Registration number:
Abaco Estates Limited
for the Year Ended 30 June 2023
Abaco Estates Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Abaco Estates Limited
Company Information
Directors |
Fraser of Clan Keltie Mr B A Keltie Mr R A Keltie Mr C A Keltie |
Company secretary |
Joyce of Clan Keltie |
Registered office |
|
Accountants |
|
Abaco Estates Limited
(Registration number: 02704857)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
1,270 |
1,270 |
|
Other reserves |
4,772,841 |
4,812,841 |
|
Retained earnings |
(11,204,728) |
(11,162,773) |
|
Shareholders' deficit |
(6,430,617) |
(6,348,662) |
Abaco Estates Limited
(Registration number: 02704857)
Balance Sheet as at 30 June 2023
For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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
|
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Abaco Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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 is recognised at the fair value of the consideration received or receivable for rents and service charges. Turnover is shown net of Value Added Tax.
Tax
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.
Abaco Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.
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 and Fittings |
20% straight line |
Investment property
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.
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.
Abaco Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument, and are offset only when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Trade and other debtors (including accrued income) which are receivable within one year are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.
Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.
Trade and other creditors (including accruals) payable within one year are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Abaco Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 July 2022 |
|
|
Additions |
|
|
At 30 June 2023 |
|
|
Depreciation |
||
At 1 July 2022 |
|
|
Charge for the year |
|
|
At 30 June 2023 |
|
|
Carrying amount |
||
At 30 June 2023 |
|
|
At 30 June 2022 |
|
|
Investment properties |
2023 |
|
At 1 July |
|
Fair value adjustments |
( |
At 30 June |
|
The fair value of investment property has been arrived at on the basis of a valuation carried out at 30 June 2023 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
There has been no valuation of investment property by an independent valuer.
Investments |
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Abaco Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Subsidiaries |
£ |
Cost or valuation |
|
At 1 July 2022 |
|
Provision |
|
Carrying amount |
|
At 30 June 2023 |
|
At 30 June 2022 |
|
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 |
||||
|
Suite 9, Birchmount Court
Scotland |
|
|
|
Subsidiary undertakings |
Southburn Property Company Limited The principal activity of Southburn Property Company Limited is |
Stocks |
2023 |
2022 |
|
Work in progress |
|
|
Abaco Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Debtors |
Current |
Note |
2023 |
2022 |
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Accruals and deferred income |
|
|
|
|
|
Included in amounts shown as owing to banks are sums debited by the bank which are disputed. They arise from the mis selling of interest rate swaps and the consequences relating thereto.
Creditors: amounts falling due after more than one year
2023 |
2022 |
|
Due after one year |
||
Other non-current financial liabilities |
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,270 |
|
1,270 |
Abaco Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Loans and borrowings |
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank overdrafts |
|
|
|
|
Related party transactions |
The company is controlled by Fraser of Clan Keltie who, together with Joyce of Clan Keltie own all the issued shares.
Fraser of Clan Keltie and Joyce of Clan Keltie own, with their family, Pentland Property Partnership.
At the balance sheet date the company owed Pentland Property Partnership £10,109,575 (2022: £10,161,420) and was owed £349,226 (2022: £347,608 by Southburn Property Company Limited.
During the year the following transactions were undertaken with related parties:
Pentland Property Partnership - Administration and management charges £58,000 (2022: £45,500).