REGISTERED NUMBER: 03315529 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

AB INITIO LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N J Stephens

SECRETARY:

F Smith

REGISTERED OFFICE:

Windover House

St. Ann Street

Salisbury

SP1 2DR

BUSINESS ADDRESS:

Tinkerbells

Grove Lane

Redlynch

Salisbury

SP5 2NR

REGISTERED NUMBER:

03315529 (England and Wales)

ACCOUNTANTS:

Fawcetts

Chartered Accountants

Windover House

St Ann Street

Salisbury

SP1 2DR

FIXED ASSETS

Intangible assets

4

20,572

6,225

Tangible assets

5

3,245

2,377

23,817

8,602

CURRENT ASSETS

Stocks

7,000

16,000

Debtors

5,375

-

Cash at bank

11,674

7,830

24,049

23,830

CREDITORS

Amounts falling due within one year

19,377

29,516

NET CURRENT ASSETS/(LIABILITIES)

4,672

(5,686

)

TOTAL ASSETS LESS CURRENT LIABILITIES

28,489

2,916

CAPITAL AND RESERVES

Called up share capital

6

30,067

30,067

Retained earnings

(1,578

)

(27,151

)

SHAREHOLDERS' FUNDS

28,489

2,916

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 her 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved and authorised for issue by the director on 21 December 2017 and were signed by:

N J Stephens - Director

1.	STATUTORY INFORMATION

Ab Initio 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.

The financial statements have been prepared on a going concern basis. The company is dependent upon the

support of the director and of trading profitability in the foreseeable future. The financial statements do not

contain any adjustments which might be necessary were the support, noted above, to be withdrawn.

The financial statements are presented in Sterling (£) which is the functional currency of the company.

The company transitioned from previously extant UK GAAP to FRS 102 as at 1 April 2015. At the date of

transition no restatements were required.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover represents net invoiced sales of livestock and income from event catering.

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.

Entitlements is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low

value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the

profit and loss account. The cost of fixed assets is their purchase cost, together with any incidental cost of

acquisition.

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.

Debtors

Debtors are measured at their recoverable amount.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past

event that will probably result in the transfer of funds to a third party and the amount due to settle the

obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their

settlement amount after allowing for any trade discounts due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

6,225

Additions

16,633

At 31 March 2017

22,858

AMORTISATION

Amortisation for year

2,286

At 31 March 2017

2,286

NET BOOK VALUE

At 31 March 2017

20,572

At 31 March 2016

6,225

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

13,803

Additions

2,200

At 31 March 2017

16,003

DEPRECIATION

At 1 April 2016

11,426

Charge for year

1,332

At 31 March 2017

12,758

NET BOOK VALUE

At 31 March 2017

3,245

At 31 March 2016

2,377

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

30,067

Ordinary

£1

30,067

30,067

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

N J Stephens

Balance outstanding at start of year

(26,993

)

(34,469

)

Amounts advanced

62,644

45,802

Amounts repaid

(31,531

)

(38,326

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,120

(26,993

)

This loan will be repaid by the director before 31 December 2017.