Abacus 30 Limited Company accounts

COMPANY REGISTRATION NUMBER: 05733748

Abacus 30 Limited

Unaudited Financial Statements

31 March 2018

Abacus 30 Limited

Financial Statements

Year ended 31 March 2018

Contents	Page

Officers and professional advisers	1

Director's report	2

Statement of income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	5

The following pages do not form part of the financial statements

Chartered management accountants report to the director on the preparation of the unaudited statutory financial statements	10

Detailed income statement	11

Notes to the detailed income statement	12

Abacus 30 Limited

Officers and Professional Advisers

Director	Mr JC Lambourne

Company secretary	Tracey Lambourne

Registered office	Hatchett End
	Luxted Road
	Downe
	Orpington
	Kent
	BR6 7JT

Accountants	Abacus 30 Limited
	Chartered Management Accountants
	Hatchett End
	Luxted Road
	Downe
	Orpington
	Kent
	BR6 7JT

Bankers	National Westminster
	52 Fawcett Street
	Sunderland
	SR1 1SB

Abacus 30 Limited

Director's Report

Year ended 31 March 2018

The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2018 .

Director

The director who served the company during the year was as follows:

Mr JC Lambourne

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 17 April 2018 and signed on behalf of the board by:

Mr JC Lambourne
Director

Registered office:

Hatchett End

Luxted Road

Downe

Orpington

Kent

BR6 7JT

Abacus 30 Limited

Statement of Income and Retained Earnings

Year ended 31 March 2018

	2018	2017
Note	£	£
Turnover	35,313	38,715

Cost of sales	1,942	1,949
	--------	--------
Gross profit	33,371	36,766

Administrative expenses	13,383	14,056
	--------	--------
Operating profit	19,988	22,710

	--------	--------
Profit before taxation	19,988	22,710

Tax on profit	3,798	4,542
	--------	--------
Profit for the financial year and total comprehensive income	16,190	18,168
	--------	--------

Dividends paid and payable	( 14,750)	( 19,250)

Retained losses at the start of the year	( 6,520)	( 5,438)
	--------	--------
Retained losses at the end of the year	( 5,080)	( 6,520)
	--------	--------

All the activities of the company are from continuing operations.

Abacus 30 Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Current assets

Cash at bank and in hand	1,402		545

Creditors: amounts falling due within one year	6	5,482		6,065
		-------		-------
Net current liabilities			4,080	5,520
			-------	-------
Total assets less current liabilities			( 4,080)	( 5,520)
			-------	-------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	( 5,080)	( 6,520)
	-------	-------
Shareholders deficit	( 4,080)	( 5,520)
	-------	-------

These financial statements have been prepared 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'.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 17 April 2018 , and are signed on behalf of the board by:

Mr JC Lambourne
Director

Company registration number: 05733748

Abacus 30 Limited

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hatchett End, Luxted Road, Downe, Orpington, Kent, BR6 7JT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

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:

	Equipment	-	33% straight line

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 April 2017	1,319	1,319
Disposals	( 1,319)	( 1,319)
	-------	-------
At 31 March 2018	–	–
	-------	-------
Depreciation
At 1 April 2017	1,319	1,319
Disposals	( 1,319)	( 1,319)
	-------	-------
At 31 March 2018	–	–
	-------	-------
Carrying amount
At 31 March 2018	–	–
	-------	-------
At 31 March 2017	–	–
	-------	-------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Corporation tax	3,797	4,541
Social security and other taxes	1,459	1,470
Other creditors	226	54
	-------	-------
	5,482	6,065
	-------	-------

7. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2018	2017
	£	£
Mr JC Lambourne	( 226)	( 54)
	----	----

8. Related party transactions

The company was under the control of Mr J C Lambourne throughout the current and previous year. Mr Lambourne is the only director and a major shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.

Abacus 30 Limited

Management Information

Year ended 31 March 2018

The following pages do not form part of the financial statements.

Abacus 30 Limited

Chartered Management Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Abacus 30 Limited

Year ended 31 March 2018

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 March 2018, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Abacus 30 Limited Chartered Management Accountants

Hatchett End Luxted Road Downe Orpington Kent BR6 7JT

Abacus 30 Limited

Detailed Income Statement

Year ended 31 March 2018

	2018	2017
	£	£
Turnover	35,313	38,715

Cost of sales

Payroll services	1,643	1,577
Miscellaneous expenses	299	372
	-------	-------
	1,942	1,949

	--------	--------
Gross profit	33,371	36,766

Overheads

Administrative expenses	13,383	14,056

	--------	--------
Operating profit	19,988	22,710

	--------	--------
Profit before taxation	19,988	22,710
	--------	--------

Abacus 30 Limited

Notes to the Detailed Income Statement

Year ended 31 March 2018

	2018	2017
	£	£

Administrative expenses

Wages and salaries	4,800	4,800
Bookkeeping services	1,140	1,145
Use of residence as office	1,300	1,280
General insurances	484	482
Travel and subsistence	1,847	1,787
Telephone	667	679
Computer software	2,329	2,848
Postage & couriers	87	146
Printing & stationery	84	256
Charitable donations (allowable)	30	94
Subscriptions	483	443
Bank charges	132	96
	--------	--------
	13,383	14,056
	--------	--------