Company Registration No. 07327710 (England and Wales)
AABAN PARTNERSHIP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
31 March 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
AABAN PARTNERSHIP LIMITED
COMPANY INFORMATION
Directors
N Iqbal
A Hussain
S Beaumont
(Appointed 27 July 2022)
J Beaumont
(Appointed 27 July 2022)
Company number
07327710
Registered office
296 Union Road
Oswaldtwistle
Accrington
BB5 3JD
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
AABAN PARTNERSHIP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AABAN PARTNERSHIP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
334,577
3,890,805
Current assets
Stocks
5,000
500
Debtors
4
1,011,365
214,605
Cash at bank and in hand
989,924
451,205
2,006,289
666,310
Creditors: amounts falling due within one year
5
(241,024)
(4,018,088)
Net current assets/(liabilities)
1,765,265
(3,351,778)
Total assets less current liabilities
2,099,842
539,027
Provisions for liabilities
(16,764)
Net assets
2,083,078
539,027
Capital and reserves
Called up share capital
360
360
Revaluation reserve
1,229,210
Profit and loss reserves
2,082,718
(690,543)
Total equity
2,083,078
539,027
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AABAN PARTNERSHIP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 November 2023 and are signed on its behalf by:
N Iqbal
A Hussain
Director
Director
S Beaumont
J Beaumont
Director
Director
Company registration number 07327710 (England and Wales)
AABAN PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Aaban Partnership Limited is a private company limited by shares incorporated in England and Wales. The registered office is 296 Union Road, Oswaldtwistle, Accrington, BB5 3JD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents income receivable from health and care provision services rendered. Turnover is recognised in the accounting period in which the company obtains the right to consideration in exchange for its performance.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Improvements to property
over the term of the lease
Fixtures and fittings
15% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
AABAN PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Government grants
Grants are accounted under the accruals model. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in profit or loss in the same period as the related expenditure. Grants of a revenue nature for which there are no future performance-related conditions and costs are recognised as income in the period in which they become receivable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
69
54
AABAN PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Improvements to property
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
3,800,000
96,720
6,919
15,392
3,919,031
Additions
109,965
119,973
18,623
9,037
10,500
268,098
Disposals
(3,800,000)
(3,800,000)
At 31 March 2023
109,965
119,973
115,343
15,956
25,892
387,129
Depreciation and impairment
At 1 April 2022
24,598
2,218
1,410
28,226
Depreciation charged in the year
4,799
12,856
2,519
4,152
24,326
At 31 March 2023
4,799
37,454
4,737
5,562
52,552
Carrying amount
At 31 March 2023
109,965
115,174
77,889
11,219
20,330
334,577
At 31 March 2022
3,800,000
72,122
4,701
13,982
3,890,805
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
615,583
206,284
Amounts owed by group undertakings
35,186
Other debtors
360,596
8,321
1,011,365
214,605
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
291
Trade creditors
42,714
33,707
Taxation and social security
186,899
23,444
Other creditors
11,411
3,960,646
241,024
4,018,088
6
Operating lease commitments
Lessee
At the reporting date, the company had operating lease commitments of £12,508,800.
AABAN PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Related party transactions
During the year, loans totaling £134,000 were repaid to companies controlled by the directors.
Included in other debtors are loans owed by the directors of £206,280 (2022 - £3,777,448 owed to the directors).
There is no interest payable on these loans.
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
N Iqbal
2.00
(1,888,793)
1,941,134
52,341
A Hussain
2.00
(1,888,656)
1,940,997
52,341
S Beaumont
2.00
-
61,432
61,432
J Beaumont
2.00
(40,000)
80,955
40,955
(3,817,449)
4,024,518
207,069