A.B.I. Electronics Limited
A.B.I. Electronics Limited
Registered number: 01824588
Unaudited Financial Statements
For The Year Ended
30 June 2021
DEB Chartered Accountants
A.B.I. Electronics Limited
Unaudited Financial Statements
For The Year Ended
30 June 2021
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—7 |
A.B.I. Electronics Limited
Balance Sheet
As at
30 June 2021
Balance Sheet
Registered number:
01824588
For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2021 | 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 8 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,175,817 | 1,047,664 | |||
A.B.I. Electronics Limited
Balance Sheet (continued)
As at
30 June 2021
Director's responsibilities
-
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 4 to 7 form part of these financial statements.
A.B.I. Electronics Limited
Notes to the Financial Statements
For The Year Ended
30 June 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Structural Improvements |
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| Tools and equipment |
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| Fixtures & Fittings |
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| Office Equipment |
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1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.6.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.8.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
1.9.
Group Companies
The financial statements present information about the company as an individual undertaking and not its group. Consolidated accounts are not being prepared as the group qualifies as a small group.
A.B.I. Electronics Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
1.10.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2020: 19)
4.
Tangible Assets
| Land & Property | |||||
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| Structural Improvements | Tools and equipment | Fixtures & Fittings | Office Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
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| Additions |
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| Disposals |
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| Depreciation | |||||
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| Provided during the period |
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| Disposals |
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| Net Book Value | |||||
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5.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| VAT |
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A.B.I. Electronics Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
6.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| PAYE creditor |
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| VAT | - |
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| Pension creditor |
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| Accruals and deferred income |
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| Deferred capital grants within one year | 6,129 | 1,356 | |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Bank loans |
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| Deferred capital grant after one year | 18,387 | 4,066 | |
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8.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
| 2021 | 2020 | ||
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| £ | £ | ||
| Deferred tax |
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9.
Provisions for Liabilities
| Deferred Tax | ||
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| Additions |
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| Balance at
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11.
Other Commitments
At the end of the period the company had annual commitments under non-cancellable leases as follows:
| Land and buildings | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Between 1 and 5 years | 63,333 | 101,333 |
| 63,333 | 101,333 | |
A.B.I. Electronics Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
12.
Related Party Transactions
The company is controlled by Mr S D Hayes, director of the company.
13.
Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is
ABI Electronics (Holdings) Limited
.
ABI Electronics (Holdings) Limited
was incorporated in England. The ultimate controlling party is
ABI Electronics (Holdings) Limited
who controls 100% of the shares of
A.B.I. Electronics Limited
.
14.
General Information
A.B.I. Electronics Limited
Registered number
01824588
is a limited by shares company incorporated in England & Wales. The Registered Office is DEB House, 19 Middlewoods Way, Wharncliffe Business park, Carlton, Barnsley, S71 3HR.