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Company Registration No. 07917105 (England and Wales)
Ab Initio Systems Ltd Unaudited accounts for the year ended 31 December 2023
Ab Initio Systems Ltd Unaudited accounts Contents
Page
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Ab Initio Systems Ltd Company Information for the year ended 31 December 2023
Director
R Ridge
Company Number
07917105 (England and Wales)
Registered Office
Broxhead House 60 Barbados Road Bordon GU35 0FX
Accountants
Switchfoot Accounting Limited 147 Frimley Road Camberley Surrey GU15 2PS
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Ab Initio Systems Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
26,961 
43,153 
Current assets
Debtors
348,547 
339,384 
Cash at bank and in hand
332,677 
284,946 
681,224 
624,330 
Creditors: amounts falling due within one year
(116,491)
(82,401)
Net current assets
564,733 
541,929 
Total assets less current liabilities
591,694 
585,082 
Creditors: amounts falling due after more than one year
- 
(37,478)
Net assets
591,694 
547,604 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
591,594 
547,504 
Shareholders' funds
591,694 
547,604 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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 FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 25 September 2024 and were signed on its behalf by
R Ridge Director Company Registration No. 07917105
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Ab Initio Systems Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Ab Initio Systems Ltd is a private company, limited by shares, registered in England and Wales, registration number 07917105. The registered office is Broxhead House, 60 Barbados Road, Bordon, GU35 0FX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% on cost
Fixtures & fittings
33% on cost
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
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Ab Initio Systems Ltd Notes to the Accounts for the year ended 31 December 2023
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 January 2023
80,880 
7,434 
88,314 
At 31 December 2023
80,880 
7,434 
88,314 
Depreciation
At 1 January 2023
37,744 
7,417 
45,161 
Charge for the year
16,176 
16 
16,192 
At 31 December 2023
53,920 
7,433 
61,353 
Net book value
At 31 December 2023
26,960 
1 
26,961 
At 31 December 2022
43,136 
17 
43,153 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
10,513 
2,817 
Other debtors
256,387 
254,920 
266,900 
257,737 
Amounts falling due after more than one year
Other debtors
81,647 
81,647 
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Ab Initio Systems Ltd Notes to the Accounts for the year ended 31 December 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
52,553 
44,904 
Obligations under finance leases and hire purchase contracts
37,479 
8,831 
Trade creditors
6,743 
12,490 
Taxes and social security
16,188 
14,776 
Other creditors
3,528 
1,400 
116,491 
82,401 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
- 
37,478 
8
Operating lease commitments
2023 
2022 
£ 
£ 
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
21,554 
27,541 
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
R Ridge
Directors' loan
249,570 
- 
9,503 
240,067 
249,570 
- 
9,503 
240,067 
The director's loan is subject to interest charges of 2.25% and is repayable on demand.
10
Average number of employees
During the year the average number of employees was 15 (2022: 15).
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