ABIS Consulting Ltd
Registered number: 11912324
Statement of Financial Position
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 18,583 662
Current assets
Debtors 5 5,719 62,114
Cash at bank and in hand 87,539 36,887
93,258 99,001
Creditors: amounts falling due within one year 6 (69,043) (54,277)
Net current assets 24,215 44,724
Total assets less current liabilities 42,798 45,386
Creditors: amounts falling due after more than one year 7 (28,298) (33,796)
Provisions for liabilities (238) (126)
Net assets 14,262 11,464
Capital and reserves
Called up share capital 100 100
Profit and loss account 14,162 11,364
Shareholder's funds 14,262 11,464
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs P Arumainayagam
Director
Approved by the board on 15 November 2024
ABIS Consulting Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Exceptional items 2024 2023
£ £
Loan write off - 7,324
- 7,324
3 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 2 1
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 883 - 883
Additions - 21,175 21,175
At 31 March 2024 883 21,175 22,058
Depreciation
At 1 April 2023 221 - 221
Charge for the year 166 3,088 3,254
At 31 March 2024 387 3,088 3,475
Net book value
At 31 March 2024 496 18,087 18,583
At 31 March 2023 662 - 662
5 Debtors 2024 2023
£ £
Trade debtors 5,680 -
Other debtors 39 62,114
5,719 62,114
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,556 5,556
Accruals 1,351 1,263
Corporation tax 4,868 1,336
Other taxes and social security costs 7,591 934
Other creditors 49,677 45,188
69,043 54,277
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 28,298 33,796
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mrs P Arumainayagam
Repayable on demand 2,049 - 2,049 -
2,049 - 2,049 -
9 Other information
ABIS Consulting Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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