Registered number
01878404
Abacus House Estates Limited
Filleted Accounts
30 June 2023
Abacus House Estates Limited
Registered number: 01878404
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 5,273,000 5,723,000
Current assets
Debtors 4 11,330 6,746
Cash at bank and in hand 106,873 37,486
118,203 44,232
Creditors: amounts falling due within one year 5 (2,702,950) (2,667,973)
Net current liabilities (2,584,747) (2,623,741)
Total assets less current liabilities 2,688,253 3,099,259
Creditors: amounts falling due after more than one year 6 - (390,000)
Net assets 2,688,253 2,709,259
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 7 2,219,326 2,219,326
Profit and loss account 467,927 488,933
Shareholders' funds 2,688,253 2,709,259
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Lancaster
Director
Approved by the board on 7 February 2024
Abacus House Estates Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings not depreciated
Leasehold land and buildings not depreciated
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2022 5,723,000
Disposals (450,000)
At 30 June 2023 5,273,000
Depreciation
At 30 June 2023 -
Net book value
At 30 June 2023 5,273,000
At 30 June 2022 5,723,000
4 Debtors 2023 2022
£ £
Trade debtors 3,448 394
Prepayments 7,882 6,352
11,330 6,746
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,405 8,294
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,618,283 2,623,783
Taxation and social security costs 56,953 5,997
Accruals 1,532 3,240
Other creditors 21,777 26,659
2,702,950 2,667,973
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors - 390,000
7 Revaluation reserve 2023 2022
£ £
At 1 July 2022 2,219,326 2,219,326
At 30 June 2023 2,219,326 2,219,326
8 Related party transactions
At the year end the company owed £2,618,283 (2022: £2,623,783) to Abacus House Holdings Limited, the company's parent company.
9 Controlling party
The company is controlled by the directors, who together with their families, own 100% of the issued share capital in Abacus House Holdings Limited, the company's parent company.
10 Other information
Abacus House Estates Limited is a private company limited by shares and incorporated in England. Its registered office is:
11 Peace Drive
Belvedere
Shrewsbury
Shropshire
SY2 5NQ
Abacus House Estates Limited 01878404 false 2022-07-01 2023-06-30 2023-06-30 VT Final Accounts October 2023 release 2 P Lancaster No description of principal activity 01878404 2021-07-01 2022-06-30 01878404 core:WithinOneYear 2022-06-30 01878404 core:AfterOneYear 2022-06-30 01878404 core:ShareCapital 2022-06-30 01878404 core:OtherReservesSubtotal 2022-06-30 01878404 core:RetainedEarningsAccumulatedLosses 2022-06-30 01878404 core:RevaluationReserve 2021-06-30 01878404 2022-07-01 2023-06-30 01878404 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 01878404 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 01878404 bus:Director40 2022-07-01 2023-06-30 01878404 1 2022-07-01 2023-06-30 01878404 2 2022-07-01 2023-06-30 01878404 core:LandBuildings 2022-07-01 2023-06-30 01878404 countries:England 2022-07-01 2023-06-30 01878404 bus:FRS102 2022-07-01 2023-06-30 01878404 bus:FullAccounts 2022-07-01 2023-06-30 01878404 2023-06-30 01878404 core:WithinOneYear 2023-06-30 01878404 core:AfterOneYear 2023-06-30 01878404 core:ShareCapital 2023-06-30 01878404 core:OtherReservesSubtotal 2023-06-30 01878404 core:RetainedEarningsAccumulatedLosses 2023-06-30 01878404 core:LandBuildings 2023-06-30 01878404 core:RevaluationReserve 2023-06-30 01878404 2022-06-30 01878404 core:LandBuildings 2022-06-30 01878404 core:RevaluationReserve 2022-06-30 iso4217:GBP xbrli:pure