Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 April 2015	75	152,052	213,394	365,521
Profit for the year	-	-	249,816	249,816
Total comprehensive income	-	-	249,816	249,816
Dividends	-	-	(116,250)	(116,250)
Transfers	-	(22,764)	22,764	-
At 31 March 2016	75	129,288	369,724	499,087

 

The notes on pages 4 to 12 form an integral part of these financial statements.

Page 3

Abbey Marketing Communications Limited

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

1	General information

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

The address of its registered office is: Unit 4, Oak Industrial Park, Great Dunmow, Essex, CM6 1XN.

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.

This is the first year that the company has prepared the accounts in accordance with FRS 102 Section 1A.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

The accounts are presented in GBP Sterling.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates ruling at the balance sheet date. All exchange differences are taken to the profit and loss account.

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 tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Page 4

Abbey Marketing Communications Limited

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

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	50% and 25% straight line and reducing balance
Website development	20% Straight line method
Motor Vehicles	25% and 20% straight line method
Office equipment	25% straight line method

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 at the transaction price 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 debt.

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 at the transaction price less impairment.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 5

Abbey Marketing Communications Limited

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

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2016 - 28).

4

Taxation

Tax charged/(credited) in the income statement

	2017  £	2016  £
Current taxation
UK corporation tax	33,618	77,511
UK corporation tax adjustment to prior periods	(9,055)	9,058
	24,563	86,569
Deferred taxation
Arising from origination and reversal of timing differences	21,133	(8,991)
Tax expense in the income statement	45,696	77,578

Deferred tax

Deferred tax assets and liabilities

	Deferred tax £	Total £
At 1 April 2016	37,299	37,299
Increase (decrease) in existing provisions	21,132	21,132
At 31 March 2017	58,431	58,431

2017	Liability £
Accelerated capital allowances	39,071
Revaluation on plant and equipment	19,360
	58,431

2016	Liability £
Accelerated capital allowances	11,441
Revaluation on plant and equipment	25,858
	37,299

Page 6

Abbey Marketing Communications Limited

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

5	Tangible assets

	Website £	Office equipment  £	Motor vehicles  £	Plant and machinery  £	Total £
Cost or valuation
At 1 April 2016	18,500	77,924	38,523	265,282	400,229
Additions	-	3,262	41,995	46,770	92,027
At 31 March 2017	18,500	81,186	80,518	312,052	492,256
Depreciation
At 1 April 2016	18,500	62,965	28,781	65,104	175,350
Charge for the year	-	6,155	12,059	51,908	70,122
At 31 March 2017	18,500	69,120	40,840	117,012	245,472
Carrying amount
At 31 March 2017	-	12,066	39,678	195,040	246,784
At 31 March 2016	-	14,959	9,742	200,178	224,879

Page 7

Abbey Marketing Communications Limited

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

Revaluation

The fair value of the company's Plant and machinery was revalued on 31 March 2015. An independent valuer was not involved.
The valuation of the plant and machinery as at 31 March 2015 was £259,481. Additions since this date have been included at cost. The directors consider that the value of plant and machinery at 31 March 2017 is not materially different to the stated amount of £195,040.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £97,583 (2016 - £70,235).

6

Debtors

	Note	2017 £	2016 £
Trade debtors		250,971	368,661
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10	27,954	136,917
Other debtors		291,979	124,367
Directors loan		27,954	136,917
Prepayments and accrued income		32,091	36,180
Total current trade and other debtors		630,949	803,042

7

Creditors

	Note	2017  £	2016  £
Due within one year
Trade creditors		292,437	1,129,077
Bank borrowings		-	9,633
Finance lease liabilities		8,918	4,392
Corporation tax		33,618	77,512
Taxation and social security		69,907	72,249
Other creditors		1,339,994	92,623
Amounts due to related parties		31,237	3,378
Accrued expenses		18,252	9,069
		1,794,363	1,397,933
Due after one year
Loans and borrowings	8	9,914	-