Registered number
05948223
ABIS RESOURCES LIMITED
Report and Accounts
30 September 2016
ABIS RESOURCES LIMITED
Registered number: 05948223
Balance Sheet
as at 30 September 2016
Notes 2016 2015
£ £
Fixed assets
Intangible assets 2 26,000 26,000
Tangible assets 3 38,774 42,379
Investments 4 171,791 168,251
236,565 236,630
Current assets
Debtors 5 39,960 33,655
Cash at bank and in hand 106,382 4,365
146,342 38,020
Creditors: amounts falling due within one year 6 (102,810) (66,477)
Net current assets/(liabilities) 43,532 (28,457)
Net assets 280,097 208,173
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 279,097 207,173
Shareholder's funds 280,097 208,173
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Joe Lake
Director
Approved by the board on 30 June 2017
ABIS RESOURCES LIMITED
Notes to the Accounts
for the year ended 30 September 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 20% reducing balance
Plant and Machinery 20% reducing balance
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2015 26,000
At 30 September 2016 26,000
Amortisation
At 30 September 2016 -
Net book value
At 30 September 2016 26,000
At 30 September 2015 26,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
3 Tangible fixed assets
Office equipment Plant & machinery Total
£ £ £
Cost
At 1 October 2015 15,308 110,404 125,712
Additions 6,088 - 6,088
At 30 September 2016 21,396 110,404 131,800
Depreciation
At 1 October 2015 6,310 77,023 83,333
Charge for the year 3,017 6,676 9,693
At 30 September 2016 9,327 83,699 93,026
Net book value
At 30 September 2016 12,069 26,705 38,774
At 30 September 2015 8,998 33,381 42,379
4 Investments
Other
investments
£
Cost
At 1 October 2015 168,251
Additions 3,540
At 30 September 2016 171,791
5 Debtors 2016 2015
£ £
Trade debtors 35,894 33,655
Other debtors 4,066 -
39,960 33,655
6 Creditors: amounts falling due within one year 2016 2015
£ £
Trade creditors - 28,178
Corporation tax 28,571 17,934
Other taxes and social security costs 1,765 1,054
Director current account 23,526 19,311
Accruals 1,717 -
Other creditors 47,231 -
102,810 66,477
7 Other information
ABIS RESOURCES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
45 Douglas Road
Romford
Essex
RM11 1AN
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