ABL Resources Limited - Accounts to registrar

REGISTERED NUMBER: 04599110 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

ABL RESOURCES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

K Rana

SECRETARY:

S Morgan

REGISTERED OFFICE:

Ground Floor, Finchale House

Belmont Business Park

Durham

DH1 1TW

REGISTERED NUMBER:

04599110 (England and Wales)

ACCOUNTANTS:

Ribchesters

Chartered Accountants

Finchale House

Belmont Business Park

Durham

DH1 1TW

FIXED ASSETS

Tangible assets

4

3,521

7,777

Investments

5

40

Investment property

6

167,036

170,597

174,853

CURRENT ASSETS

Debtors

7

147,129

87,545

Cash at bank and in hand

3,046

9,815

150,175

97,360

CREDITORS

Amounts falling due within one year

8

157,988

96,632

NET CURRENT (LIABILITIES)/ASSETS

(7,813

)

728

TOTAL ASSETS LESS CURRENT
LIABILITIES

162,784

175,581

CREDITORS

Amounts falling due after more than one
year

9

138,072

141,905

NET ASSETS

24,712

33,676

CAPITAL AND RESERVES

Called up share capital

10

54

Retained earnings

24,658

33,622

SHAREHOLDERS' FUNDS

24,712

33,676

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

The financial statements were approved by the director on 12 June 2017 and were signed by:

K Rana - Director

1.	STATUTORY INFORMATION

ABL Resources 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.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

In respect of turnover arising from contractual arrangement, income is attributed to the profit and loss account as

contractual activity progresses in a manner appropriate to the stage of completion of each individual contract.

Tangible fixed assets

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

Collection division

-

20% on cost

Computer equipment

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

and 31 December 2016

28,300

DEPRECIATION

At 1 January 2016

20,523

Charge for year

4,256

At 31 December 2016

24,779

NET BOOK VALUE

At 31 December 2016

3,521

At 31 December 2015

7,777

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2016

and 31 December 2016

40

NET BOOK VALUE

At 31 December 2016

40

At 31 December 2015

40

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

and 31 December 2016

167,036

NET BOOK VALUE

At 31 December 2016

167,036

At 31 December 2015

167,036

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

Trade debtors

90,071

65,729

Other debtors

57,058

21,816

147,129

87,545

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

Bank loans and overdrafts

49,526

20,206

Trade creditors

2,313

4,335

Taxation and social security

54,385

52,294

Other creditors

51,764

19,797

157,988

96,632

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2016

2015

£

Bank loans

138,072

141,905

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

15

Ordinary

£1.00

15

A

£1.00

15

12

B

£1.00

12

6

C

£1.00

6

D

£1.00

6

54

Per the shareholders agreement between Mr Morgan and Mr Rana the controlling rights are split 50:50 between

Mr Morgan and Mr Rana. In May 2017 ownership of ABL Resources Limited was transferred at 100% to Mr

Rana.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2016 and

31 December 2015:

2016

2015

£

S Morgan

Balance outstanding at start of year

4,476

5,798

Amounts advanced

-

45,303

Amounts repaid

(4,476

)

(46,625

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

-

4,476

During the year the company paid rent totalling £7,800 (2015: £4,949) on behalf of Mr S Morgan, one of the

directors.

12.	RELATED PARTY DISCLOSURES

During the year, a Director maintained an interest free loan to the company. As at 31 December 2016 the

balance outstanding was £30,459 (2015: £11,766).

During the year, another Director also made an interest free loan to the company. As at 31 December 2016 the

balance outstanding was £11,696.

During the year, the company provided services to ABL Resources Inc, a company resident in the USA, and

related by the way of common control. The engagement was conducted on third party terms. The amount

invoiced in the period was £93,532 (gross). Amounts paid were partly offset against business expenses incurred

by the Inc on behalf of the UK company in the year. A total of £41,305 was due from the Inc at the year end

which is included in trade debtors.