ABC DIGITAL SOLUTIONS LIMITED Small abbreviated accounts
ABC DIGITAL SOLUTIONS LIMITED Small abbreviated accounts
COMPANY REGISTRATION NUMBER
04199184
ABBREVIATED BALANCE SHEET
2015 |
2014 |
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Note |
£ |
£ |
£ |
|
Fixed assets |
2 |
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Intangible assets |
|
|
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Tangible assets |
|
|
||
Investments |
125 |
125 |
||
--------- |
--------- |
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|
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--------- |
--------- |
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Current assets
Stocks |
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|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
------------ |
------------ |
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2,490,665 |
2,036,829 |
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Creditors: Amounts falling due within one year |
(
|
(
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------------ |
------------ |
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Net current assets |
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|
|
------------ |
------------ |
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Total assets less current liabilities |
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Provisions for liabilities |
(
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(
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|
------------ |
------------ |
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------------ |
------------ |
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Capital and reserves
Called up equity share capital |
4 |
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Share premium account |
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Other reserves |
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Profit and loss account |
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--------- |
--------- |
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Shareholders' funds |
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--------- |
--------- |
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Director's responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts were approved and signed by the director and authorised for issue on
12 July 2016
.
Company Registration Number:
04199184
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 30 SEPTEMBER 2015
1.
Accounting policies
Basis of accounting
Consolidation
In the opinion of the director, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
Cash flow statement
The director has taken advantage of the exemption in Financial Reporting Standard No 1 (Revised 1996) from including a cash flow statement in the financial statements on the grounds that the company is small.
Turnover
Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic life. Useful ecomonic lives are reviewed at the end of each reporting period and revised if necessary, subject to the constraint that the revised life shall not exceed 20 years from the date of acquisition. The carrying amount at the date of revision is depreciated over the revised estimate of remaining useful economic life.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixed assets
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Freehold Property - Nil Depreciation on freehold property is not provided, as any uncharged depreciation for the year and the accumulated uncharged depreciation would be immaterial in aggregate, as a result of the company's policy to maintain its properties in good condition which substantially prolongs their useful life, and the estimated high residual values of the properties. Tangible fixed assets which are not depreciated will be reviewed for impairment annually by the directors in accordance with Financial Reporting Standard 11.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Pension costs
The company operates a defined benefit pension scheme for employees. The assets of the scheme are held separately from those of the company. The contributions to the scheme are charged to the profit and loss account so as to spread the cost of pensions over the service lives of employees. Variations from the regular costs are spread over the average expected remaining working lives of current members in the scheme.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.
2.
Fixed assets
Intangible Assets |
Tangible Assets |
Investments |
Total |
|
£ |
£ |
£ |
£ |
|
Cost
At 1 October 2014 |
|
|
125,025 |
1,041,859 |
Additions |
– |
|
– |
4,453 |
Disposals |
– |
(
|
– |
(
|
--------- |
--------- |
--------- |
------------ |
|
At 30 September 2015 |
|
|
125,025 |
1,041,922 |
--------- |
--------- |
--------- |
------------ |
|
Depreciation and amounts written off
At 1 October 2014 |
|
|
124,900 |
566,295 |
Charge for year |
|
|
– |
156,346 |
On disposals |
– |
(
|
– |
(
|
--------- |
--------- |
--------- |
--------- |
|
At 30 September 2015 |
|
|
124,900 |
720,079 |
--------- |
--------- |
--------- |
--------- |
|
Net book value
At 30 September 2015 |
|
|
125 |
|
--------- |
--------- |
---- |
--------- |
|
At 30 September 2014 |
|
|
125 |
|
--------- |
--------- |
---- |
--------- |
|
3.
Transactions with the director
The following director had an interest free loan during the year. The movements on this loan are as follows:
2015 | 2014 | Maximum in year | ||
£ | £ | £ | ||
Mr S Burgess | 148,298 | 240,830 | 372,570 | |
By virtue of the outstanding loan account balance a liability to taxation exists under Section 455 of CTA 2010 of £37,075. The loan has been cleared within nine months of the year end and so no provision for the taxation has been made.
4.
Share capital
Allotted and called up:
2015 |
2014 |
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No. |
£ |
No. |
£ |
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-------- |
---- |
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---- |
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-------- |
---- |
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---- |
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The amounts of paid up share capital for the following categories of shares differed from the called up share capital stated above due to unpaid calls and were as follows:
2015 |
2014 |
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£ |
£ |
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Ordinary Class A shares |
- |
|
||
---- |
---- |
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5.
Ultimate parent company
The company is a subsidiary of
ABC Managed Contracts Limited
, a company incorporated in England and Wales.