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Statement of Consent to Prepare Abridged Financial Statements |
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All of the members of Abu Afif Sweets Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 28 February 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
07159101
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Filleted Unaudited Abridged Financial Statements |
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Abridged Financial Statements |
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Year ended 28 February 2017
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Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements |
1 |
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Abridged statement of financial position |
2 |
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Notes to the abridged financial statements |
4 |
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Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of
Abu Afif Sweets Limited |
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Year ended 28 February 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Abu Afif Sweets Limited for the year ended 28 February 2017, which comprise the abridged statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Abu Afif Sweets Limited in accordance with the terms of our engagement letter dated 1 November 2017. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Abu Afif Sweets Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abu Afif Sweets Limited and its director for our work or for this report.
It is your duty to ensure that Abu Afif Sweets Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Abu Afif Sweets Limited. You consider that Abu Afif Sweets Limited 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 abridged financial statements of Abu Afif Sweets Limited. 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 abridged financial statements.
CAS
Chartered accountant
151 Askew Road
London
W12 9AU
30 November 2017
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Abridged Statement of Financial Position |
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28 February 2017
Fixed assets
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Tangible assets |
5 |
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12,846 |
16,346 |
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Current assets
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Stocks |
3,500 |
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4,500 |
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Debtors |
6,283 |
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6,002 |
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Cash at bank and in hand |
7,601 |
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9,078 |
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-------- |
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-------- |
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17,384 |
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19,580 |
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Creditors: amounts falling due within one year |
256,655 |
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232,511 |
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--------- |
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--------- |
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Net current liabilities |
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239,271 |
212,931 |
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--------- |
--------- |
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Total assets less current liabilities |
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(
226,425) |
(
196,585) |
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--------- |
--------- |
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Net liabilities |
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(
226,425) |
(
196,585) |
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--------- |
--------- |
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Capital and reserves
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Called up share capital |
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2 |
2 |
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Profit and loss account |
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(
226,427) |
(
196,587) |
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--------- |
--------- |
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Members deficit |
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(
226,425) |
(
196,585) |
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--------- |
--------- |
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
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Abridged Statement of Financial Position (continued) |
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28 February 2017
These abridged financial statements were approved by the
board of directors
and authorised for issue on
30 November 2017
, and are signed on behalf of the board by:
Company registration number:
07159101
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Notes to the Abridged Financial Statements |
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Year ended 28 February 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit F34 Acton Business Centre, School Road, London, NW10 6TD.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fixtures & Fittings |
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20% reducing balance |
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Equipment |
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20% reducing balance |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year, including the director, amounted to
8
(2016:
8
).
5.
Tangible assets
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£ |
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Cost |
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At 1 March 2016 |
33,379 |
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Additions |
395 |
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-------- |
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At 28 February 2017 |
33,774 |
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-------- |
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Depreciation |
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At 1 March 2016 |
17,033 |
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Charge for the year |
3,895 |
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-------- |
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At 28 February 2017 |
20,928 |
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-------- |
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Carrying amount |
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At 28 February 2017 |
12,846 |
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-------- |
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At 29 February 2016 |
16,346 |
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-------- |
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6.
Financial instruments at fair value
For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed.
7.
Director's advances, credits and guarantees
At the year end the company owed the director £245,103 (2016: £231,710).
8.
Related party transactions
No devidends were paid to the director during the year.
9.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.
No transitional adjustments were required in equity or profit or loss for the year.