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Company registration number:
10790817
ABS Property Portfolio Ltd
Unaudited Filleted Financial Statements for the year ended
30 April 2022
ABS Property Portfolio Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of ABS Property Portfolio Ltd
Year ended
30 April 2022
As described on the statement of financial position, the Board of Directors of
ABS Property Portfolio Ltd
are responsible for the preparation of the
financial statements
for the year ended
30 April 2022
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
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 from information and explanations supplied to us.
JDH ACCOUNTANTS & BUSINESS ADVISERS LTD
F2, Enterprise House
Navigation Park
ABERCYNON
RCT
CF45 4SN
United Kingdom
Date:
13 September 2022
ABS Property Portfolio Ltd
Statement of Financial Position
30 April 2022
20222021
Note££
Fixed assets    
Tangible assets 5
1,329,582
 
609,449
 
Current assets    
Debtors 6
7,965
 
750
 
Cash at bank and in hand
66,013
 
96,633
 
73,978
 
97,383
 
Creditors: amounts falling due within one year 7
(23,774
)
(19,707
)
Net current assets
50,204
 
77,676
 
Total assets less current liabilities 1,379,786   687,125  
Creditors: amounts falling due after more than one year 8
(1,323,953
)
(684,711
)
Net assets
55,833
 
2,414
 
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
55,832
 
2,413
 
Shareholders funds
55,833
 
2,414
 
For the year ending
30 April 2022
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
13 September 2022
, and are signed on behalf of the board by:
Mr Paul Evans
Director
Company registration number:
10790817
ABS Property Portfolio Ltd
Notes to the Financial Statements
Year ended
30 April 2022

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
40 Wheatley Place
,
Blackwood
,
NP12 1EU
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Impairment

A review for 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 reversal at each reporting date.

4 Average number of employees

The average number of persons employed by the company during the year was Nil (2021: Nil).

5 Tangible assets

Land and buildings
£
Cost  
At
1 May 2021
609,449
 
Additions
935,986
 
Disposals
(215,853
)
At
30 April 2022
1,329,582
 
Depreciation  
At
1 May 2021
and
30 April 2022
-  
Carrying amount  
At
30 April 2022
1,329,582
 
At 30 April 2021
609,449
 

6 Debtors

20222021
££
Trade debtors
7,965
  -  
Other debtors -  
750
 
7,965
 
750
 

7 Creditors: amounts falling due within one year

20222021
££
Bank loans and overdrafts -  
16,369
 
Trade creditors
10,338
  -  
Taxation and social security
11,078
 
2,018
 
Other creditors
2,358
 
1,320
 
23,774
 
19,707
 

8 Creditors: amounts falling due after more than one year

20222021
££
Bank loans and overdrafts
1,323,953
 
684,711