Registered number: 09942126 (England and Wales)
ABPS R&D LIMITED
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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COMPANY INFORMATION
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F&L Corporate Reporting Services Limited
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CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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ABPS R&D LIMITED
REGISTERED NUMBER:
09942126
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BALANCE SHEET
AS AT
31 DECEMBER 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Capital contribution reserve
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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 by
:
The notes on pages 3 to 6 form part of these financial statements.
Page 1
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2019
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Capital contribution reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 3 to 6 form part of these financial statements.
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Page 2
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
1.
Accounting policies
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Basis of preparation of financial statements
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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
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ABPS R&D Limited has received written confirmation from its ultimate parent company, Wincrest Ventures, L.P., that it will continue to provide financial support to the Company for a period of at least 12 months from the date of signing these financial statements. Following the end of the reporting period, there was a group restructure which has led to the controlling part of the Company changing (note 9). This restructure does not impact the ultimate source of support, which continues to be provided by Wincrest Ventures, L.P. For this reason, the director continues to adopt the going concern basis in preparing the financial statements.
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Rendering of services
Turnover from the intercompany consulting and services agreement is recognised in the year when the following conditions are satisfied:
∙
the amount of turnover can be measured reliably;
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it is probable that the Company will receive the consideration due under the agreement; and
∙
the costs incurred and the costs to complete the services outlined in the agreement can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Page 3
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
1.
Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions.
Short term creditors are measured at the transaction price.
Share premium account represents the excess of the issue price over the par value on shares issued less transaction costs arising on issue.
Page 4
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The auditors' report on the financial statements for the year ended 31 December 2019 was unqualified.
The audit report was signed on
5 November 2020
by
Dominic King ACA (Senior Statutory Auditor)
(Senior Statutory Auditor) on behalf of
F&L Corporate Reporting Services Limited
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The average monthly number of employees during the year was
2
(2018 -
3
)
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Charge for the year on owned assets
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Page 5
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Capital contribution reserve
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During the year, the parent company, Advanced Blast Protection Systems, LLC. made a capital contribution totalling £147,346 (2018: £277,357) to the Company. There is no intention for this amount to be repaid and has therefore been considered as a capital contribution.
Advance Blast Protection Systems, LLC is the parent company of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 4265 San Felipe, Suite 800, Houston, TX 77027, United States of America.
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Post balance sheet events
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Following the end of the reporting period, there was a restructure within the group that led to the controlling party of the Company to change to Saleria Holdings, Ltd (a Limited Partnership incorporated in Texas, United States of America). The financial impact of this restructure on the Company is £nil. This is considered a non-adjusting event.
There were no adjusting or other non-adjusting post balance sheet events occurring between the end of the reporting period and the date these financial statements were approved.
Page 6
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