Registration number:
Abacus (Blackburn) Limited
for the Year Ended 31 March 2017
10-12 Wellington Street
(St Johns)
Blackburn
Lancashire
BB1 8AG
Abacus (Blackburn) Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Abacus (Blackburn) Limited
(Registration number: 01794984)
Balance Sheet as at 31 March 2017
Note |
2017 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 1 |
Abacus (Blackburn) Limited
(Registration number: 01794984)
Balance Sheet as at 31 March 2017
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:
• |
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• |
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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and director`s report have not been delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
Approved and authorised by the
.........................................
Mr R Duckworth
Director
Page 2 |
Abacus (Blackburn) Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
The financial statements are presented in Sterling, which is the functional currency of the company and are rounded to the nearest pound.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 3 |
Abacus (Blackburn) Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
Fixtures and Fittings |
15% per annum reducing balance |
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.
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.
Page 4 |
Abacus (Blackburn) Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Investment Property |
Fixtures and Fittings |
Total |
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Cost or valuation |
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At 1 April 2016 |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
- |
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Charge for the year |
- |
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At 31 March 2017 |
- |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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The fair value of the company's land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £43,347 (2016 - £43,347).
Debtors |
2017 |
2016 |
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Other debtors |
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Total current trade and other debtors |
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Page 5 |
Abacus (Blackburn) Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Taxation and social security |
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Other creditors |
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Page 6 |
Abacus (Blackburn) Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Transition to FRS 102 |
Under FRS 102, deferred tax is provided on investment properties and any revaluation gain is accounted for through the Profit and Loss Account.
The conversion to FRS 102A from old UP GAAP has given rise to the adjustments noted below.
Balance Sheet at 1 April 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
243 |
- |
- |
243 |
|
Investment property |
200,000 |
- |
- |
200,000 |
|
200,243 |
- |
- |
200,243 |
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Current assets |
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Debtors |
250 |
- |
- |
250 |
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Cash at bank and in hand |
2,438 |
- |
- |
2,438 |
|
2,688 |
- |
- |
2,688 |
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Creditors: Amounts falling due within one year |
(3,197) |
- |
- |
(3,197) |
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Net current liabilities |
(509) |
- |
- |
(509) |
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Total assets less current liabilities |
199,734 |
- |
- |
199,734 |
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Provisions for liabilities |
- |
- |
(13,002) |
(13,002) |
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Net assets/(liabilities) |
199,734 |
- |
(13,002) |
186,732 |
|
Capital and reserves |
|||||
Called up share capital |
1,000 |
- |
- |
1,000 |
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Capital redemption reserve |
156,653 |
- |
(156,653) |
- |
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Profit and loss account |
42,081 |
- |
143,651 |
185,732 |
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Total equity |
199,734 |
- |
(13,002) |
186,732 |
Page 7 |
Abacus (Blackburn) Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Balance Sheet at 31 March 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
1,516 |
- |
- |
1,516 |
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Investment property |
200,000 |
- |
- |
200,000 |
|
201,516 |
- |
- |
201,516 |
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Current assets |
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Debtors |
350 |
- |
- |
350 |
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Cash at bank and in hand |
832 |
- |
- |
832 |
|
1,182 |
- |
- |
1,182 |
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Creditors: Amounts falling due within one year |
(2,207) |
- |
- |
(2,207) |
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Net current liabilities |
(1,025) |
- |
- |
(1,025) |
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Total assets less current liabilities |
200,491 |
- |
- |
200,491 |
|
Provisions for liabilities |
- |
- |
(13,002) |
(13,002) |
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Net assets/(liabilities) |
200,491 |
- |
(13,002) |
187,489 |
|
Capital and reserves |
|||||
Called up share capital |
1,000 |
- |
- |
1,000 |
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Capital redemption reserve |
156,653 |
- |
(156,653) |
- |
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Profit and loss account |
42,838 |
- |
143,651 |
186,489 |
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Total equity |
200,491 |
- |
(13,002) |
187,489 |
Page 8 |