Company Registration No. 03873772 (England and Wales)
ABBOT ASSOCIATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
PAGES FOR FILING WITH REGISTRAR
ABBOT ASSOCIATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ABBOT ASSOCIATES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2018
31 January 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,706
3,937
Current assets
Debtors
4
83,364
84,953
Cash at bank and in hand
179,963
84,606
263,327
169,559
Creditors: amounts falling due within one year
5
(103,079)
(57,374)
Net current assets
160,248
112,185
Total assets less current liabilities
168,954
116,122
Provisions for liabilities
(1,480)
(669)
Net assets
167,474
115,453
Capital and reserves
Called up share capital
198
198
Profit and loss reserves
167,276
115,255
Total equity
167,474
115,453
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
ABBOT ASSOCIATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2018
31 January 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 June 2018 and are signed on its behalf by:
S E D'Cruz
Director
Company Registration No. 03873772
2018-06-15
ABBOT ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
- 3 -
1
Accounting policies
Company information
Abbot Associates Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Conifers, Filton Road, Hambrook, Bristol, BS16 1QG.
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
).
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents commissions and fee based income receivable for services net of VAT and trade discounts.
Commissions received relating to insurance advice are recognised in the profit and loss account on an earned basis according to the inception date of the policies to which they relate.
Commissions received relating to investments advice are recognised in the profit and loss account on an earned basis according to the date the investment was made.
Fee based income for investment work on behalf of the client is recognised as services are provided.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
ABBOT ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 4 -
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ABBOT ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2017 - 6).
ABBOT ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 6 -
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 February 2017
17,915
Additions
6,502
Disposals
(10,425)
At 31 January 2018
13,992
Depreciation and impairment
At 1 February 2017
13,978
Depreciation charged in the year
1,733
Eliminated in respect of disposals
(10,425)
At 31 January 2018
5,286
Carrying amount
At 31 January 2018
8,706
At 31 January 2017
3,937
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
2,490
25,996
Other debtors
80,874
58,957
83,364
84,953
5
Creditors: amounts falling due within one year
2018
2017
£
£
Other taxation and social security
38,022
16,605
Other creditors
65,057
40,769
103,079
57,374
ABBOT ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 7 -
6
Directors' transactions
During the year advances of £69,154 (2017 - £62,923) were made to P R Currer with repayments of £74,789 (2017 - £63,549). At the year end P R Currer owed the company £34,950 (2017 - £40,586), this is included in other debtors.
During the year advances of £26,390 (2017 - £nil) were made to S D'Cruz with repayments of £10,000 (2017 - £nil). At the year end S D'Cruz owed the company £16,390 (2017 - £nil), this is included in other debtors.