Company Registration No. 04990993 (England and Wales)
ABS INSTALLATIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
ABS INSTALLATIONS LTD
COMPANY INFORMATION
Director
Mr C Jones
Company number
04990993
Registered office
2301 Stratford Road
Hockley Heath
Solihull
West Midlands
B94 6NS
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Royal Bank of Scotland
Customer Service Centre
Drummond House
1 Redheughs Avenue
Edinburgh
EH12 9JN
ABS INSTALLATIONS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ABS INSTALLATIONS LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ABS INSTALLATIONS LTD FOR THE YEAR ENDED 31 JANUARY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ABS Installations Ltd for the year ended 31 January 2023 which comprise, the balance sheet and the related notes from the company’s 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of ABS Installations Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of ABS Installations Ltd and state those matters that we have agreed to state to the Board of Directors of ABS Installations 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 ABS Installations Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that ABS Installations Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ABS Installations Ltd. You consider that ABS Installations 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 financial statements of ABS Installations 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 financial statements.

Ormerod Rutter Limited
9 October 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ABS INSTALLATIONS LTD
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
129,940
134,569
Current assets
Stocks
18,777
24,768
Debtors
4
177,914
86,728
Cash at bank and in hand
149,892
147,365
346,583
258,861
Creditors: amounts falling due within one year
5
(183,001)
(99,882)
Net current assets
163,582
158,979
Total assets less current liabilities
293,522
293,548
Creditors: amounts falling due after more than one year
6
(66,252)
(71,785)
Provisions for liabilities
(24,626)
(25,513)
Net assets
202,644
196,250
Capital and reserves
Called up share capital
9
120
120
Profit and loss reserves
202,524
196,130
Total equity
202,644
196,250

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ABS INSTALLATIONS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 9 October 2023.
Mr C  Jones
Director
Company Registration No. 04990993
ABS INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
1
Accounting policies
Company information

ABS Installations Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2301 Stratford Road, Hockley Heath, Solihull, West Midlands, B94 6NS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
2% on cost
Plant and equipment
25% on reducing balance
Fixtures and fittings
15% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

ABS INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 8 (2022 - 6).

ABS INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2022
11,987
25,472
5,677
294,013
337,149
Additions
-
0
2,990
660
42,725
46,375
Disposals
-
0
-
0
-
0
(40,315)
(40,315)
At 31 January 2023
11,987
28,462
6,337
296,423
343,209
Depreciation and impairment
At 1 February 2022
2,158
24,396
1,555
174,471
202,580
Depreciation charged in the year
240
1,017
717
37,752
39,726
Eliminated in respect of disposals
-
0
-
0
-
0
(29,037)
(29,037)
At 31 January 2023
2,398
25,413
2,272
183,186
213,269
Carrying amount
At 31 January 2023
9,589
3,049
4,065
113,237
129,940
At 31 January 2022
9,829
1,076
4,122
119,542
134,569

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Motor vehicles
70,032
86,745
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
129,124
64,928
Amounts owed by group undertakings
32,668
-
0
Other debtors
16,122
21,800
177,914
86,728
ABS INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,626
4,724
Trade creditors
41,994
12,914
Amounts owed to group undertakings
28,987
-
0
Taxation and social security
49,109
31,934
Other creditors
53,285
50,310
183,001
99,882
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,969
40,490
Other creditors
40,283
31,295
66,252
71,785
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
24,626
25,513
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
73,032
64,426
Bank loans
35,595
45,214
108,627
109,640
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a government-backed guarentee.
ABS INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
120 Ordinary 'A' shares of £1 each
120
100
0 Ordinary 'C' shares of £1 each
-
20
120
120

During the year, the company passed a special resolution by reclassifying 20 Ordinary C £1 shares into 20 Ordinary A £1 shares. The rights and privileges attached to these shares remain unaltered.

10
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11
Control

The ultimate parent company is Craig Jones Enterprises Limited, a company registered in England and Wales.

The ultimate controlling party is Mr C Jones, by virtue of his interest in the ultimate parent company.

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