Registered number
01295545
ABELL GROUP LIMITED
Report and Accounts
31 December 2022
Try a new way of business banking. Service focused on customer needs.
www.abellmoney.co.uk
ABELL GROUP LIMITED
Company Information
Directors
JM Swallow, FCA, FRSA
M Seville - appointed 1.4.2022
I Zavadska - appointed 1.4.2022
Secretary
JM Swallow, FCA, FRSA
Bankers
Abell Money
Registered office
128 Cannon Workshops
Cannon Drive
Canary Wharf
London E14 4AS
Registered number
01295545
ABELL GROUP LIMITED
Registered number: 01295545
Directors' Report
The directors present their report and accounts for the year ended 31 December 2022.
Principal activities
The company's principal activity during the year continued to be preparations in support of launching a UK business bank, focussing on the (neglected) needs of small businesses. Once this simple project has been launched successfully the SMT have many ideas for expansion and development of this into a significant entrant in the banking world.

Capital raising has been much delayed, and the Covid pandemic hampered efforts, as travel and meetings with potential investors were less possible. We have made investor progress however, and launch of the bank in 2022 is now imminent. Anyone sorry to miss out on investing should contact the company, (and send a cheque). [ office@abellgroup.co.uk ].

Our fintech banking company is Abell Business Corporation Limited t/a Abell Money. This fintech unit will shortly complete the formal Licensing process to receive permission to operate as a tier 2 bank (E-money Licence) providing business banking services in the UK.
Directors
The following persons served as directors during the year:
JM Swallow, FCA, FRSA
M Seville - appointed 1.4.2022
I Zavadska - appointed 1.4.2022
Change of Name
On 17th June 2022 the company changed its name to Abell Group.
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 25 July 2023 and signed on its behalf.
JM Swallow, FCA, FRSA
Director
ABELL GROUP LIMITED
Registered number: 01295545
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Investments 3 103,000 100,000
Current assets
Debtors 4 574,980 568,380
Cash at bank and in hand 2,079 114
577,059 568,494
Creditors: amounts falling due within one year 5 (512,880) (517,180)
Net current assets 64,179 51,314
Total assets less current liabilities 167,179 151,314
Creditors: amounts falling due after more than one year 6 (150,000) (150,000)
Net assets 17,179 1,314
Capital and reserves
Called up share capital 7 10,000 100
Profit and loss account 7,179 1,214
Shareholders' funds 17,179 1,314
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
JM Swallow, FCA, FRSA
Director
Approved by the board on 25 July 2023
ABELL GROUP LIMITED
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 4 4
3 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2022 100,000
Additions 3,000
At 31 December 2022 103,000
The company owns the entire issued capital of Abell Business Corporation Limited.
In the year the company acquired the entire issued capital of :-
Abell Company Registration Ltd
Abell Finance Systems Ltd
Abell Technology Solutions Ltd
4 Debtors 2022 2021
£ £
Trade debtors 11,000 5,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest 563,380 563,380
Other debtors 600 -
574,980 568,380
5 Creditors: amounts falling due within one year 2022 2021
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 321,680 319,680
Other creditors 191,200 197,500
512,880 517,180
6 Creditors: amounts falling due after one year 2022 2021
£ £
Other creditors 150,000 150,000
7 Share Capital 2022 2021
£ £
Called up share capital 100 100
Shares issued 9,900
10,000 100
The company reorganized its share capital in April 2022.
There are now 700,000 Ordinary A shares, and 300,000 Ordinary B shares, of 1p nominal in issue.
8 Other information
ABELL GROUP LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
128 Cannon Workshops
Cannon Drive
Canary Wharf
London E14 4AS
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