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Abc Exhibitions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

JSW Accountancy Services Limited
Chartered Accountants
The Genesis Centre
North Staffs Business Park
18 Innovation Way
Stoke-on-Trent
Staffordshire
ST6 4BF

Abc Exhibitions Limited

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Profit and Loss Account	4
Balance Sheet	5 to 6
Statement of Changes in Equity	7
Notes to the Financial Statements	8 to 17

Abc Exhibitions Limited

Company Information

Directors

Mr Andrew George Woolliscroft Mrs Kirsty Jane Woolliscroft

Company secretary

Mrs Kirsty Jane Woolliscroft

Registered office

Mercury House Unit 2, Sutherland Road Longton Stoke-on-trent Staffordshire ST3 1JB

Accountants

JSW Accountancy Services Limited Chartered Accountants The Genesis Centre North Staffs Business Park 18 Innovation Way Stoke-on-Trent Staffordshire ST6 4BF

Page 1

Abc Exhibitions Limited

Directors' Report for the Year Ended 31 March 2017

The directors present their report and the financial statements for the year ended 31 March 2017.

Directors of the company

The directors who held office during the year were as follows:

Mr Andrew George Woolliscroft

Mrs Kirsty Jane Woolliscroft - Company secretary and director

Principal activity

The principal activity of the company is haulier

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 26 July 2017 and signed on its behalf by:

.........................................
Mrs Kirsty Jane Woolliscroft
Company secretary and director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Abc Exhibitions Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Abc Exhibitions Limited for the year ended 31 March 2017 as set out on pages 4 to 17 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Abc Exhibitions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Abc Exhibitions Limited and state those matters that we have agreed to state to the Board of Directors of Abc Exhibitions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abc Exhibitions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Abc Exhibitions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Abc Exhibitions Limited. You consider that Abc Exhibitions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Abc Exhibitions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

JSW Accountancy Services Limited
Chartered Accountants
The Genesis Centre
North Staffs Business Park
18 Innovation Way
Stoke-on-Trent
Staffordshire
ST6 4BF

26 July 2017

Page 3

Abc Exhibitions Limited

Profit and Loss Account for the Year Ended 31 March 2017

	Note	Total 31 March 2017 £	(As restated) Total 31 March 2016 £
Turnover		870,673	736,473
Cost of sales		(507,483)	(441,118)
Gross profit		363,190	295,355
Administrative expenses		(341,160)	(179,887)
Other operating income		-	21,050
Operating profit		22,030	136,518
Other interest receivable and similar income		9	47
Interest payable and similar expenses		(14,299)	(10,692)
		(14,290)	(10,645)
Profit before tax		7,740	125,873
Taxation		(4,945)	(25,644)
Profit for the financial year		2,795	100,229

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The notes on pages 8 to 17 form an integral part of these financial statements.

Page 4

Abc Exhibitions Limited

(Registration number: 06857421)
Balance Sheet as at 31 March 2017

	Note	2017 £	(As restated) 2016 £
Fixed assets
Tangible assets	4	467,563	91,143
Current assets
Stocks	5	45,000	30,400
Debtors	6	151,924	101,894
Cash at bank and in hand		250	76,327
		197,174	208,621
Creditors: Amounts falling due within one year	7	(317,411)	(178,284)
Net current (liabilities)/assets		(120,237)	30,337
Total assets less current liabilities		347,326	121,480
Creditors: Amounts falling due after more than one year	7	(295,050)	(65,298)
Provisions for liabilities		(14,799)	(10,000)
Net assets		37,477	46,182
Capital and reserves
Called up share capital		2	2
Profit and loss account		37,475	46,180
Total equity		37,477	46,182

The notes on pages 8 to 17 form an integral part of these financial statements.

Page 5

Abc Exhibitions Limited

(Registration number: 06857421)
Balance Sheet as at 31 March 2017

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 26 July 2017 and signed on its behalf by:
 

.........................................

Mr Andrew George Woolliscroft

Director

The notes on pages 8 to 17 form an integral part of these financial statements.

Page 6

Abc Exhibitions Limited

Statement of Changes in Equity for the Year Ended 31 March 2017

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	2	46,180	46,182
Profit for the year	-	2,795	2,795
Total comprehensive income	-	2,795	2,795
Dividends	-	(11,500)	(11,500)
At 31 March 2017	2	37,475	37,477

	Share capital £	Profit and loss account £	Total £
At 1 April 2015	2	(42,049)	(42,047)
Profit for the year	-	100,229	100,229
Total comprehensive income	-	100,229	100,229
Dividends	-	(12,000)	(12,000)
At 31 March 2016	2	46,180	46,182

The notes on pages 8 to 17 form an integral part of these financial statements.

Page 7

Abc Exhibitions 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 and Wales.

The address of its registered office is:
Mercury House
Unit 2, Sutherland Road
Longton
Stoke-on-trent
Staffordshire
ST3 1JB
England

These financial statements were authorised for issue by the Board on 26 July 2017.

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.

Basis of preparation

These financial statements have been prepared using the historical cost convention. These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 8

Abc Exhibitions Limited

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

Deferred income 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

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
Freehold property	4% straight line
Plant and machinery	25% reducing balance
Motor vehicles	25% reducing balance
Office equipment	25% reducing balance

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Provision is made for damaged, obsolete and slow moving stock where applicable.

Loans and borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 9

Abc Exhibitions Limited

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

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.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2016 - 16).

Page 10

Abc Exhibitions Limited

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

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2016	-	-	114,668	1,200	115,868
Additions	401,203	1,065	57,396	24,496	484,160
Disposals	-	-	(81,723)	-	(81,723)
At 31 March 2017	401,203	1,065	90,341	25,696	518,305
Depreciation
At 1 April 2016	-	-	24,425	300	24,725
Charge for the year	16,048	266	20,527	5,364	42,205
Eliminated on disposal	-	-	(16,188)	-	(16,188)
At 31 March 2017	16,048	266	28,764	5,664	50,742
Carrying amount
At 31 March 2017	385,155	799	61,577	20,032	467,563
At 31 March 2016	-	-	90,243	900	91,143

Page 11

Abc Exhibitions Limited

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

5

Stocks

	2017 £	2016 £
Other inventories	45,000	30,400

6

Debtors

	2017 £	2016 £
Trade debtors	127,889	92,248
Other debtors	24,035	9,646
Total current trade and other debtors	151,924	101,894

7

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	8	49,655	33,575
Trade creditors		151,310	84,669
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	57,796	17,844
Taxation and social security		34,840	11,533
Other creditors		23,810	30,663
		317,411	178,284
Due after one year
Loans and borrowings	8	295,050	65,298

Page 12

Abc Exhibitions Limited

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