Ab Fab Events Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08077603 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

FOR

AB FAB EVENTS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

Report of the Accountants

6

FIXED ASSETS

Intangible assets

4

12,000

15,000

Tangible assets

5

392

674

12,392

15,674

CURRENT ASSETS

Cash at bank

1,456

2,241

CREDITORS

Amounts falling due within one year

6

101,699

84,860

NET CURRENT LIABILITIES

(100,243

)

(82,619

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(87,851

)

(66,945

)

PROVISIONS FOR LIABILITIES

74

128

NET LIABILITIES

(87,925

)

(67,073

)

CAPITAL AND RESERVES

Called up share capital

12

12

Retained earnings

(87,937

)

(67,085

)

SHAREHOLDERS' FUNDS

(87,925

)

(67,073

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 15 February 2019 and were signed on its behalf by:

A C Beauchamp - Director

1.	STATUTORY INFORMATION

Ab Fab Events Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address are as below:

Registered number:

08077603

Registered office:

Sovereign House

22 Shelley Road

WORTHING

West Sussex

BN11 1TU

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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 reducing balance and 25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2017

and 31 May 2018

30,000

AMORTISATION

At 1 June 2017

15,000

Charge for year

3,000

At 31 May 2018

18,000

NET BOOK VALUE

At 31 May 2018

12,000

At 31 May 2017

15,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2017

and 31 May 2018

1,318

DEPRECIATION

At 1 June 2017

644

Charge for year

282

At 31 May 2018

926

NET BOOK VALUE

At 31 May 2018

392

At 31 May 2017

674

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other creditors

101,699

84,860

7.	RELATED PARTY DISCLOSURES

Included in creditors are loans from the directors as follows:

A Beauchamp £19,293 (2017: £14,812)

M Tyson £40,760 (2017: £34,137)

D Walker £40,038 (2017: £34,865)

The directors have undertaken not to draw down on the loans to the detriment of the company. As such, they

consider it appropriate to prepare the accounts on the going concern basis.

8.	INSOLVENT POSITION

The directors are aware that the company is trading insolvently and realise their responsibilities under the

provisions of the Insolvency Act 1986.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 May 2018 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Barrett & Monetaire

Sovereign House

22 Shelley Road

WORTHING

West Sussex

BN11 1TU

15 February 2019