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ABIPA LIMITED

Registered Number
SC678842
(Scotland)

Unaudited Financial Statements for the Year ended
31 October 2022

ABIPA LIMITED
Company Information
for the year from 1 November 2021 to 31 October 2022

Directors

F Morera-Pallares
Miss A Walker

Registered Address

Snowbelt 1 Fox Farm
Ardross,Alness
Ross-Shire
IV17 0YD

Registered Number

SC678842 (Scotland)
ABIPA LIMITED
Balance Sheet as at
31 October 2022

Notes

2022

2021

£

£

£

£

Fixed assets
Investment property6810,000-
810,000-
Current assets
Cash at bank and on hand4,047100
4,047100
Creditors amounts falling due within one year9(398,856)-
Net current assets (liabilities)(394,809)100
Total assets less current liabilities415,191100
Creditors amounts falling due after one year10(137,647)-
Net assets277,544100
Capital and reserves
Called up share capital262,488100
Profit and loss account15,056-
Shareholders' funds277,544100
The financial statements were approved and authorised for issue by the Board of Directors on 18 October 2023, and are signed on its behalf by:
F Morera-Pallares
Director
Miss A Walker
Director

Registered Company No. SC678842
ABIPA LIMITED
Notes to the Financial Statements
for the year ended 31 October 2022

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
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).
4.Accounting policies
Investment property policy
Investment property which is property held to earn rentals and/or for capital appreciation is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Revenue recognition policy
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.
Taxation policy
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.
Deferred tax policy
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.
Valuation of financial instruments policy
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised
5.Employee information

20222021
Average number of employees during the year00
6.Investment property

£
Additions810,000
At 31 October 22810,000
7.Directors advances, credits and guarantees
At the balance sheet date, the director's current accounts have a credit balance of £383,339 and are repayable on demand.
8.Debtors within one year
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.
9.Creditors within one year

2022

2021

££
Bank borrowings and overdrafts6,373-
Taxation and social security2,302-
Other creditors388,561-
Accrued liabilities and deferred income1,620-
Total398,856-
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.
10.Creditors after one year

2022

2021

££
Bank borrowings and overdrafts137,647-
Total137,647-