Abacus Accounting and Business Solutions Ltd

Abacus Accounting and Business Solutions Ltd

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2016

Abacus Accounting and Business Solutions
Chartered Accountants
Harbridge
Hardimead
Lamerton
Tavistock
Devon
PL19 8SE

Abacus Accounting and Business Solutions Ltd
Contents

Accountants' Report

Abbreviated Balance Sheet

Notes to the Abbreviated Accounts

3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Abacus Accounting and Business Solutions Ltd
for the Year Ended 30 June 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Abacus Accounting and Business Solutions Ltd for the year ended 30 June 2016 set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Abacus Accounting and Business Solutions Ltd, as a body, in accordance with the terms of our engagement letterdated 23 March 2012. Our work has been undertaken solely to prepare for your approval the accounts of Abacus Accounting and Business Solutions Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abacus Accounting and Business Solutions Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Abacus Accounting and Business Solutions Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Abacus Accounting and Business Solutions Ltd. You consider that Abacus Accounting and Business Solutions Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Abacus Accounting and Business Solutions Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Abacus Accounting and Business Solutions
Chartered Accountants
Harbridge
Hardimead
Lamerton
Tavistock
Devon
PL19 8SE

21 February 2017

Page 1

Abacus Accounting and Business Solutions Ltd
(Registration number: 04181461)
Abbreviated Balance Sheet at 30 June 2016

	Note	2016 £	2015 £
Fixed assets
Intangible fixed assets		2	2
Tangible fixed assets		13,855	5,062
		13,857	5,064
Current assets
Debtors		11,935	51,037
Cash at bank and in hand		89,710	109,024
		101,645	160,061
Creditors: Amounts falling due within one year		(32,211)	(68,986)
Net current assets		69,434	91,075
Total assets less current liabilities		83,291	96,139
Provisions for liabilities		(449)	(779)
Net assets		82,842	95,360
Capital and reserves
Called up share capital	4	20	20
Profit and loss account		82,822	95,340
Shareholders' funds		82,842	95,360

For the year ending 30 June 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 21 February 2017

.........................................
Mr J D Stone
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Abacus Accounting and Business Solutions Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the provision of goods and services to clients.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	20% straight line basis

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% reducing balance basis
Office equipment	25% reducing balance basis

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

Abacus Accounting and Business Solutions Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

	Intangible assets £	Tangible assets £	Total £
Cost
At 1 July 2015	90,962	14,525	105,487
Additions	-	13,412	13,412
At 30 June 2016	90,962	27,937	118,899
Depreciation
At 1 July 2015	90,960	9,463	100,423
Charge for the year	-	4,619	4,619
At 30 June 2016	90,960	14,082	105,042
Net book value
At 30 June 2016	2	13,855	13,857
At 30 June 2015	2	5,062	5,064

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

Page 4

Abacus Accounting and Business Solutions Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

	2016 £	2015 £

Amounts falling due within one year	76	-

4	Share capital

Allotted, called up and fully paid shares

	2016			2015
		No.	£		No.	£
Ordinary shares of £1 each		20	20		20	20

Page 5