss account £	Total £
At 1 April 2015	2	(1,593)	(1,591)
Profit for the year	-	9,786	9,786
Total comprehensive income	-	9,786	9,786
Dividends	-	(8,000)	(8,000)
At 31 March 2016	2	193	195

The notes on pages 6 to 12 form an integral part of these financial statements.

Page 5

Abacus Business Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

These financial statements were authorised for issue by the Board on 23 June 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	18% of written down value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Page 6

Abacus Business Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Asset class	Amortisation method and rate
Goodwill	10% on straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

Page 7

Abacus Business Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2016	14,000	14,000
At 31 March 2017	14,000	14,000
Amortisation
At 1 April 2016	14,000	14,000
At 31 March 2017	14,000	14,000
Carrying amount
At 31 March 2017	-	-

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

Page 8

Abacus Business Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

5	Tangible assets

	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2016	45	45
At 31 March 2017	45	45
Depreciation
At 1 April 2016	35	35
Charge for the year	2	2
At 31 March 2017	37	37
Carrying amount
At 31 March 2017	8	8
At 31 March 2016	10	10

6

Stocks

	2017 £	2016 £
Work in progress	1,261	5,672

7

Debtors

	2017 £	2016 £
Trade debtors	7,802	838
Other debtors	351	313
Total current trade and other debtors	8,153	1,151

8

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		11,542	-
Amounts owed to group undertakings and undertakings in which the company has a participating interest		4,618	3,785
Other creditors		4,974	4,813
		21,134	8,598

Page 9

Abacus Business Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2017