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COMPANY REGISTRATION NUMBER: 01861332
ABBEYDALE (ILKLEY) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2022
ABBEYDALE (ILKLEY) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
Contents
Page
Balance sheet 1
Notes to the financial statements 2
ABBEYDALE (ILKLEY) LIMITED
BALANCE SHEET
31 March 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
1,186,051
1,164,403
Current assets
Stocks
6
2,715
2,715
Debtors
7
610,887
1,001,095
Cash at bank and in hand
523,843
36,886
------------
------------
1,137,445
1,040,696
Creditors: amounts falling due within one year
8
( 470,301)
( 429,493)
------------
------------
Net current assets
667,144
611,203
------------
------------
Total assets less current liabilities
1,853,195
1,775,606
Provisions
Taxation including deferred tax
( 20,038)
( 23,657)
------------
------------
Net assets
1,833,157
1,751,949
------------
------------
Capital and reserves
Called up share capital
10
2,002
2,002
Profit and loss account
1,831,155
1,749,947
------------
------------
Shareholders funds
1,833,157
1,751,949
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 September 2022 , and are signed on behalf of the board by:
R B Dey Director
Company registration number: 01861332
ABBEYDALE (ILKLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Abbeydale House, Grove Road, Ilkley, West Yorkshire, LS29 2QE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Office equipment
-
20% reducing balance
No depreciation is provided in respect of the freehold property.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 40 (2021: 38 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 April 2021
1,026,927
252,401
59,750
46,763
1,385,841
Additions
41,337
19,573
60,910
------------
------------
------------
------------
------------
At 31 March 2022
1,068,264
271,974
59,750
46,763
1,446,751
------------
------------
------------
------------
------------
Depreciation
At 1 April 2021
159,526
26,117
35,795
221,438
Charge for the year
28,112
8,408
2,742
39,262
------------
------------
------------
------------
------------
At 31 March 2022
187,638
34,525
38,537
260,700
------------
------------
------------
------------
------------
Carrying amount
At 31 March 2022
1,068,264
84,336
25,225
8,226
1,186,051
------------
------------
------------
------------
------------
At 31 March 2021
1,026,927
92,875
33,633
10,968
1,164,403
------------
------------
------------
------------
------------
The freehold property is maintained to a high standard and all repair and maintenance costs are written off as incurred. The directors consider that any depreciation charge to reflect the cost of the use of the property would be immaterial and consequently no charge has been included in the accounts.
6. Stocks
2022
2021
£
£
Raw materials and consumables
2,715
2,715
------------
------------
7. Debtors
2022
2021
£
£
Trade debtors
133,646
123,754
Prepayments and accrued income
20,161
15,158
Amounts owed by associated undertaking
451,206
451,206
Other debtors
5,874
410,977
------------
------------
610,887
1,001,095
------------
------------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
61,071
50,507
Accruals and deferred income
157,562
146,436
Corporation tax
80,754
92,047
Social security and other taxes
14,225
12,514
Obligations under finance leases and hire purchase contracts
12,750
Directors' loan account
143,287
102,891
Other creditors
13,402
12,348
------------
------------
470,301
429,493
------------
------------
The hire purchase loan is secured over the asset that it relates to.
9. Deferred tax
The deferred tax included in the balance sheet is as follows:
2022
2021
£
£
Included in provisions
20,038
23,657
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2022
2021
£
£
Accelerated capital allowances
20,038
23,657
------------
------------
10. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
1,020
1,020
1,020
1,020
'A' ordinary shares of £ 1 each
980
980
980
980
'B' ordinary shares of £ 1 each
1
1
1
1
'C' ordinay shares of £ 1 each
1
1
1
1
------------
------------
------------
------------
2,002
2,002
2,002
2,002
------------
------------
------------
------------
The various classes of share in issue rank pari passu in all material respects.
11. Related party transactions
Included in other debtors is a loan to one of the directors £nil (2021: £408,884). This loan is unsecured, repayable on demand and bears interest at the HMRC official rate. Included in other creditors are loans from the directors of £143,287 (2021: £102,891). These loans are unsecured, repayment and demand and interest free. Included in debtors is a loan owed by Abbeydale Majorca Limited of £451,206 (2021: £451,206), a company controlled by Mr R B Dey and Mrs C E Dey. This loan is unsecured, repayable on demand and currently interest free.
12. Controlling party
There is no one controlling party of the company.