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REGISTERED NUMBER: SC124434 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

ABACUS PROPERTY LIMITED

ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ABACUS PROPERTY LIMITED

COMPANY INFORMATION
For The Year Ended 30 September 2023







DIRECTORS: D G Mudie CA
J C MacGregor BA, FCA
G Anderson CA
K F M Oxland CEng, MRINA
Mrs F M McGlynn CA
D Grout ACCA
A G Newiss ACCA
Mrs E W Mudie
Mrs L C Oxland
C K McGlynn





SECRETARY: K F M Oxland CEng, MRINA





REGISTERED OFFICE: R A Clement Associates
5 Argyll Square
OBAN
PA34 4AZ





REGISTERED NUMBER: SC124434 (Scotland)





ACCOUNTANTS: R A Clement Associates
Chartered Accountants
Argyll Square
Oban
Argyll
PA34 4AZ

ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434)

BALANCE SHEET
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 - -
Investment property 6 1,225,000 1,230,000
1,225,000 1,230,000

CURRENT ASSETS
Debtors 7 9,653 10,975
Cash at bank 125,197 59,240
134,850 70,215
CREDITORS
Amounts falling due within one year 8 30,913 79,654
NET CURRENT ASSETS/(LIABILITIES) 103,937 (9,439 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,328,937

1,220,561

CREDITORS
Amounts falling due after more than one year 9 (16,667 ) (24,666 )

PROVISIONS FOR LIABILITIES (44,250 ) (13,475 )
NET ASSETS 1,268,020 1,182,420

CAPITAL AND RESERVES
Called up share capital 60,000 60,000
Fair value reserve 10 427,774 312,417
Retained earnings 780,246 810,003
SHAREHOLDERS' FUNDS 1,268,020 1,182,420

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434)

BALANCE SHEET - continued
30 September 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2024 and were signed on its behalf by:





D Grout ACCA - Director


ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2023

1. STATUTORY INFORMATION

Abacus Property Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 10% on cost

Heritable property has not been depreciated since it is the asset of a property investment company.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 170,000
AMORTISATION
At 1 October 2022
and 30 September 2023 170,000
NET BOOK VALUE
At 30 September 2023 -
At 30 September 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 October 2022
and 30 September 2023 131,014
DEPRECIATION
At 1 October 2022
and 30 September 2023 131,014
NET BOOK VALUE
At 30 September 2023 -
At 30 September 2022 -

Heritable Property has been reclassified as Investment Property under the terms of the Triennial Review of FRS102.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022 1,230,000
Disposals (175,000 )
Revaluations 170,000
At 30 September 2023 1,225,000
NET BOOK VALUE
At 30 September 2023 1,225,000
At 30 September 2022 1,230,000

ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

6. INVESTMENT PROPERTY - continued

Heritable Property has been reclassified as Investment Property under the terms of the Triennial Review of FRS102.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,053 7,375
Other debtors 3,600 3,600
9,653 10,975

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 8,000 8,000
Taxation and social security 22,913 15,654
Other creditors - 56,000
30,913 79,654

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 16,667 24,666

10. RESERVES
Fair
value
reserve
£   
At 1 October 2022 312,417
Property revaluation 115,357

At 30 September 2023 427,774

11. CONTINGENT LIABILITIES

The company has provided a guarantee to The Clydesdale Bank Plc, with regard to all borrowings of R A Clement Associates with the bank.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

D J Grout is a partner in the firm of R A Clement Associates which rents premises and trades with the company on a normal commercial basis.