ABCO Divers Limited

Filleted Accounts

30 April 2017

Registered number

NI034038

ABCO Divers Limited
Registered number:		NI034038
Balance Sheet
as at 30 April 2017

Notes			2017			2016
£				£
Fixed assets
Tangible assets	4		57,099			65,363

Current assets
Debtors	5	405,196			423,999
Cash at bank and in hand		2,705			19,035
		407,901			443,034

Creditors: amounts falling due within one year	6	(171,548)			(286,527)

Net current assets			236,353			156,507

Total assets less current liabilities			293,452			221,870

Provisions for liabilities			(4,101)			-

Net assets			289,351			221,870

Capital and reserves
Called up share capital			2			2
Profit and loss account			289,349			221,868

Shareholders' funds			289,351			221,870

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Michael Smith
Director
Approved by the Board on 31 January 2018

ABCO Divers Limited
Notes to the Accounts
for the year ended 30 April 2017


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery			over 10 years
	Motor vehicles			over 5 years
	Fixtures, fittings and equipment			over 10 years

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2017		2016
Number							Number

	Average number of persons employed by the company					5		5


3	Intangible fixed assets							£
	Goodwill:

	Cost
	At 1 May 2016							50,000
	At 30 April 2017							50,000

	Amortisation
	At 1 May 2016							50,000
	At 30 April 2017							50,000

	Net book value
	At 30 April 2017							-

	Goodwill was written off in equal annual instalments over its estimated economic life of 10 years.


4	Tangible fixed assets
		Plant and machinery		Motor vehicles		Fixtures, fittings & equipment		Total
£			£		£		£
	Cost
	At 1 May 2016	248,338		111,324		35,234		394,896
	Additions	4,616		-		1,685		6,301
	At 30 April 2017	252,954		111,324		36,919		401,197

	Depreciation
	At 1 May 2016	205,860		90,247		33,426		329,533
	Charge for the year	8,628		4,320		1,617		14,565
	At 30 April 2017	214,488		94,567		35,043		344,098

	Net book value
	At 30 April 2017	38,466		16,757		1,876		57,099
	At 30 April 2016	42,478		21,077		1,808		65,363


5	Debtors					2017		2016
£							£

	Trade debtors					55,007		217,988
	Other debtors					350,189		206,011
						405,196		423,999


6	Creditors: amounts falling due within one year					2017		2016
£							£

	Bank loans and overdrafts					10,032		7,699
	Trade creditors					19,264		79,399
	Taxation and social security costs					78,411		12,351
	Other creditors					63,841		187,078
						171,548		286,527


7	Other information

	ABCO Divers Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
	282 Moira Road
	Lisburn
	Co Antrim
	BT28 2TU