ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

ABG INVESTMENTS LIMITED - Company Information

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Caseware UK (AP4) 2019.0.131 2019.0.131 2019-12-312019-12-31trueNo description of principal activity2019-01-01falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05050232 2019-01-01 2019-12-31 05050232 2018-01-01 2018-12-31 05050232 2019-12-31 05050232 2018-12-31 05050232 c:Director1 2019-01-01 2019-12-31 05050232 d:CurrentFinancialInstruments 2019-12-31 05050232 d:CurrentFinancialInstruments 2018-12-31 05050232 d:CurrentFinancialInstruments d:WithinOneYear 2019-12-31 05050232 d:CurrentFinancialInstruments d:WithinOneYear 2018-12-31 05050232 d:ShareCapital 2019-12-31 05050232 d:ShareCapital 2018-12-31 05050232 d:RetainedEarningsAccumulatedLosses 2019-12-31 05050232 d:RetainedEarningsAccumulatedLosses 2018-12-31 05050232 c:FRS102 2019-01-01 2019-12-31 05050232 c:AuditExempt-NoAccountantsReport 2019-01-01 2019-12-31 05050232 c:AbridgedAccounts 2019-01-01 2019-12-31 05050232 c:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31 05050232 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2019-01-01 2019-12-31 05050232 6 2019-01-01 2019-12-31 iso4217:GBP xbrli:pure
Registered number: 05050232










ABG INVESTMENTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2019
 
ABG INVESTMENTS LIMITED
REGISTERED NUMBER:05050232

BALANCE SHEET
AS AT 31 DECEMBER 2019

2019
2018
Note
£
£

Fixed assets
  

Investments
  
160,000
160,000

  
160,000
160,000

Current assets
  

Cash at bank and in hand
  
6
26

  
6
26

Creditors: amounts falling due within one year
 6 
(154,589)
(168,588)

Net current liabilities
  
 
 
(154,583)
 
 
(168,562)

Total assets less current liabilities
  
5,417
(8,562)

Net assets/(liabilities)
  
5,417
(8,562)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
4,417
(9,562)

  
5,417
(8,562)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 October 2020.

P Beard
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1
 
ABG INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

1.


General information

ABG Investments Limited is a private limited company incorporated in the United Kingdom with the registration number 05050232. The address of its registerred office and principal place of business is Units 14-16, Rossmore Business Village, Inward Way, Ellesmere Port, Cheshire, CH65 3EY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.3

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.5

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially
Page 2
 
ABG INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

2.Accounting policies (continued)


2.6
Financial instruments (continued)

and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
∙at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
∙at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2018 - 1).

Page 3
 
ABG INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

4.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 January 2019
160,000



At 31 December 2019
160,000





5.


Cash and cash equivalents

2019
2018
£
£

Cash at bank and in hand
6
26

6
26



6.


Creditors: Amounts falling due within one year

2019
2018
£
£

Amounts owed to other participating interests
150,159
165,718

Accruals and deferred income
4,430
2,870

154,589
168,588



7.


Controlling party

Mr P Beard, a director of the Company is the ultimate controlling party.

Page 4