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Registration number: 04387927

Abbey Marketing Communications Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Abbey Marketing Communications Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Abbey Marketing Communications Limited

Company Information

Directors

P I Brett

M Cantwell

A J F Cantwell

Company secretary

M Cantwell

Registered office

Unit 4
Oak Industrial Park
Great Dunmow
Essex
CM6 1XN

Solicitors

Birkett Long LLP
1 Amphora Place
Sheepen Road
Colchester
Essex
CO3 3WG

Bankers

Barclays Bank PLC
Lewisham
93 Lewisham High Street
Lewisham
London

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Abbey Marketing Communications Limited

(Registration number: 04387927)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

160,575

170,993

Investments

5

152,435

152,435

 

313,010

323,428

Current assets

 

Debtors

6

657,855

742,247

Cash at bank and in hand

 

216,578

37,867

 

874,433

780,114

Creditors: Amounts falling due within one year

7

(947,583)

(859,994)

Net current liabilities

 

(73,150)

(79,880)

Total assets less current liabilities

 

239,860

243,548

Creditors: Amounts falling due after more than one year

(82,013)

(112,826)

Provisions for liabilities

(24,064)

(25,260)

Net assets

 

133,783

105,462

Capital and reserves

 

Called up share capital

75

75

Revaluation reserve

13,519

18,202

Profit and loss account

120,189

87,185

Total equity

 

133,783

105,462

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 November 2023 and signed on its behalf by:
 

 

Abbey Marketing Communications Limited

(Registration number: 04387927)
Balance Sheet as at 31 March 2023

P I Brett
Director

M Cantwell
Company secretary and director

A J F Cantwell
Director

     
 

Abbey Marketing Communications Limited

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

1

General information

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

The address of its registered office is: Unit 4, Oak Industrial Park, Great Dunmow, Essex, CM6 1XN.

The principal place of business is: Unit 4, Oak Industrial Park, Great Dunmow, Essex, CM6 1XN.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover represents net invoiced sales of goods excluding value added tax. Work in progress at the year end is treated as amounts recoverable on contracts and included in the accounts on the percentage of completion based on the intended invoiced sale.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates ruling at the balance sheet date. All exchange differences are taken to the profit and loss account.

Tax

Tax is recognised as profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

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

 

Abbey Marketing Communications Limited

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

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Website development

20% Straight line method

Motor Vehicles

25% reducing balance

Office equipment

25% straight line method

Leasehold improvements

10% Straight line method

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.

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 at the transaction price 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 debt.

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 at the transaction price less impairment.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Abbey Marketing Communications Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 24).

 

Abbey Marketing Communications Limited

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

4

Tangible assets

Leasehold improvements
£

Website
 £

Motor vehicles
 £

Office Equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2022

8,842

18,500

80,517

111,456

502,709

722,024

Additions

-

-

-

1,615

55,176

56,791

Disposals

-

-

-

-

(16,211)

(16,211)

At 31 March 2023

8,842

18,500

80,517

113,071

541,674

762,604

Depreciation

At 1 April 2022

2,861

18,500

71,101

99,045

359,525

551,032

Charge for the year

884

-

2,354

5,314

42,445

50,997

At 31 March 2023

3,745

18,500

73,455

104,359

401,970

602,029

Carrying amount

At 31 March 2023

5,097

-

7,062

8,712

139,704

160,575

At 31 March 2022

5,981

-

9,417

12,411

143,184

170,993

Revaluation

The fair value of the company's Plant and machinery was revalued on 31 March 2015. An independent valuer was not involved.
The valuation of the plant and machinery as at 31 March 2015 was £259,481. Additions since this date have been included at cost. The directors consider that the value of plant and machinery at 31 March 2023 is not materially different to the stated amount of £139,704.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £122,358 (2022 - £120,056).

 

Abbey Marketing Communications Limited

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

5

Investments

Subsidiaries

£

Cost or valuation

At 1 April 2022 and 31 March 2023

152,435

Carrying amount

At 31 March 2023

152,435

At 31 March 2022

152,435

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Spirt DM Limiited

Unit 4, Oak Industrial Park, Great Dunmow, Essex CM6 1XN

England

One hundred Ordinary £1 shares

100%

100%

6

Debtors

2023
£

2022
£

Trade debtors

477,218

459,465

Directors loan

56,073

110,173

Other debtors

71,598

111,782

Prepayments and accrued income

47,966

41,327

Amounts recoverable on contracts

5,000

19,500

Total current trade and other debtors

657,855

742,247

 

Abbey Marketing Communications Limited

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

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

49,171

46,830

Trade creditors

 

579,024

425,384

Social security and other taxes

 

17,331

96,995

Other creditors

 

210,073

162,867

Accrued expenses

 

6,573

51,134

Corporation tax

44,086

26,263

Directors loan

 

41,325

50,521

 

947,583

859,994

Due after one year

 

Loans and borrowings

9

82,013

112,826

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

39

39

-

-

Ordinary B shares of £1 each

24

24

-

-

Ordinary C shares of £1 each

12

12

-

-

Ordinary shares of £1 each

-

-

75

75

 

75

75

75

75

 

Abbey Marketing Communications Limited

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

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

20,104

20,115

Hire purchase contracts

29,067

26,715

49,171

46,830

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

45,281

65,373

Hire purchase contracts

36,732

47,453

82,013

112,826

Creditors and creditors due after one year include bank loans and overdrafts of £65,385 (2022: £85,488), which are secured.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £118,750 (2022 - £180,500).

11

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

P I Brett

Advances and credits to directors

76,030

44,956

(64,913)

56,073

         
       

A J F Cantwell

Advances and credits to directors

34,142

75,343

(123,188)

(13,703)

         
       

 


 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

P I Brett

Advances and credits to directors

58,424

42,267

(24,661)

76,030

         
       

A J F Cantwell

Advances and credits to directors

6,193

73,197

(45,248)

34,142