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Registration number: 11658099

Abacus AP Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Abacus AP Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Abacus AP Ltd

Company Information

Directors

Mr Colin Christopher

Mr David Christopher

Registered office

3 Wolterton Road
Poole
Dorset
BH12 1LR

Accountants

Hinton Abbott Accountant
2 Kingsdown Orchard
Hyde Road
Swindon
Wiltshire
SN2 7RR

 

Abacus AP Ltd

Directors' Report for the Year Ended 31 December 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Director of the company

The directors who held office during the year were as follows:

Mr Colin Christopher

Mr David Christopher

Principal activity

The principal activity of the company is Coatings supply and associated products and equipment

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 19 August 2022 and signed on its behalf by:
 

.........................................
Mr Colin Christopher
Director

.........................................
Mr David Christopher
Director

 

Abacus AP Ltd

(Registration number: 11658099)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

5

130,500

148,500

Tangible assets

6

92,208

95,536

 

222,708

244,036

Current assets

 

Stocks

7

155,074

155,856

Debtors

8

123,980

107,813

Cash at bank and in hand

 

236,026

298,262

 

515,080

561,931

Creditors: Amounts falling due within one year

9

(166,208)

(320,166)

Net current assets

 

348,872

241,765

Total assets less current liabilities

 

571,580

485,801

Creditors: Amounts falling due after more than one year

9

(420,287)

(392,697)

Net assets

 

151,293

93,104

Capital and reserves

 

Called up share capital

10

100

100

Profit and loss account

151,193

93,004

Shareholders' funds

 

151,293

93,104

These financial statements have been prepared in accordance with the provisions applicable to companies' regime and the option not to file the profit and loss account has been taken under s444.

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

 

Abacus AP Ltd

(Registration number: 11658099)
Balance Sheet as at 31 December 2021

Approved and authorised by the Board on 19 August 2022 and signed on its behalf by:
 

.........................................
Mr Colin Christopher
Director

.........................................
Mr David Christopher
Director

 

Abacus AP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 Wolterton Road
Poole
Dorset
BH12 1LR

These financial statements were authorised for issue by the Board on 19 August 2022.

2

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 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 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.

 

Abacus AP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Depreciation

Depreciation is charged so as to write off the cost 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

18% on Written Down Value

Motor Vehicles

18% on Written Down Value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on Straight Line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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 receivables.

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.

 

Abacus AP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2020 - 9).

 

Abacus AP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Profit before tax

Arrived at after charging/(crediting)

2021
£

2020
£

Depreciation expense

20,067

20,757

Amortisation expense

18,000

18,000

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2021

180,000

180,000

At 31 December 2021

180,000

180,000

Amortisation

At 1 January 2021

31,500

31,500

Amortisation charge

18,000

18,000

At 31 December 2021

49,500

49,500

Carrying amount

At 31 December 2021

130,500

130,500

At 31 December 2020

148,500

148,500

 

Abacus AP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Leasehold properties improvements
£

Total
£

Cost or valuation

At 1 January 2021

43,994

92,521

975

137,490

Additions

14,599

-

2,140

16,739

At 31 December 2021

58,593

92,521

3,115

154,229

Depreciation

At 1 January 2021

10,299

31,655

-

41,954

Charge for the year

8,790

10,956

321

20,067

At 31 December 2021

19,089

42,611

321

62,021

Carrying amount

At 31 December 2021

39,504

49,910

2,794

92,208

At 31 December 2020

33,695

60,866

975

95,536

7

Stocks

2021
£

2020
£

Other inventories

155,074

155,856

8

Debtors

2021
£

2020
£

Trade debtors

114,794

102,956

Prepayments

9,186

4,857

123,980

107,813

 

Abacus AP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

9

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

11

15,967

76,952

Trade creditors

 

99,032

187,238

Taxation and social security

 

45,844

48,743

Accruals and deferred income

 

3,000

3,000

Other creditors

 

2,365

4,233

 

166,208

320,166

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

11

420,287

392,697

10

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary Share of £1 each

100

100

100

100

         

11

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Hire purchase contracts

10,294

23,898

Other borrowings

409,993

368,799

420,287

392,697

 

Abacus AP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

2021
£

2020
£

Current loans and borrowings

Hire purchase contracts

15,967

15,967

Other borrowings

-

60,985

15,967

76,952