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Company registration number: 05175382
ABMAC LIMITED
Unaudited filleted financial statements
30 September 2017
ABMAC LIMITED
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
ABMAC LIMITED
Statement of financial position
30 September 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 19,786 27,108
_______ _______
19,786 27,108
Current assets
Stocks - 30,000
Debtors 6 34,832 24,193
Cash at bank and in hand 85,326 58,848
_______ _______
120,158 113,041
Creditors: amounts falling due
within one year 7 ( 41,113) ( 51,487)
_______ _______
Net current assets 79,045 61,554
_______ _______
Total assets less current liabilities 98,831 88,662
Provisions for liabilities 8 ( 3,759) ( 5,106)
_______ _______
Net assets 95,072 83,556
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 95,070 83,554
_______ _______
Shareholders funds 95,072 83,556
_______ _______
For the year ending 30 September 2017 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 May 2018 , and are signed on behalf of the board by:
Mr Andrew Brick
Director
Company registration number: 05175382
ABMAC LIMITED
Statement of changes in equity
Year ended 30 September 2017
Called up share capital Profit and loss account Total
£ £ £
At 1 October 2015 2 105,714 105,716
Profit for the year 1,840 1,840
_______ _______ _______
Total comprehensive income for the year - 1,840 1,840
Dividends paid and payable ( 24,000) ( 24,000)
_______ _______ _______
Total investments by and distributions to owners - ( 24,000) ( 24,000)
_______ _______ _______
At 30 September 2016 and 1 October 2016 2 83,554 83,556
Profit for the year 41,516 41,516
_______ _______ _______
Total comprehensive income for the year - 41,516 41,516
Dividends paid and payable ( 30,000) ( 30,000)
_______ _______ _______
Total investments by and distributions to owners - ( 30,000) ( 30,000)
_______ _______ _______
At 30 September 2017 2 95,070 95,072
_______ _______ _______
ABMAC LIMITED
Notes to the financial statements
Year ended 30 September 2017
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is ABMAC Limited, 9 Lincoln Court, Dalton, Huddersfield, West Yorkshire, HD5 9TH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Turnover
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.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 10 % reducing balance
Motor vehicles - 25 % reducing balance
Office fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).
5. Tangible assets
Plant and machinery Motor vehicles Office fixtures and equipment Total
£ £ £ £
Cost
At 1 October 2016 19,797 66,813 1,122 87,732
Additions 825 - - 825
Disposals - ( 18,500) - ( 18,500)
_______ _______ _______ _______
At 30 September 2017 20,622 48,313 1,122 70,057
_______ _______ _______ _______
Depreciation
At 1 October 2016 12,075 47,670 879 60,624
Charge for the year 855 3,963 36 4,854
Disposals - ( 15,207) - ( 15,207)
_______ _______ _______ _______
At 30 September 2017 12,930 36,426 915 50,271
_______ _______ _______ _______
Carrying amount
At 30 September 2017 7,692 11,887 207 19,786
_______ _______ _______ _______
At 30 September 2016 7,722 19,143 243 27,108
_______ _______ _______ _______
6. Debtors
2017 2016
£ £
Trade debtors 28,367 21,172
Other debtors 6,465 3,021
_______ _______
34,832 24,193
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 6,824 8,284
Corporation tax 11,130 1,817
Social security and other taxes 20,962 15,394
Other creditors 2,197 25,992
_______ _______
41,113 51,487
_______ _______
8. Provisions
Deferred tax (note 9) Total
£ £
At 1 October 2016 5,106 5,106
Charges against provisions ( 1,347) ( 1,347)
_______ _______
At 30 September 2017 3,759 3,759
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2017 2016
£ £
Included in provisions (note 8) 3,759 5,106
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2017 2016
£ £
Accelerated capital allowances 3,759 5,106
_______ _______
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.