Company Registration No. NI026197 (Northern Ireland)
ABACUS BUSINESS FORMS LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
ABACUS BUSINESS FORMS LTD
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
ABACUS BUSINESS FORMS LTD
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
1,000
2,000
Tangible assets
2
179,909
196,380
180,909
198,380
Current assets
Stocks
12,500
27,000
Debtors
113,278
132,643
Cash at bank and in hand
475
266
126,253
159,909
Creditors: amounts falling due within one year
3
(185,958)
(193,009)
Net current liabilities
(59,705)
(33,100)
Total assets less current liabilities
121,204
165,280
Creditors: amounts falling due after more than one year
-
(21,882)
Provisions for liabilities
(24,335)
(27,199)
96,869
116,199
Capital and reserves
Called up share capital
4
2
2
Profit and loss account
96,867
116,197
Shareholders' funds
96,869
116,199
ABACUS BUSINESS FORMS LTD
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 2 -
For the financial year ended 31 March 2016 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 2 December 2016
Mr J M Mackey
Director
Company Registration No. NI026197
ABACUS BUSINESS FORMS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
2% per annum
Land and buildings Leasehold
10% per annum
Plant and machinery
10% per annum
Fixtures, fittings & equipment
20% per annum
1.6
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.7
Stock
Stock is valued at the lower of cost and net realisable value.
1.8
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.9
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
ABACUS BUSINESS FORMS LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2015 & at 31 March 2016
4,000
629,148
633,148
Depreciation
At 1 April 2015
2,000
432,768
434,768
Charge for the year
1,000
16,471
17,471
At 31 March 2016
3,000
449,239
452,239
Net book value
At 31 March 2016
1,000
179,909
180,909
At 31 March 2015
2,000
196,380
198,380
3
Creditors: amounts falling due within one year
Included in Other Creditors is £5,218 owed to the Directors.
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary Shares of £1 each
2
2