Aabyss Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04726959 (England and Wales)

Financial Statements

for the Year Ended 30 November 2019

for

Aabyss Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

T G Midwood

SECRETARY:

Ms S Barker

REGISTERED OFFICE:

Unit 19 Meridian Business Village

Hansby Drive

Speke

Liverpool

Merseyside

L24 9LG

REGISTERED NUMBER:

04726959 (England and Wales)

ACCOUNTANTS:

SB&P

Chartered Accountants

Oriel House

2-8 Oriel Road

Bootle

Liverpool

Merseyside

L20 7EP

FIXED ASSETS

Intangible assets

4

60,852

78,238

Tangible assets

5

114,397

37,223

Investments

6

2,200

2,200

177,449

117,661

CURRENT ASSETS

Stocks

7

63,495

68,965

Debtors

8

273,304

246,400

Cash at bank

100,540

592

437,339

315,957

CREDITORS

Amounts falling due within one year

9

369,540

202,977

NET CURRENT ASSETS

67,799

112,980

TOTAL ASSETS LESS CURRENT LIABILITIES

245,248

230,641

CREDITORS

Amounts falling due after more than one year

10

(40,193

)

(152,980

)

PROVISIONS FOR LIABILITIES

(16,317

)

-

NET ASSETS

188,738

77,661

CAPITAL AND RESERVES

Called up share capital

12

107,170

7,170

Share premium

38,214

38,214

Capital redemption reserve

50

50

Retained earnings

43,304

32,227

SHAREHOLDERS' FUNDS

188,738

77,661

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 6 November 2020 and were signed by:

T G Midwood - Director

A Allen - Director

1.	STATUTORY INFORMATION

Aabyss Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents the value,net of value added tax and discounts, of goods provided to customers and work

carried out in respect of services provided to customers.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

33% on cost, 25% on cost and 15% on cost

Fixtures and fittings

-

20% on cost and 15% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost and 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

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

Retained Earnings, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of

the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2018 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2018

and 30 November 2019

347,725

AMORTISATION

At 1 December 2018

269,487

Charge for year

17,386

At 30 November 2019

286,873

NET BOOK VALUE

At 30 November 2019

60,852

At 30 November 2018

78,238

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 December 2018

64,261

60,203

-

46,358

170,822

Additions

2,950

18,717

50,756

36,074

108,497

At 30 November 2019

67,211

78,920

50,756

82,432

279,319

DEPRECIATION

At 1 December 2018

57,612

53,264

-

22,723

133,599

Charge for year

1,620

7,710

6,649

15,344

31,323

At 30 November 2019

59,232

60,974

6,649

38,067

164,922

NET BOOK VALUE

At 30 November 2019

7,979

17,946

44,107

44,365

114,397

At 30 November 2018

6,649

6,939

-

23,635

37,223

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 December 2018

33,104

58,095

-

17,306

108,505

Additions

-

-

50,756

-

50,756

At 30 November 2019

33,104

58,095

50,756

17,306

159,261

DEPRECIATION

At 1 December 2018

33,104

52,286

-

3,461

88,851

Charge for year

-

5,809

6,649

3,461

15,919

At 30 November 2019

33,104

58,095

6,649

6,922

104,770

NET BOOK VALUE

At 30 November 2019

-

-

44,107

10,384

54,491

At 30 November 2018

-

5,809

-

13,845

19,654

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 December 2018

and 30 November 2019

2,200

NET BOOK VALUE

At 30 November 2019

2,200

At 30 November 2018

2,200

7.

STOCKS

30.11.19

30.11.18

£

£

Stocks

63,495

68,965

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.19

30.11.18

£

£

Trade debtors

119,328

31,572

Other debtors

153,976

214,828

273,304

246,400

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.19

30.11.18

£

£

Hire purchase contracts

21,535

14,477

Trade creditors

113,755

53,986

Taxation and social security

80,542

50,204

Other creditors

153,708

84,310

369,540

202,977

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.19

30.11.18

£

£

Hire purchase contracts

40,193

12,980

Other creditors

-

140,000

40,193

152,980

11.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.19

30.11.18

£

£

The bank loan is secured by a fixed and floating charge against all property or undertaking of the company dated 21

February 2014.

The director has a personal guarantee relating to the company overdraft.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.19

30.11.18

value:

£

£

7,170

Ordinary shares

£1

7,170

7,170

100,000

Preference shares

£1

100,000

-

107,170

7,170

13.	OTHER FINANCIAL COMMITMENTS

The company had total operating lease commitments at the balance sheet date of £Nil (2018 - £1,622)

14.	CONTROLLING PARTY

The controlling party is T G Midwood.