ABACUS (DP) LIMITED
Registered number: 01263568
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 2,439 4,988
Current assets
Stocks 700 2,350
Debtors 3 3,033 7,023
Cash at bank and in hand 20,065 14,862
23,798 24,235
Creditors: amounts falling due within one year 4 (22,933) (21,059)
Net current assets 865 3,176
Net assets 3,304 8,164
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,204 8,064
Shareholders' funds 3,304 8,164
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R P Hunt
Director
Approved by the board on 31 March 2017
ABACUS (DP) LIMITED
Notes to the Accounts
for the year ended 31 December 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Fixtures, fitiings & equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2016 19,669 22,129 41,798
Additions 600 - 600
Disposals - (22,129) (22,129)
At 31 December 2016 20,269 - 20,269
Depreciation
At 1 January 2016 17,076 19,734 36,810
Charge for the year 754 599 1,353
On disposals - (20,333) (20,333)
At 31 December 2016 17,830 - 17,830
Net book value
At 31 December 2016 2,439 - 2,439
At 31 December 2015 2,593 2,395 4,988
3 Debtors 2016 2015
£ £
Trade debtors 2,250 5,937
Other debtors 783 1,086
3,033 7,023
4 Creditors: amounts falling due within one year 2016 2015
£ £
Trade creditors 4,811 3,205
Corporation tax 1,960 4,067
Other taxes and social security costs 4,779 9,969
Other creditors 11,383 3,818
22,933 21,059
5 Other information
ABACUS (DP) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
147 Hempstead Road
Watford
Herts
WD17 3HF
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