Registration number:
Prepared for the registrar
for the
Year Ended
A B C Connection Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
A B C Connection Limited
Company Information
Directors |
M G R H Begley T Clark H D Swatkins |
Registered office |
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Accountants |
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A B C Connection Limited
(Registration number: 03901831)
Balance Sheet as at 30 September 2019
Note |
30 September 2019 |
(As restated) |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
- |
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- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
- |
( |
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Net current assets/(liabilities) |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
- |
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Total equity |
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For the financial year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
A B C Connection Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office and principal place of business is:
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 except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
On the 30 September 2019 the trade of the company and its associated assets and liabilities were hived up into Berry Marketing Services Limited, the company's parent, at which time the company ceased trading. These financial statements are therefore not prepared on a going concern basis.
Prior period error
The directors identified the following error in respect of the prior period:
An error in respect of the profit and loss account reserve and creditors falling due within one year. The profit and loss account reserve was overstated by £105,497 in the prior period, with the corresponding credit balance recognised in the creditors as deferred income. This has been dealt with in the financial year ended 30 September 2019 as the correction of prior period error, which has the effect of restating the value of the profit and loss account reserve and creditors from the previously reported value of £303,638 and £117,534 to £198,141 and £223,031 respectively.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
A B C Connection Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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 the profit and loss account, except that a charge 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.
Tangible assets
Tangible assets are stated in the balance sheet 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 over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% straight line |
Office equipment |
20% straight line |
Research and development costs
Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.
Research expenditure is written off in the period in which it is incurred.
Intangible fixed assets and amortisation
Software development costs have been capitalised and being amortised to the profit and loss account over their useful life as follows:
Asset class |
Amortisation method and rate |
Development costs |
Straight line over 5 years |
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
A B C Connection Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
A B C Connection Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Defined contribution pension obligation
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was as follows:
Year ended 30 September 2019 |
1 February 2018 to 30 September 2018 |
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Average number of employees |
8 |
9 |
Intangible assets |
Development Costs |
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Cost |
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At 1 October 2018 |
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Transfer to parent company |
( |
At 30 September 2019 |
- |
Amortisation |
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At 1 October 2018 |
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Amortisation charge |
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Transfer to parent company |
( |
At 30 September 2019 |
- |
Carrying amount |
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At 30 September 2019 |
- |
At 30 September 2018 |
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A B C Connection Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Tangible assets |
Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 October 2018 |
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Additions |
- |
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Transfer to parent company |
( |
( |
( |
At 30 September 2019 |
- |
- |
- |
Depreciation |
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At 1 October 2018 |
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Charge for the year |
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Transfer to parent company |
( |
( |
( |
At 30 September 2019 |
- |
- |
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Carrying amount |
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At 30 September 2019 |
- |
- |
- |
At 30 September 2018 |
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- |
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Debtors |
30 September 2019 |
30 September 2018 |
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Trade debtors |
- |
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Other debtors |
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Corporation tax asset |
- |
1,896 |
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Creditors |
30 September 2019 |
(As restated) |
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Due within one year |
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Trade creditors |
- |
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Amounts due to related parties |
- |
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Social security and other taxes |
- |
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Outstanding defined contribution pension costs |
- |
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Accrued expenses |
- |
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Deferred income |
- |
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- |
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Parent undertaking |
The company is controlled by Berry Marketing Services Limited. The registered office of Berry Marketing Services Limited is Enterprise House, 21 Oxford Road, Bournemouth, BH8 8EY.