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Registered Number: 03780661
England and Wales

 

 

 

ABACUS SHUTTERS LTD


Abridged Accounts
 


Period of accounts

Start date: 01 June 2022

End date: 31 May 2023
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Abacus Shutters Ltd for the year ended 31 May 2023 .

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Abacus Shutters Ltd for the year ended 31 May 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us.


As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Abacus Shutters Ltd , as a body, in accordance with the terms of our engagement letter dated 29 September 2023. Our work has been undertaken solely to prepare for your approval the accounts of Abacus Shutters Ltd and state those matters that we have agreed to state to the Board of Directors of Abacus Shutters Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abacus Shutters Ltd and its Board of Directors as a body for our work or for this report.


It is your duty to ensure that Abacus Shutters Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Abacus Shutters Ltd . You consider that Abacus Shutters Ltd is exempt from the statutory audit requirement for the year.


We have not been instructed to carry out an audit or a review of the accounts of Abacus Shutters Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
31 May 2023



....................................................
Wood & Disney Ltd
Lodge Park
Lodge Lane
Langham
Colchester
CO4 5NE
29 September 2023
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 5 4,996    6,576 
4,996    6,576 
Current assets      
Stocks   1,500 
Debtors 208,770    181,851 
Cash at bank and in hand 204,195    245,547 
412,965    428,898 
Creditors: amount falling due within one year (238,721)   (253,196)
Net current assets 174,244    175,702 
 
Total assets less current liabilities 179,240    182,278 
Net assets 179,240    182,278 
 

Capital and reserves
     
Called up share capital 6 2    2 
Profit and loss account 179,238    182,276 
Shareholder's funds 179,240    182,278 
 


For the year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 29 September 2023 and were signed on its behalf by:


-------------------------------
D J Atkins
Director
-------------------------------
B E Atkins
Director
2
General Information
Abacus Shutters Ltd is a private company, limited by shares, registered in England and Wales, registration number 03780661, registration address Lodge Park, Lodge Lane, Langham, Colchester, England, CO4 5NE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have 
been enacted or substantively enacted by the statement of financial position date.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor Vehicles 20 Reducing Balance
Computer Equipment 20 Straight Line
Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.
2.

Staff Costs

     

3.

Average number of employees


Average number of employees during the year was 5 (2022 : 6).
4.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 June 2022 5,000    5,000 
Additions  
Disposals  
At 31 May 2023 5,000    5,000 
Amortisation
At 01 June 2022 5,000    5,000 
Charge for year  
On disposals  
At 31 May 2023 5,000    5,000 
Net book values
At 31 May 2023  
At 31 May 2022  


5.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 June 2022 86,641    192    2,165    88,998 
Additions      
Disposals      
At 31 May 2023 86,641    192    2,165    88,998 
Depreciation
At 01 June 2022 81,039    84    1,299    82,422 
Charge for year 1,120    27    433    1,580 
On disposals      
At 31 May 2023 82,159    111    1,732    84,002 
Net book values
Closing balance as at 31 May 2023 4,482    81    433    4,996 
Opening balance as at 01 June 2022 5,602    108    866    6,576 


6.

Share Capital

Authorised
100 Ordinary shares of £0.02 each
Allotted, called up and fully paid
2023
£
  2022
£
100 Ordinary shares of £0.02 each  
 

3