Abbey Accountants Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 04430036 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2014

FOR

ABBEY ACCOUNTANTS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

G M Read

P D McDaid

SECRETARY:

G M Read

REGISTERED OFFICE:

Riverdene House

140 High Street

Cheshunt

Hertfordshire

EN8 0AW

REGISTERED NUMBER:

04430036 (England and Wales)

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

6,518

7,998

6,518

7,998

CURRENT ASSETS

Debtors

87,868

133,965

Cash at bank and in hand

100,127

47,103

187,995

181,068

CREDITORS

Amounts falling due within one year

242,081

244,334

NET CURRENT LIABILITIES

(54,086

)

(63,266

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(47,568

)

(55,268

)

CAPITAL AND RESERVES

Called up share capital

4

150

150

Profit and loss account

(47,718

)

(55,418

)

SHAREHOLDERS' FUNDS

(47,568

)

(55,268

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 3 November 2014 and were signed on its behalf by:

G M Read - Director

P D McDaid - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

The company is dependent upon the continued financial support of the directors. The "Creditors: Amounts

falling due within one year" note includes sums due to the directors totalling £188,844 (2013: £186,957). These

sums are unsecured and interest free. The directors have indicated that they are willing to continue to provide this

support for the foreseeable future. The overdrawn position arises because of the decision to amortise goodwill

over a five year period. The directors are pleased to report satisfactory trading conditions in the current period.

On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax, except in respect of service

contracts where turnover is recognised when the company obtains the right to consideration.

Goodwill

Goodwill arose on incorporation of the business in 2002 and was being written off over its estimated useful life

of ten years. Following an impairment review in 2005 the estimated useful life of this goodwill was reduced to

five years and an increased write off in respect of that review was included in those financial statements.

Another practice was acquired in April 2005 and the acquisition costs included £43,000 for purchase of the

goodwill thereof which was written off over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost and 20% on reducing balance

Deferred tax

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

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

143,000

AMORTISATION

At 1 April 2013

and 31 March 2014

143,000

NET BOOK VALUE

At 31 March 2014

-

At 31 March 2013

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

34,069

Additions

4,291

Disposals

(2,423

)

At 31 March 2014

35,937

DEPRECIATION

At 1 April 2013

26,071

Charge for year

5,771

Eliminated on disposal

(2,423

)

At 31 March 2014

29,419

NET BOOK VALUE

At 31 March 2014

6,518

At 31 March 2013

7,998

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

150

Ordinary

£1

150

150