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

REGISTERED NUMBER: 07644635 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 SEPTEMBER 2019 TO 28 FEBRUARY 2021

FOR

AABRS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S L Collins

A.S. Bradstock

A. Simon

S J Renshaw

QuiltMGA Limited

Quiltcard.com Limited

J E L Solutions Limited

Businessexpert (UK) Ltd

REGISTERED OFFICE:

Langley House

Park Road

London

N2 8EY

REGISTERED NUMBER:

07644635 (England and Wales)

ACCOUNTANTS:

Accura Accountants Ltd

Langley House

Park Road

East Finchley

London

N2 8EY

FIXED ASSETS

Tangible assets

4

11,694

9,438

CURRENT ASSETS

Debtors

5

717,708

329,722

Cash at bank

64,292

282

782,000

330,004

CREDITORS

Amounts falling due within one year

6

464,689

321,548

NET CURRENT ASSETS

317,311

8,456

TOTAL ASSETS LESS CURRENT LIABILITIES

329,005

17,894

CREDITORS

Amounts falling due after more than one year

7

157,500

-

NET ASSETS

171,505

17,894

CAPITAL AND RESERVES

Called up share capital

1,300

1,300

Retained earnings

170,205

16,594

171,505

17,894

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 February 2021 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 25 November 2021 and were signed on its behalf by:

A.S. Bradstock - Director

1.	STATUTORY INFORMATION

AABRS 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax. Turnover is recognised once the service has been provided.

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 - 30% Reducing balance

Government grants

Government grants are recognised once there is reasonable assurance that:

a) the entity will comply with the conditions attaching to them; and

b) the grants will be received.

The entity shall recognise the grants on the accruals model. Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Alternatively if a grant that becomes receivable as compensation for expenses or losses already incurred of for the purpose of giving immediate financial support this shall be recognised in income in the period in which it becomes receivable.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Taxation

Taxation for the period 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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

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

Impairments of assets

A review of 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 reversals at each reporting date.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any material unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 21 (2019 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2019

67,121

Additions

10,931

At 28 February 2021

78,052

DEPRECIATION

At 1 September 2019

57,683

Charge for period

8,675

At 28 February 2021

66,358

NET BOOK VALUE

At 28 February 2021

11,694

At 31 August 2019

9,438

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

31.8.19

£

£

Trade debtors

34,024

80,918

Amounts recoverable on contract

651,000

208,573

Other debtors

32,684

40,231

717,708

329,722

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

31.8.19

£

£

Bank loans and overdrafts

17,500

13,290

Trade creditors

52,375

92,569

Taxation and social security

358,146

175,426

Other creditors

36,668

40,263

464,689

321,548

Included in other creditors due within one year are accrued expenses of £Nil (Aug 2019: £30,936)

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.21

31.8.19

£

£

Bank loans

157,500

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

20,417

-

8.	OTHER FINANCIAL COMMITMENTS

The company has financial commitments at the year end of £5,113 (Aug 2019: £12,198).

9.	ULTIMATE CONTROLLING PARTY

The company is under the control of parent company, J E L Solutions Limited, an entity registered in England and Wales, and the registered office is Langley House, Park Road, London, N2 8EY