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REGISTERED NUMBER: 11072479 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

ABBOTT & ABBOTT ESTATE AGENTS LIMITED

ABBOTT & ABBOTT ESTATE AGENTS LIMITED (REGISTERED NUMBER: 11072479)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

ABBOTT & ABBOTT ESTATE AGENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: P Stavri





REGISTERED OFFICE: 20 Havelock Road
Hastings
East Sussex
TN34 1BP





REGISTERED NUMBER: 11072479 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

ABBOTT & ABBOTT ESTATE AGENTS LIMITED (REGISTERED NUMBER: 11072479)

BALANCE SHEET
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 851,997 691,494
Tangible assets 5 46,743 26,444
898,740 717,938

CURRENT ASSETS
Debtors 6 14,825 16,510
Cash at bank and in hand 49,664 111,994
64,489 128,504
CREDITORS
Amounts falling due within one year 7 113,751 65,799
NET CURRENT (LIABILITIES)/ASSETS (49,262 ) 62,705
TOTAL ASSETS LESS CURRENT
LIABILITIES

849,478

780,643

CREDITORS
Amounts falling due after more than one
year

8

(865,539

)

(859,929

)

PROVISIONS FOR LIABILITIES (7,112 ) (729 )
NET LIABILITIES (23,173 ) (80,015 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (23,273 ) (80,115 )
SHAREHOLDERS' FUNDS (23,173 ) (80,015 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

ABBOTT & ABBOTT ESTATE AGENTS LIMITED (REGISTERED NUMBER: 11072479)

BALANCE SHEET - continued
31 MAY 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 October 2023 and were signed by:





P Stavri - Director


ABBOTT & ABBOTT ESTATE AGENTS LIMITED (REGISTERED NUMBER: 11072479)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Abbott & Abbott Estate Agents 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
The directors have made an assessment about the company's ability to continue as a going concern and they do not consider there to be any material uncertainties. As a result they have adopted the going concern basis of accounting.

Turnover
Turnover represents net invoiced commission charged and services provided excluding discounts, value added tax, and other sales taxes.

Turnover is recognised at the date of exchange of contract, monies are then received later at completion.

Goodwill
The director has made an assessment on the purchased goodwill shown upon the balance sheet and is satisfied that the useful economic life of 20 years is appropriate.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year end and that are expected to apply to the reversal of the timing difference.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 7 ) .

ABBOTT & ABBOTT ESTATE AGENTS LIMITED (REGISTERED NUMBER: 11072479)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022 764,993
Additions 209,214
At 31 May 2023 974,207
AMORTISATION
At 1 June 2022 73,499
Charge for year 48,711
At 31 May 2023 122,210
NET BOOK VALUE
At 31 May 2023 851,997
At 31 May 2022 691,494

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2022 14,276 23,749 26,900 64,925
Additions 2,729 33,952 1,120 37,801
At 31 May 2023 17,005 57,701 28,020 102,726
DEPRECIATION
At 1 June 2022 8,429 5,937 24,115 38,481
Charge for year 1,715 12,941 2,846 17,502
At 31 May 2023 10,144 18,878 26,961 55,983
NET BOOK VALUE
At 31 May 2023 6,861 38,823 1,059 46,743
At 31 May 2022 5,847 17,812 2,785 26,444

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 11,660 15,422
Other debtors 1,498 -
Prepayments 1,667 1,088
14,825 16,510

ABBOTT & ABBOTT ESTATE AGENTS LIMITED (REGISTERED NUMBER: 11072479)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 10,012 9,747
Trade creditors 19,556 15,860
Tax 22,989 -
Social security and other taxes 1,572 7,816
VAT 29,685 29,588
Other creditors 689 689
Directors' current accounts 27,350 350
Accrued expenses 1,898 1,749
113,751 65,799

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans - 1-2 years 10,266 9,994
Bank loans - 2-5 years 9,731 20,268
Other creditors 845,542 829,667
865,539 859,929

The bank loan is a business bounce back loan under the government supported scheme.

9. RELATED PARTY DISCLOSURES

A directors current account of £27,350 as at the year end is owed to the director, Mr P Stavri, from the company. No interest is charged on this amount and it is repayable upon demand.

Included within other creditors - amounts falling due in more than 1 year is a loan of £845,542 (2022: £829,667) from Mr P and Mrs L Stavri. No interest is charged on this amount and while Mr Stavri reserves the right to request repayment upon demand this will not be within 1 year.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ABBOTT & ABBOTT ESTATE AGENTS LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Abbott & Abbott Estate Agents Limited for the year ended 31 May 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Abbott & Abbott Estate Agents Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Abbott & Abbott Estate Agents Limited and state those matters that we have agreed to state to the director of Abbott & Abbott Estate Agents Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbott & Abbott Estate Agents Limited and its director for our work or for this report.

It is your duty to ensure that Abbott & Abbott Estate Agents Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Abbott & Abbott Estate Agents Limited. You consider that Abbott & Abbott Estate Agents Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Abbott & Abbott Estate Agents Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP


4 October 2023