Abode Asset Management Limited 11694255 false 2021-12-01 2022-11-30 2022-11-30 The principal activity of the company is that of property development Digita Accounts Production Advanced 6.30.9574.0 true 11694255 2021-12-01 2022-11-30 11694255 2022-11-30 11694255 core:CurrentFinancialInstruments 2022-11-30 11694255 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 11694255 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 11694255 core:FurnitureFittingsToolsEquipment 2022-11-30 11694255 bus:SmallEntities 2021-12-01 2022-11-30 11694255 bus:AuditExemptWithAccountantsReport 2021-12-01 2022-11-30 11694255 bus:FullAccounts 2021-12-01 2022-11-30 11694255 bus:SmallCompaniesRegimeForAccounts 2021-12-01 2022-11-30 11694255 bus:RegisteredOffice 2021-12-01 2022-11-30 11694255 bus:Director1 2021-12-01 2022-11-30 11694255 bus:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 11694255 core:FurnitureFittingsToolsEquipment 2021-12-01 2022-11-30 11694255 core:OfficeEquipment 2021-12-01 2022-11-30 11694255 countries:EnglandWales 2021-12-01 2022-11-30 11694255 2020-12-01 2021-11-30 11694255 2021-11-30 11694255 core:CurrentFinancialInstruments 2021-11-30 11694255 core:CurrentFinancialInstruments core:WithinOneYear 2021-11-30 11694255 core:Non-currentFinancialInstruments core:AfterOneYear 2021-11-30 iso4217:GBP xbrli:pure

Registration number: 11694255

Abode Asset Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2022

 

Abode Asset Management Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Abode Asset Management Limited

(Registration number: 11694255)
Balance Sheet as at 30 November 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

2,030

-

Investments

5

1,450,000

875,000

 

1,452,030

875,000

Current assets

 

Stocks

6

3,979,500

-

Debtors

7

2,768,420

2,190,789

Cash at bank and in hand

 

570,243

1,682,243

 

7,318,163

3,873,032

Creditors: Amounts falling due within one year

8

(3,492,274)

(1,633,444)

Net current assets

 

3,825,889

2,239,588

Total assets less current liabilities

 

5,277,919

3,114,588

Creditors: Amounts falling due after more than one year

8

(5,205,000)

(3,205,000)

Net assets/(liabilities)

 

72,919

(90,412)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

72,819

(90,512)

Shareholders' funds/(deficit)

 

72,919

(90,412)

For the financial year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Abode Asset Management Limited

(Registration number: 11694255)
Balance Sheet as at 30 November 2022

Approved and authorised by the director on 3 November 2023
 

.........................................
Mr A J Ladson
Director

 

Abode Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Colony
Altrincham Road
Wilmslow
Cheshire
SK9 4LY

These financial statements were authorised for issue by the director on 3 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

 

Abode Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Abode Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

 

Abode Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

2,707

2,707

At 30 November 2022

2,707

2,707

Depreciation

Charge for the year

677

677

At 30 November 2022

677

677

Carrying amount

At 30 November 2022

2,030

2,030

5

Investments

2022
£

2021
£

Investment annuity

1,450,000

875,000

6

Stocks

2022
£

2021
£

Long term contract work in progress

3,979,500

-

7

Debtors

Current

2022
£

2021
£

Other debtors

2,768,420

2,190,789

 

Abode Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

950,000

-

Trade creditors

 

69,203

54,687

Accruals and deferred income

 

2,157,950

670,962

Other creditors

 

315,121

907,795

 

3,492,274

1,633,444

Creditors: amounts falling due after more than one year

2022
£

2021
£

Due after one year

Other non-current financial liabilities

5,205,000

3,205,000

Creditors include third party loans of £950,000 (2021: £Nil) which are secured by fixed and floating charges over the property of the company.

9

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Other borrowings

950,000

-