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REGISTERED NUMBER: 08692842 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2023

FOR

ABERCORE LIMITED

ABERCORE LIMITED (REGISTERED NUMBER: 08692842)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

ABERCORE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTORS: L M Galbiati
S P Johnson
R G M Wilson





REGISTERED OFFICE: 50 Sloane Avenue
London
SW3 3DD





REGISTERED NUMBER: 08692842 (England and Wales)





ACCOUNTANTS: Tayabali & White
5 High Green
Great Shelford
Cambridge
Cambridgeshire
CB22 5EG

ABERCORE LIMITED (REGISTERED NUMBER: 08692842)

BALANCE SHEET
28TH FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 3,683 1,661
Investments 6 200 190
3,883 1,851

CURRENT ASSETS
Debtors 7 2,210,969 305,036
Cash at bank and in hand 2,819,902 700,661
5,030,871 1,005,697
CREDITORS
Amounts falling due within one year 8 4,359,091 542,561
NET CURRENT ASSETS 671,780 463,136
TOTAL ASSETS LESS CURRENT
LIABILITIES

675,663

464,987

CREDITORS
Amounts falling due after more than one
year

9

(24,167

)

(34,166

)

PROVISIONS FOR LIABILITIES (700 ) (890 )
NET ASSETS 650,796 429,931

CAPITAL AND RESERVES
Called up share capital 75 75
Capital redemption reserve 25 25
Retained earnings 650,696 429,831
650,796 429,931

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

ABERCORE LIMITED (REGISTERED NUMBER: 08692842)

BALANCE SHEET - continued
28TH FEBRUARY 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11th October 2023 and were signed on its behalf by:





L M Galbiati - Director


ABERCORE LIMITED (REGISTERED NUMBER: 08692842)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023

1. STATUTORY INFORMATION

Abercore 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The functional currency of Abercore Ltd is £ sterling because that is the currency of the primary economic environment in which the Company operates.

Preparation of consolidated financial statements
The financial statements contain information about Abercore Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when goods are shipped to the customer. Where payments are received from customers in advance of goods being shipped, the amounts are recorded as deferred income and included within creditors due within one year.

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


ABERCORE LIMITED (REGISTERED NUMBER: 08692842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st March 2022
and 28th February 2023 5,500
AMORTISATION
At 1st March 2022
and 28th February 2023 5,500
NET BOOK VALUE
At 28th February 2023 -
At 28th February 2022 -

ABERCORE LIMITED (REGISTERED NUMBER: 08692842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st March 2022 13,942 4,786 18,728
Additions - 4,416 4,416
At 28th February 2023 13,942 9,202 23,144
DEPRECIATION
At 1st March 2022 13,849 3,218 17,067
Charge for year 93 2,301 2,394
At 28th February 2023 13,942 5,519 19,461
NET BOOK VALUE
At 28th February 2023 - 3,683 3,683
At 28th February 2022 93 1,568 1,661

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st March 2022 190
Additions 100
Disposals (90 )
At 28th February 2023 200
NET BOOK VALUE
At 28th February 2023 200
At 28th February 2022 190

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,918,984 28,355
Amounts owed by group undertakings - 46,632
Other debtors 291,985 230,049
2,210,969 305,036

ABERCORE LIMITED (REGISTERED NUMBER: 08692842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 3,899,183 326,395
Amounts owed to group undertakings 271,223 155,174
Taxation and social security 176,438 28,716
Other creditors 2,247 22,276
4,359,091 542,561

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 24,167 34,166

10. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available under FRS 102 not to disclose details of transactions with wholly owned members of the group headed by the company.

Remuneration was paid of £25,140 (2022: £28,265) to the directors during the year. The directors are the only key management personnel of this company.

During the year a loan of £54,645 to a fellow group company was written off.

Included within debtors are unsecured loans totalling £200,019 (2022: £99,919) due from the directors. The loans are interest free and repayable on demand.

Included within creditors is an unsecured loan of £732 (2022: £5,533) due to a director. The loan is interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

There is no individual ultimate controlling party.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ABERCORE LIMITED

The following reproduces the text of the report prepared for the directors 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 Directors 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 Abercore Limited for the year ended 28th February 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Board of Directors of Abercore Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Abercore Limited and state those matters that we have agreed to state to the Board of Directors of Abercore Limited, as a body, 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 Abercore Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Abercore 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 Abercore Limited. You consider that Abercore 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 Abercore 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.






Tayabali & White
5 High Green
Great Shelford
Cambridge
Cambridgeshire
CB22 5EG


11th October 2023