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Registered number: SC186447
A.B. Management Services Ltd
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
Prepared By:
Lynn Cunningham
Chartered Accountant
G6, The Granary Business Centre
Coal Road
Cupar
Fife
KY15 5YQ
A.B. Management Services Ltd
ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2017
DIRECTORS
Clarence Machado
Louise Machado
SECRETARY
Mary Machado
REGISTERED OFFICE
26 Poplar Road
Glenrothes
KY7 4AA
COMPANY DETAILS
Private company limited by shares registered in SC - Scotland, registered number SC186447
ACCOUNTANTS
Lynn Cunningham
Chartered Accountant
G6, The Granary Business Centre
Coal Road
Cupar
Fife
KY15 5YQ
A.B. Management Services Ltd
ACCOUNTS
FOR THEYEARENDED31 JULY 2017
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
A.B. Management Services Ltd
BALANCE SHEET AT 31 July 2017
20172016
Notes££
FIXED ASSETS
Tangible assets3943,624841,223
CURRENT ASSETS
Debtors526,04558,307
Cash at bank and in hand44,65332,772
70,69891,079
CREDITORS: Amounts falling due within one year6234,442323,107
NET CURRENT LIABILITIES(163,744)(232,028)
TOTAL ASSETS LESS CURRENT LIABILITIES779,880609,195
CREDITORS: Amounts falling due after more than one year7367,547261,220
PROVISIONS FOR LIABILITIES AND CHARGES33,80041,085
NET ASSETS378,533306,890
CAPITAL AND RESERVES
Called up share capital922
Revaluation reserve,1020,500-
Profit and loss account358,031306,888
SHAREHOLDERS' FUNDS378,533306,890
For the year ending 31 July 2017 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 27 April 2018 and signed on their behalf by
.............................
Clarence Machado
Director
A.B. Management Services Ltd
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2017
1. ACCOUNTING POLICIES
1a. General Information And Basis Of Accounting
The company is limited by shares and incorporated in Scotland. The address of the registered office is given in the company information on page 1 of these financial statements. The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1.
The financial statements have been prepared in accordance with Financial Reporting Standard FRS 102 Section 1A Small Entities, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There were no material departures from that standard.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise shown.
1b. Change In Accounting Policy
These financial statements for the year ended 31 July 2017 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 August 2015.
The adoption of new accounting standards has not resulted in any adjustments to the results of the company in either this year or the previous year.
1c. Tangible Fixed Assets And Depreciation
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation has been provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Land And Buildingsstraight line1%
Commercial Vehiclesreducing balance25%
Equipmentreducing balance20%
1d. Investment Properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in the profit or loss account. Deferred taxation is provided on these gains at the rate expected to appy when the property is sold.
1e. Debtors Receivable And Creditors Payable Within One Year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
A.B. Management Services Ltd
1f. Leasing Commitments
Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the term of the lease.
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.
Incentives received to enter into a lease agreement are recognised in the profit and loss account over the shorter of the lease term and the period to the next lease review.
1g. Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
1h. Turnover
Turnover represents the value of goods and services supplied by the company, net of value added tax.
Turnover is recognised by reference to an assessment of the fair value of the services provided at the balance sheet date.
2. EMPLOYEES
20172016
No.No.
Average number of employees22
A.B. Management Services Ltd
3. TANGIBLE FIXED ASSETS
Land AndPlant and
BuildingsMachinery Etc.Total
£££
Cost
At 1 August 2016278,4511,087,8581,366,309
Additions-260,992260,992
Disposals-(132,670)(132,670)
Revaluation25,000-25,000
At 31 July 2017303,4511,216,1801,519,631
Depreciation
At 1 August 201613,529511,557525,086
Disposals-(74,230)(74,230)
Transfers(5,100)-(5,100)
For the year1,418128,833130,251
At 31 July 20179,847566,160576,007
Net Book Amounts
At 31 July 2017293,604650,020943,624
At 31 July 2016264,922576,301841,223
As at 31 July 2017 included in land and buildings is an investment property - see note 4 for details.
4. INVESTMENT PROPERTIES
Investment
PropertiesTotal
££
Fair value
Revaluation25,00025,000
Transfers85,00085,000
At 31 July 2017110,000110,000
The directors valued the investment property at £110,000 based upon the prevailing market prices at the year end. The historical cost of the investment property is £85,000.
5. DEBTORS 20172016
££
Amounts falling due within one year:
Trade debtors21,47351,823
Other debtors4,5726,484
26,04558,307
A.B. Management Services Ltd
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20172016
££
Bank loans and overdrafts20,04824,221
Trade creditors3,22672,876
Taxation and social security7,71811,593
Other creditors203,450214,417
234,442323,107
Included within other creditors are obligations under hire purchase and finance leases152,829159,201
7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20172016
££
Bank loans and overdrafts61,24182,725
Other creditors306,306178,495
367,547261,220
Included in other creditors are:
Included in other creditors are obligations under finance leases and hire purchase agreements £306,306 (2016 - £178,495).
8. SECURED CREDITORS
20172016
££
Amount of bank loans and overdrafts which are secured81,289106,946
Amount of other creditors which are secured459,135337,696
The company has bank loans secured over the land and buildings. The loan is repayable instalments. Included in other creditors are obligations under hire purchase contracts secured over the motor vehicles in the business.
A.B. Management Services Ltd
9. SHARE CAPITAL 20172016
££
Allotted, issued and fully paid:
2 Ordinary shares of £1 each22
22
10. NON-DISTRIBUTABLE RESERVE 20172016
££
Non-distributable reserve20,500-
20,500-
Movement in year as follows: Revaluation of investment property £25,000 less deferred taxation on revaluation £4,500 C/fwd £20,500.
11. OTHER FINANCIAL COMMITMENTS
At 31 July 2017 the company was committed to making the following payments under non-cancellable operating leases:
20172016
££
Operating leases10,81615,879