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No description of principal activity
2016-07-01
Sage Accounts Production Advanced 2017 Update 2 - FRS
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08123852
2016-07-01
2017-06-30
08123852
2017-06-30
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2016-06-30
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2016-06-30
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2017-06-30
08123852
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2016-06-30
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2017-06-30
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2017-06-30
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2016-07-01
2017-06-30
COMPANY REGISTRATION NUMBER:
08123852
Unaudited Financial Statements
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|
Year ended 30 June 2017
Statement of financial position
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2
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|
Notes to the financial statements
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3
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|
Year ended 30 June 2017
The directors present their report and the unaudited financial statements of the company for the year ended
30 June 2017
.
The company has been dormant as defined in section 1169 of the Companies Act 2006 throughout the year and preceding financial year. It is anticipated that the company will remain dormant for the foreseeable future.
Directors
The directors who served the company during the year were as follows:
A.B. Ioannou
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|
L. Phasouliotis
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Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
22 March 2018
and signed on behalf of the board by:
Registered office:
|
3 Place Farm
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Wheathampstead
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AL4 8SB
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|
Statement of Financial Position
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|
30 June 2017
Fixed assets
Current assets
Cash at bank and in hand
|
100
|
|
100
|
|
|
|
|
Creditors: amounts falling due within one year
|
5
|
51
|
|
51
|
|
----
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----
|
Net current assets
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|
49
|
49
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|
|
----
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----
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Total assets less current liabilities
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|
100
|
100
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|
|
----
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----
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|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
100
|
|
|
----
|
----
|
Members funds
|
|
100
|
100
|
|
|
----
|
----
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|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The company did not trade during the current year or prior year and has not made either a profit or loss.
For the year ending 30 June 2017 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
22 March 2018
, and are signed on behalf of the board by:
Company registration number:
08123852
Notes to the Financial Statements
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|
Year ended 30 June 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Place Farm, Wheathampstead, AL4 8SB.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.
Income statement
The company is dormant as defined by section 1169 of the Companies Act 2006. The company received no income and incurred no expenditure during the current year or prior year and therefore no income statement is presented within these financial statements. There have been no movements in members funds during the current year or prior year.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Investments
|
Shares in group undertakings
|
Shares in participating interests
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 July 2016 and 30 June 2017
|
50
|
1
|
51
|
|
----
|
----
|
----
|
Impairment
|
|
|
|
At 1 July 2016 and 30 June 2017
|
–
|
–
|
–
|
|
----
|
----
|
----
|
|
|
|
|
Carrying amount
|
|
|
|
At 30 June 2017
|
50
|
1
|
51
|
|
----
|
----
|
----
|
|
|
|
|
The company’s investments at the balance sheet date and key financial information at 31 August 2017 (the nearest available accounts) are:
|
|
2017
|
2016
|
|
|
|
£
|
|
Subsidiary
|
|
|
|
Abacus Ark Limited (50% ordinary shares)
|
|
|
|
Aggregate capital & reserves
|
(657,231)
|
(650,748)
|
|
Loss for the year
|
6,483
|
73,365
|
|
|
|
|
|
Associate
|
|
|
|
Abacus Ark 2 Limited (33% ordinary shares)
|
|
|
|
Aggregate capital & reserves
|
(2,641,029)
|
1,459,299
|
|
Loss for the year
|
1,181,731
|
1,249,836
|
|
|
|
|
5.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Other creditors
|
51
|
51
|
|
----
|
----
|
|
|
|
6.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
No transitional adjustments were required in equity or profit or loss for the year.