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REGISTERED NUMBER: 08533661 (England and Wales)















ABS (Wales) Limited

Unaudited Financial Statements

for the Year Ended 31 May 2022






ABS (Wales) Limited (Registered number: 08533661)






Contents of the Financial Statements
for the Year Ended 31 May 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ABS (Wales) Limited

Company Information
for the Year Ended 31 May 2022







DIRECTOR: Mr P Griffiths





REGISTERED OFFICE: Ty-Cilla
88 Penalta Road
Ystrad Mynach
CF82 7GN





REGISTERED NUMBER: 08533661 (England and Wales)






ABS (Wales) Limited (Registered number: 08533661)

Balance Sheet
31 May 2022

31.5.22 31.5.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,066 24,843

CURRENT ASSETS
Stocks - 36,629
Debtors 5 385,869 345,949
Cash at bank 1,224 2,182
387,093 384,760
CREDITORS
Amounts falling due within one year 6 427,577 388,653
NET CURRENT LIABILITIES (40,484 ) (3,893 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(30,418

)

20,950

CREDITORS
Amounts falling due after more than one year 7 264,927 243,086
NET LIABILITIES (295,345 ) (222,136 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 8 (295,346 ) (222,137 )
SHAREHOLDERS' FUNDS (295,345 ) (222,136 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 October 2024 and were signed by:





Mr P Griffiths - Director


ABS (Wales) Limited (Registered number: 08533661)

Notes to the Financial Statements
for the Year Ended 31 May 2022

1. STATUTORY INFORMATION

ABS (Wales) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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 the work performed to date to the estimated contract costs.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Going concern
The financial statements have been prepared on a going concern basis. The directors have considered the assets and liabilities of the company and are of the opinion that the company will continue to meet its liabilities as they fall due, with the financial support of the directors. The directors are satisfied that the company is a going concern.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

ABS (Wales) Limited (Registered number: 08533661)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2022

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 June 2021
and 31 May 2022 6,892 67,000 73,892
DEPRECIATION
At 1 June 2021 5,549 43,500 49,049
Charge for year 902 13,875 14,777
At 31 May 2022 6,451 57,375 63,826
NET BOOK VALUE
At 31 May 2022 441 9,625 10,066
At 31 May 2021 1,343 23,500 24,843

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.22 31.5.21
£    £   
Amounts owed by group undertakings 228,701 227,506
Other debtors 52,633 46,564
Directors' current accounts 104,535 71,879
385,869 345,949

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.22 31.5.21
£    £   
Bank loans and overdrafts 62,955 47,400
Hire purchase contracts 18,568 18,568
Trade creditors 28,894 35,931
Tax 50,318 50,318
Social security and other taxes 62,239 49,221
VAT 63,944 62,300
Other creditors 138,159 122,415
Accrued expenses 2,500 2,500
427,577 388,653

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.22 31.5.21
£    £   
Bank loans - 2-5 years 180,467 187,333
Other loans - 1-2 years 84,460 55,753
264,927 243,086

ABS (Wales) Limited (Registered number: 08533661)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2022

8. RESERVES
Retained
earnings
£   

At 1 June 2021 (222,137 )
Deficit for the year (73,209 )
At 31 May 2022 (295,346 )

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2022 and 31 May 2021:

31.5.22 31.5.21
£    £   
Mr P Griffiths
Balance outstanding at start of year 71,879 109,886
Amounts advanced 32,656 104,627
Amounts repaid - (142,634 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 104,535 71,879