Registration number:
Abbey Marketing Communications Limited
for the Year Ended 31 March 2020
Abbey Marketing Communications Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Abbey Marketing Communications Limited
Company Information
Directors |
P I Brett M Cantwell A J F Cantwell |
Company secretary |
M Cantwell |
Registered office |
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Solicitors |
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Bankers |
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Accountants |
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Abbey Marketing Communications Limited
(Registration number: 04387927)
Balance Sheet as at 31 March 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investments |
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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 liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
( |
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Total equity |
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For the financial year ending 31 March 2020 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
Abbey Marketing Communications Limited
(Registration number: 04387927)
Balance Sheet as at 31 March 2020
Company secretary and director
Director
Abbey Marketing Communications Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office 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.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Revenue recognition
Turnover represents net invoiced sales of goods excluding value added tax.
Foreign currency transactions and balances
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
50% and 25% straight line and reducing balance |
Website development |
20% Straight line method |
Motor Vehicles |
25% and 20% straight line method |
Office equipment |
25% straight line method |
Abbey Marketing Communications Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price less provision for impairment. 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 debt.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 at the transaction price less impairment.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Abbey Marketing Communications Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
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
Abbey Marketing Communications Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Tangible assets |
Leasehold improvements |
Website |
Motor vehicles |
Office Equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2019 |
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Additions |
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- |
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At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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( |
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At 31 March 2019 |
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- |
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Revaluation
The fair value of the company's Plant and machinery was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Abbey Marketing Communications Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Investments |
Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Carrying amount |
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At 31 March 2020 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
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Subsidiary undertakings |
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Unit 4, Oak Industrial Park, Great Dunmow, Essex CM6 1XN England |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Amounts owed by related parties |
- |
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Directors loan |
28,070 |
21,747 |
Other debtors |
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Prepayments and accrued income |
32,425 |
66,444 |
Amounts recoverable on contracts |
5,000 |
- |
Total current trade and other debtors |
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Abbey Marketing Communications Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Creditors |
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to subsidiary |
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- |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Directors loan |
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Due after one year |
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Loans and borrowings |
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- |
Abbey Marketing Communications Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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75 |
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75 |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Total |
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Surplus/(deficit) on property, plant and equipment revaluation |
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A decrease in the deferred tax provision on the revaluation reserve of plant and machinery, as required under FRS 102, has been credited to the revaluation reserve in the sum of £2,604.
Loans and borrowings |
2020 |
2019 |
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Non-current loans and borrowings |
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Hire purchase contracts |
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- |
2020 |
2019 |
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Current loans and borrowings |
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Hire purchase contracts |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Abbey Marketing Communications Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Related party transactions |
Transactions with directors |
2020 |
At 1 April 2019 |
Advances to director |
Repayments by director |
At 31 March 2020 |
Advances and credits to directors |
21,747 |
68,685 |
(62,362) |
28,070 |
21,747 |
68,685 |
(62,362) |
28,070 |
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2019 |
At 1 April 2018 |
Advances to director |
Repayments by director |
At 31 March 2019 |
Advances and credits to directors |
32,692 |
58,908 |
(69,853) |
21,747 |
32,692 |
58,908 |
(69,853) |
21,747 |
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Interest was charged at 2.5% on the loan.
Non adjusting events after the financial period |
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