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REGISTERED NUMBER: 11702881 (England and Wales)















Financial Statements

for the Year Ended 31 March 2023

for

AB Office Ltd
T/A
Regus

AB Office Ltd (Registered number: 11702881)
T/A Regus






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AB Office Ltd
T/A Regus

Company Information
for the Year Ended 31 March 2023







DIRECTORS: T A Abuaita
G N Abuaita





REGISTERED OFFICE: Arden House
25 The Courtyard
Gorsey Lane
Coleshill
West Midlands
B46 1JA





REGISTERED NUMBER: 11702881 (England and Wales)





AUDITORS: Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

AB Office Ltd (Registered number: 11702881)
T/A Regus

Balance Sheet
31 March 2023

2023 2022
(Unaudited)
Notes £    £   
FIXED ASSETS
Intangible assets 4 21,000 24,000
Tangible assets 5 598,720 671,709
619,720 695,709

CURRENT ASSETS
Debtors 6 210,773 145,383
Cash at bank 53,146 20,930
263,919 166,313
CREDITORS
Amounts falling due within one year 7 (385,973 ) (276,005 )
NET CURRENT LIABILITIES (122,054 ) (109,692 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

497,666

586,017

CREDITORS
Amounts falling due after more than one
year

8

(650,000

)

(650,000

)

PROVISIONS FOR LIABILITIES - (77,246 )
NET LIABILITIES (152,334 ) (141,229 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (152,434 ) (141,329 )
SHAREHOLDERS' FUNDS (152,334 ) (141,229 )

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2023 and were signed on its behalf by:





T A Abuaita - Director


AB Office Ltd (Registered number: 11702881)
T/A Regus

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

AB Office 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

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.

Patents and licences are being amortised evenly over their 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.
Improvements to property - Straight line over the life of the lease
Fixtures and fittings - 10% on cost
Computer equipment - 10% on cost

AB Office Ltd (Registered number: 11702881)
T/A Regus

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
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 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 liabilities

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using effective interest method

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Going concern
The financial statements have been prepared on a going concern basis, which places reliance on the continued support from the company's parent company.

AB Office Ltd (Registered number: 11702881)
T/A Regus

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 April 2022
and 31 March 2023 30,000
AMORTISATION
At 1 April 2022 6,000
Amortisation for year 3,000
At 31 March 2023 9,000
NET BOOK VALUE
At 31 March 2023 21,000
At 31 March 2022 24,000

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 April 2022 630,006 140,414 4,936 775,356
Additions 3,700 1,020 - 4,720
At 31 March 2023 633,706 141,434 4,936 780,076
DEPRECIATION
At 1 April 2022 81,339 20,942 1,366 103,647
Charge for year 63,127 14,088 494 77,709
At 31 March 2023 144,466 35,030 1,860 181,356
NET BOOK VALUE
At 31 March 2023 489,240 106,404 3,076 598,720
At 31 March 2022 548,667 119,472 3,570 671,709

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
(Unaudited)
£    £   
Trade debtors 121,511 98,797
Amounts owed by group undertakings 51,750 -
Other debtors 37,512 46,586
210,773 145,383

AB Office Ltd (Registered number: 11702881)
T/A Regus

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
(Unaudited)
£    £   
Trade creditors 43,152 22,519
Amounts owed to group undertakings 223,554 243,524
Taxation and social security 26,052 3,899
Other creditors 93,215 6,063
385,973 276,005

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
(Unaudited)
£    £   
Amounts owed to associates 650,000 650,000

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
(Unaudited)
£    £   
Within one year 104,400 104,400
Between one and five years 522,000 522,000
In more than five years 130,500 234,900
756,900 861,300

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Susanna D Ault FCCA ACA (Senior Statutory Auditor)
for and on behalf of Tomkinson Teal (Lichfield) LLP

11. PENSION COMMITMENTS

As at 31 March 2023 there were outstanding pension contributions of £606 (2022: £363).

12. RELATED PARTY DISCLOSURES

Seldon Investments Limited BVI
An associated company

At 31 March 2023, a balance of £650,000 (2022 - £650,000) was due to Seldon Investments Limited which is included in creditors falling due after more than one year. This is an unsecured interest free loan and the repayment date is 7 July 2025.Seldon Investments Limited is owned by trusts of the director, G Abuaita and of the shareholders of the ultimate parent company, Ivalyn Investments Limited.

AB Office Ltd (Registered number: 11702881)
T/A Regus

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

13. ULTIMATE PARENT COMPANY

The company's immediate parent company is Gladius Holdings Limited registered at the same address.

The company's ultimate parent is Ivalyn Investments Limited. Incorporated in British Virgin Islands.

The consolidated financial statements in which AB Office Ltd are published are those prepared by Gladius Holdings Ltd which are available from Companies House.