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REGISTERED NUMBER: 02412564 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 April 2023

for

Abbey ICT Ltd

Abbey ICT Ltd (Registered number: 02412564)






Contents of the Financial Statements
for the year ended 30 April 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Abbey ICT Ltd

Company Information
for the year ended 30 April 2023







DIRECTORS: A G Wilson
A D Botham





SECRETARY: A G Wilson





REGISTERED OFFICE: Logic House
Ordnance Street
Blackburn
Lancashire
BB1 3AE





REGISTERED NUMBER: 02412564 (England and Wales)





ACCOUNTANTS: Mayes Business Partnership Ltd
Chartered Certified Accountants
22-28 Willow Street
Accrington
Lancashire
BB5 1LP

Abbey ICT Ltd (Registered number: 02412564)

Abridged Balance Sheet
30 April 2023

30/4/23 30/4/22
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 8,887 9,998
Tangible assets 5 21,525 26,276
30,412 36,274

CURRENT ASSETS
Stocks 23,175 9,707
Debtors 1,842,036 1,765,153
Cash at bank and in hand 123,153 377,236
1,988,364 2,152,096
CREDITORS
Amounts falling due within one year 608,209 675,970
NET CURRENT ASSETS 1,380,155 1,476,126
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,410,567

1,512,400

CREDITORS
Amounts falling due after more than one
year

(562,554

)

(709,755

)

PROVISIONS FOR LIABILITIES - (644 )
NET ASSETS 848,013 802,001

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 847,913 801,901
SHAREHOLDERS' FUNDS 848,013 802,001

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

Abbey ICT Ltd (Registered number: 02412564)

Abridged Balance Sheet - continued
30 April 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 April 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 6 October 2023 and were signed on its behalf by:





A G Wilson - Director


Abbey ICT Ltd (Registered number: 02412564)

Notes to the Financial Statements
for the year ended 30 April 2023

1. STATUTORY INFORMATION

Abbey ICT Ltd 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.

Turnover
Turnover represents net sales of goods,excluding value added tax.

The company sells IT support, telephone system installations, maintenance,calls and lines rental.

Income from maintenance agreements is recognised evenly over the term of the contract. Income from system sales is recognised on completion of the installation

Sales are usually by cash, credit or payment card. Sales are made to customers with a right to return within 28 days, subject to certain conditions regarding the usage. Accumulated experience is used to estimate and provide for such returns at the time of sale. The company does not operate any loyalty programmes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

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 - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value. Cost includes direct materials, labour and manufacturing overheads incurred in bringing each product to its present location and condition. Net realisable value is based on estimated selling price less further costs to completion and selling costs.

Financial instruments
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.


Abbey ICT Ltd (Registered number: 02412564)

Notes to the Financial Statements - continued
for the year ended 30 April 2023

2. ACCOUNTING POLICIES - continued
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.

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.

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 17 (2022 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2022
and 30 April 2023 311,109
AMORTISATION
At 1 May 2022 301,111
Amortisation for year 1,111
At 30 April 2023 302,222
NET BOOK VALUE

At 30 April 2023 8,887
At 30 April 2022 9,998

Abbey ICT Ltd (Registered number: 02412564)

Notes to the Financial Statements - continued
for the year ended 30 April 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2022 97,389
Additions 2,435
At 30 April 2023 99,824
DEPRECIATION
At 1 May 2022 71,113
Charge for year 7,186
At 30 April 2023 78,299
NET BOOK VALUE
At 30 April 2023 21,525
At 30 April 2022 26,276

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30/4/23 30/4/22
as restated
£    £   
Within one year 9,173 -
Between one and five years 41,970 110,152
51,143 110,152

7. SECURED DEBTS

The following secured debts are included within creditors:

30/4/23 30/4/22
as restated
£    £   
Other loans 473,787 578,954

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/4/23 30/4/22
value: as restated
£    £   
100 Ordinary £1 100 100

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Abbey Telecom Holdings Limited.