Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28true32022-03-01false3trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11820220 2022-03-01 2023-02-28 11820220 2021-03-01 2022-02-28 11820220 2023-02-28 11820220 2022-02-28 11820220 c:Director1 2022-03-01 2023-02-28 11820220 d:FurnitureFittings 2022-03-01 2023-02-28 11820220 d:FurnitureFittings 2023-02-28 11820220 d:FurnitureFittings 2022-02-28 11820220 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 11820220 d:ComputerEquipment 2022-03-01 2023-02-28 11820220 d:ComputerEquipment 2023-02-28 11820220 d:ComputerEquipment 2022-02-28 11820220 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 11820220 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 11820220 d:CurrentFinancialInstruments 2023-02-28 11820220 d:CurrentFinancialInstruments 2022-02-28 11820220 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11820220 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 11820220 d:ShareCapital 2023-02-28 11820220 d:ShareCapital 2022-02-28 11820220 d:RetainedEarningsAccumulatedLosses 2023-02-28 11820220 d:RetainedEarningsAccumulatedLosses 2022-02-28 11820220 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 11820220 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 11820220 c:OrdinaryShareClass1 2022-03-01 2023-02-28 11820220 c:OrdinaryShareClass1 2023-02-28 11820220 c:FRS102 2022-03-01 2023-02-28 11820220 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 11820220 c:FullAccounts 2022-03-01 2023-02-28 11820220 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11820220 2 2022-03-01 2023-02-28 11820220 d:ShareCapitalOtherShareTypes 2023-02-28 11820220 d:ShareCapitalOtherShareTypes 2022-02-28 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 11820220














ABC WORLD SYSTEM LONDON LIMITED

 
UNAUDITED

 FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
ABC WORLD SYSTEM LONDON LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 7


 
ABC WORLD SYSTEM LONDON LIMITED
REGISTERED NUMBER:11820220

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,543
4,891

  
4,543
4,891

Current assets
  

Debtors: amounts falling due within one year
 5 
7,370
10,651

Cash at bank and in hand
 6 
3,062
67,253

  
10,432
77,904

Creditors: amounts falling due within one year
 7 
(179,276)
(183,890)

Net current liabilities
  
 
 
(168,844)
 
 
(105,986)

Total assets less current liabilities
  
(164,301)
(101,095)

Provisions for liabilities
  

Deferred tax
 8 
(1,136)
-

  
 
 
(1,136)
 
 
-

Net liabilities
  
(165,437)
(101,095)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(165,537)
(101,195)

  
(165,437)
(101,095)


1

 
ABC WORLD SYSTEM LONDON LIMITED
REGISTERED NUMBER:11820220
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Polonskiy
Director

Date: 3 October 2023

The notes on pages 3 to 7 form part of these financial statements.

2

 
ABC WORLD SYSTEM LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

ABC World System London Limited is a private company, limited by shares, registered in England and Wales, registration number 11820220. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE and the trading address is Wow Acton Unit 14, Wendover Court, Acton, London, W3 0TG.

The principal activity of the company continued to be that of providing door to door air courier services
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis as the shareholder has confirmed he will continue to provide necessary funding in order for the company to maintain operations and meet liabilities in full for at least the next 12 months. On this basis, the director is satisfied that the financial statements should be prepared on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'administration expenses'.

 
2.4

Turnover

Turnover comprises of revenue recognised by the company in respect of providing door to door courier services. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

3

 
ABC WORLD SYSTEM LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

4

 
ABC WORLD SYSTEM LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

 Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.11

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.12

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

 Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.14

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties and loans to related parties.

5

 
ABC WORLD SYSTEM LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 March 2022
4,951
3,200
8,151


Additions
-
2,057
2,057



At 28 February 2023

4,951
5,257
10,208



Depreciation


At 1 March 2022
2,150
1,111
3,261


Charge for the year on owned assets
1,238
1,166
2,404



At 28 February 2023

3,388
2,277
5,665



Net book value



At 28 February 2023
1,563
2,980
4,543



At 28 February 2022
2,801
2,089
4,890


5.


Debtors

2023
2022
£
£


Trade debtors
16
-

Other debtors
5,272
8,697

Prepayments
2,082
1,954

7,370
10,651



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,062
67,253


6

 
ABC WORLD SYSTEM LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
1,572
1,560

Other taxation and social security
2,330
-

Other creditors
170,768
178,550

Accruals
4,606
3,780

179,276
183,890



8.


Deferred taxation




2023


£






Charged to profit or loss
1,136

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
1,136
-


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100  Ordinary shares of £1.00 each
100
100



10.


Pension commitments

The company operates a defined contribution scheme. The assets of the scheme are held seperately
from those of the company in an independently administered fund. The pension cost charge reparesents contributions payable by the company to the fund and amounted to £1,797 (2022 -
£1,949). Included in other creditors at the year end there is an amount payable of £1,442 (2022 -
£360).


11.


Related party transactions

Included within other creditors at the year end is a balance totalling £164,690 (2022 - £173,582) due
to the director. The loan is interest free and repayable on demand.

 
7