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Registration number: 07972182

Abode Residential Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Abode Residential Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Abode Residential Limited

Company Information

Director

Clare Morrall

Registered office

11 St Pauls Square
Birmingham
West Midlands
B3 1RB

Accountants

James Thompson t/a AIMS
11 Brindley Place
Brunswick Square
Birmingham
West Midlands
B1 2LP

 

Abode Residential Limited

(Registration number: 07972182)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

423

234

Current assets

 

Debtors

5

7,279

7,710

Cash at bank and in hand

 

34,620

40,647

 

41,899

48,357

Creditors: Amounts falling due within one year

6

(23,827)

(24,777)

Net current assets

 

18,072

23,580

Total assets less current liabilities

 

18,495

23,814

Creditors: Amounts falling due after more than one year

6

(9,317)

(13,399)

Provisions for liabilities

(80)

(44)

Net assets

 

9,098

10,371

Capital and reserves

 

Called up share capital

7

60

60

Retained earnings

9,038

10,311

Shareholders' funds

 

9,098

10,371

For the financial year ending 31 December 2023 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 her 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.

Approved and authorised by the director on 7 February 2024
 

 

Abode Residential Limited

(Registration number: 07972182)
Balance Sheet as at 31 December 2023

.........................................
Clare Morrall
Director

 

Abode Residential Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
11 St Pauls Square
Birmingham
West Midlands
B3 1RB
United Kingdom

These financial statements were authorised for issue by the director on 7 February 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in 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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Abode Residential Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Fixtures & fittings

20% Reducing Balance

Computer Equipment

33% Straight Line

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.

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.

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.

 

Abode Residential Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 2 (2022 - 2).

 

Abode Residential Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

1,423

4,507

5,930

Additions

291

-

291

At 31 December 2023

1,714

4,507

6,221

Depreciation

At 1 January 2023

1,291

4,507

5,798

At 31 December 2023

1,291

4,507

5,798

Carrying amount

At 31 December 2023

423

-

423

At 31 December 2022

233

1

234

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

300

Prepayments

1,345

1,396

Other debtors

5,934

6,014

 

7,279

7,710

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

3,967

3,759

Trade creditors

 

1,740

1,934

Taxation and social security

 

15,186

16,368

Other creditors

 

2,934

2,716

 

23,827

24,777

Creditors: amounts falling due after more than one year

 

Abode Residential Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

9,317

13,399

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

60

60

60

60

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

9,317

13,399

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,967

3,759

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £646.17 (2022 - £616.67) per each Ordinary Shares

 

38,770

 

37,000

         

10

Related party transactions

 

Abode Residential Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,500

12,500