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Able HR Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2017

RS Partnership Ltd
Chartered Certified Accountants
14 Prospect Place
Welwyn
Herts
AL6 9EN

Able HR Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Able HR Limited

Company Information

Directors

Mrs Brenda Rosina Helen Ford Mr Chris Ford

Company secretary

Mrs Brenda Rosina Helen Ford

Registered office

Lancaster House Grange Business Park Whetstone Leicester Leicestershire LE8 6EP

Accountants

RS Partnership Ltd Chartered Certified Accountants 14 Prospect Place Welwyn Herts AL6 9EN

Page 1

Able HR Limited

(Registration number: 06988588)
Balance Sheet as at 31 August 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	2,464	3,285
Current assets
Debtors	5	88,650	8,403
Cash at bank and in hand		21,726	11,924
		110,376	20,327
Creditors: Amounts falling due within one year	6	(34,299)	(23,004)
Net current assets/(liabilities)		76,077	(2,677)
Net assets		78,541	608
Capital and reserves
Called up share capital		101	100
Profit and loss account		78,440	508
Total equity		78,541	608

For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 May 2018 and signed on its behalf by:
 

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

Mr Chris Ford

Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Able HR Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lancaster House Grange Business Park
Whetstone
Leicester
Leicestershire
LE8 6EP

These financial statements were authorised for issue by the Board on 25 May 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The parent, and the group headed by it, qualify as small as se out in section 383 of the Companies Act 2006 and the parent and the group are considered eligible for the exemption as determined by reference to sections 384 and 399(2A) of the Companies Act 2006.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 3

Able HR Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

Page 4

Able HR Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

4	Tangible assets

	Other property, plant and equipment  £	Total £
Cost or valuation
Additions	7,892	7,892
At 31 August 2017	7,892	7,892
Depreciation
At 1 September 2016	4,607	4,607
Charge for the year	821	821
At 31 August 2017	5,428	5,428
Carrying amount
At 31 August 2017	2,464	2,464
At 31 August 2016	3,285	3,285

5

Debtors

	2017 £	2016 £
Other debtors	497	-
Directors Loan Account	88,153	8,403
	88,650	8,403

6

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Taxation and social security	9,950	4,529
Other creditors	6,835	7,528
Corporation tax	17,514	10,947
	34,299	23,004