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ABBEY PERSONNEL SERVICES LIMITED |
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Financial Statements |
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for the Year Ended 31 August 2019 |
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REGISTERED NUMBER:
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ABBEY PERSONNEL SERVICES LIMITED |
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Financial Statements |
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for the Year Ended 31 August 2019 |
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ABBEY PERSONNEL SERVICES LIMITED (Registered number: 03830140) |
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Contents of the Financial Statements |
for the year ended 31 August 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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ABBEY PERSONNEL SERVICES LIMITED |
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Company Information |
for the year ended 31 August 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ABBEY PERSONNEL SERVICES LIMITED (Registered number: 03830140) |
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Statement of Financial Position |
31 August 2019 |
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31/8/19 | 31/8/18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
ABBEY PERSONNEL SERVICES LIMITED (Registered number: 03830140) |
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Statement of Financial Position - continued |
31 August 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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ABBEY PERSONNEL SERVICES LIMITED (Registered number: 03830140) |
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Notes to the Financial Statements |
for the year ended 31 August 2019 |
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1. | STATUTORY INFORMATION |
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ABBEY PERSONNEL SERVICES LIMITED is a
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and Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Revenue recognition |
Income comprises invoiced sales of services excluding value added tax. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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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. |
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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. |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
ABBEY PERSONNEL SERVICES LIMITED (Registered number: 03830140) |
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Notes to the Financial Statements - continued |
for the year ended 31 August 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Fundamental accounting concept |
At 31 August 2019 there was a deficiency in shareholders funds of £111,180.The accounts have been prepared |
on a going concern basis as the company returned to profitability and fixed term loan finance of £200,448 at the |
balance sheet date is being repaid as scheduled. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 September 2018 |
and 31 August 2019 |
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DEPRECIATION |
At 1 September 2018 |
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Charge for year |
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At 31 August 2019 |
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NET BOOK VALUE |
At 31 August 2019 |
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At 31 August 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/8/19 | 31/8/18 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/8/19 | 31/8/18 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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ABBEY PERSONNEL SERVICES LIMITED (Registered number: 03830140) |
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Notes to the Financial Statements - continued |
for the year ended 31 August 2019 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/8/19 | 31/8/18 |
£ | £ |
Other creditors |
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8. | SECURED DEBTS |
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The trading credit facility is secured by a fixed and floating charge over the assets of the company. |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 August 2019 and |
31 August 2018: |
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31/8/19 | 31/8/18 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The loans to the directors are repayable on demand. Interest was charged to 31 August 2017 at 4.5% over Lloyds |
TSB Bank base rate since when the loans have been interest free. |
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10. | POST BALANCE SHEET EVENTS |
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Since 31 August 2019 the Coronavirus pandemic has caused severe disruption to world trade. |
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In accordance with Government guidelines certain customers of the company went into lockdown resulting in a |
small number of employees notified as having being placed on furlough accordingly. |
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The company has not been as severely affected as many competitors due to the nature of the customer base |
which includes key suppliers in food production. |
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The continuing profitability of the company will together with Government support ensure that trade is not |
affected such that the ability to operate as a going concern is a consideration at this stage. |