ABC Gone Ltd - Filleted accounts

ABC Gone Ltd
Registered number:		07156721
Balance Sheet
as at 28 February 2017

Notes			2017			2016
£				£
Fixed assets
Tangible assets	2		55,959			27,165

Current assets
Debtors	3	9,600			-
Cash at bank and in hand		184,381			51,982
		193,981			51,982

Creditors: amounts falling due within one year	4	(58,053)			(16,491)

Net current assets			135,928			35,491

Net assets			191,887			62,656

Capital and reserves
Called up share capital			10			10
Profit and loss account			191,877			62,646

Shareholders' funds			191,887			62,656

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.




Sigita Gailiusaite
Director
Approved by the board on 27 November 2017

ABC Gone Ltd
Notes to the Accounts
for the year ended 28 February 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.

	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:

	Computer & equipments			20% reducing balance
	Fixtures, fittings, tools and equipment			20% reducing balance

	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.


2	Tangible fixed assets
		Computers & equipment		Fixtures & fittings		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 March 2016	11,160		28,546		-		39,706
	Additions	2,109		37,574		3,100		42,783
	At 28 February 2017	13,269		66,120		3,100		82,489

	Depreciation
	At 1 March 2016	5,042		7,499		-		12,541
	Charge for the year	1,645		11,724		620		13,989
	At 28 February 2017	6,687		19,223		620		26,530

	Net book value
	At 28 February 2017	6,582		46,897		2,480		55,959
	At 29 February 2016	6,118		21,047		-		27,165


3	Debtors					2017		2016
£							£

	Other debtors					9,600		-


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

	Trade creditors					18,400		4,583
	Corporation tax					25,705		6,873
	Other taxes and social security costs					11,354		3,275
	Other creditors					2,594		1,760
						58,053		16,491


5	Other information

	ABC Gone Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	4 and 5 Gable House
	1 Balfour Road
	Ilford
	Essex
	IG1 4HP