REGISTERED NUMBER: SC205544 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

FOR

Abica Limited

Page

Company information

1

Abridged balance sheet

2

Notes to the financial statements

4

DIRECTORS:

D Munro

G Barnett

REGISTERED OFFICE:

9 Dava Street

Ibrox

Glasgow

G51 2JA

REGISTERED NUMBER:

SC205544 (Scotland)

ACCOUNTANTS:

Burgoyne Carey

Chartered Accountants

Pavilion 2

3 Dava Street

Broomloan Road

Glasgow

G51 2JA

FIXED ASSETS

Tangible assets

4

361,663

361,875

Investments

5

168,451

168,451

530,114

530,326

CURRENT ASSETS

Stocks

21,031

20,471

Debtors

530,616

255,413

Cash at bank and in hand

1,897,242

1,550,282

2,448,889

1,826,166

CREDITORS

Amounts falling due within one year

763,470

630,570

NET CURRENT ASSETS

1,685,419

1,195,596

TOTAL ASSETS LESS CURRENT LIABILITIES

2,215,533

1,725,922

CREDITORS

Amounts falling due after more than one year

6

(76,295

)

(97,018

)

PROVISIONS FOR LIABILITIES

(8,797

)

(7,679

)

ACCRUALS AND DEFERRED INCOME

(698,024

)

(749,741

)

NET ASSETS

1,432,417

871,484

CAPITAL AND RESERVES

Called up share capital

530

530

Revaluation reserve

8

37,376

37,376

Capital redemption reserve

5,411

5,411

Retained earnings

1,389,100

828,167

SHAREHOLDERS' FUNDS

1,432,417

871,484

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income statement and an abridged Balance sheet for the year ended 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors on 20 April 2018 and were signed on its behalf by:

G Barnett - Director

1.	STATUTORY INFORMATION

Abica Limited is a private company, limited by shares , registered in Scotland. The company's registered number

and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER

Turnover represents amounts earned during the year, exclusive of Value Added Tax.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fittings & equipment

-

33% on cost, 25% on reducing balance and 20% on cost

Computer equipment

-

33% on cost

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

HIRE PURCHASE AND LEASING COMMITMENTS

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 August 2016

499,075

Additions

16,257

At 31 July 2017

515,332

DEPRECIATION

At 1 August 2016

137,200

Charge for year

16,469

At 31 July 2017

153,669

NET BOOK VALUE

At 31 July 2017

361,663

At 31 July 2016

361,875

Cost or valuation at 31 July 2017 is represented by:

Totals

£

Valuation in 2009

47,095

Cost

468,237

515,332

If freehold property had not been revalued it would have been included at the following historical cost:

2017

2016

£

£

Cost

352,905

352,905

Aggregate depreciation

84,697

77,639

Freehold property was valued on current market value basis on 18 April 2010 by Marchmount Chartered Surveyors

.

Freehold property has been revalued on a current market value basis by the directors based on an informal

valuation by Marchmount Chartered Surveyors on 18 April 2010.

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 August 2016

and 31 July 2017

46,001

NET BOOK VALUE

At 31 July 2017

46,001

At 31 July 2016

46,001

Investments (neither listed nor unlisted) were as follows:

2017

2016

£

£

Other investment

122,450

122,450

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2017

2016

£

£

Repayable by instalments

Bank loans more than

five years

2,295

23,018

2,295

23,018

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

94,795

115,518

The bank hold a bond and floating charge over all assets, goodwill, undertaking and uncalled capital, both

present and future of the company.

The bank also hold a first legal mortgage over the company's premises and a mortgage of life policy in favour of

all the directors of the company.

8.

RESERVES

Revaluation

reserve

£

At 1 August 2016

and 31 July 2017

37,376