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COMPANY REGISTRATION NUMBER: 08574199
Malcolm Abbs Limited
Unaudited financial statements
31 July 2023
Malcolm Abbs Limited
Statement of financial position
31 July 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
206,692
157,668
Current assets
Debtors
7
227,231
269,168
Cash at bank and in hand
194,439
48,991
---------
---------
421,670
318,159
Creditors: Amounts falling due within one year
8
( 222,098)
( 132,545)
---------
---------
Net current assets
199,572
185,614
---------
---------
Total assets less current liabilities
406,264
343,282
Creditors: Amounts falling due after more than one year
9
( 115,044)
( 86,307)
Provisions
Taxation including deferred tax
( 51,496)
( 39,417)
---------
---------
Net assets
239,724
217,558
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
239,723
217,557
---------
---------
Shareholder funds
239,724
217,558
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Malcolm Abbs Limited
Statement of financial position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 11 April 2024 , and are signed on behalf of the board by:
M R Abbs
Director
Company registration number: 08574199
Malcolm Abbs Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, Suffolk, IP32 7EA. The company's trading address is Builders Yard, Hastings Lane, Sheringham, NR26 8DP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
33% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of employees during the year was 16 (2022: 13 ).
5. Intangible assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
80,000
-------
Amortisation
At 1 August 2022 and 31 July 2023
80,000
-------
Carrying amount
At 31 July 2023
-------
At 31 July 2022
-------
6. Tangible assets
Plant and machinery
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1 August 2022
131,093
69,805
3,958
204,856
Additions
1,300
91,545
342
93,187
---------
---------
------
---------
At 31 July 2023
132,393
161,350
4,300
298,043
---------
---------
------
---------
Depreciation
At 1 August 2022
37,839
7,333
2,016
47,188
Charge for the year
23,395
19,790
978
44,163
---------
---------
------
---------
At 31 July 2023
61,234
27,123
2,994
91,351
---------
---------
------
---------
Carrying amount
At 31 July 2023
71,159
134,227
1,306
206,692
---------
---------
------
---------
At 31 July 2022
93,254
62,472
1,942
157,668
---------
---------
------
---------
7. Debtors
2023
2022
£
£
Trade debtors
121,423
119,915
Amounts owed by group undertakings and undertakings in which the company has a participating interest
14,546
5,000
Other debtors
91,262
144,253
---------
---------
227,231
269,168
---------
---------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
Trade creditors
71,964
48,927
Social security and other taxes
69,707
22,402
Other creditors
80,427
51,216
---------
---------
222,098
132,545
---------
---------
Included within other creditors due within one year is a balance of £34,272 (2022: £32,047) secured against assets to which they relate.
9. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
28,333
Other creditors
115,044
57,974
---------
-------
115,044
86,307
---------
-------
Included within other creditors due after one year is a balance of £115,044 (2022: £57,974) secured against assets to which they relate .
10. Director's advances, credits and guarantees
Included within debtors at the year end is a directors loan account of £Nil (2022: £104,483). Interest of £1,699 (2022: £2,160) was charged at the official rate.