Abbott Capital (Europe), Ltd
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 07506871 (England and Wales)
Abbott Capital (Europe), Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Abbott Capital (Europe), Ltd
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,613
6,586
Current assets
Debtors
5
64,089
83,976
Cash at bank and in hand
371,655
297,526
435,744
381,502
Creditors: amounts falling due within one year
6
(55,884)
(46,250)
Net current assets
379,860
335,252
Net assets
384,473
341,838
Capital and reserves
Called up share capital
50,001
50,001
Profit and loss reserves
334,472
291,837
Total equity
384,473
341,838
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 April 2024 and are signed on its behalf by:
P Parziale
Director
Company Registration No. 07506871
Abbott Capital (Europe), Ltd
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information
Abbott Capital (Europe), Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP. The principal place of business is 53 Davies Street, London, W1K 5JH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements, which are those of Abbott Capital (Europe), Ltd as an individual entity, have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The company provides services to it’s parent entity and accordingly the company's principal risks are closely linked to those of the parent entity and it is consequently exposed to the parent entity’s willingness and capacity to provide financial support. The directors have reviewed the financial position of the parent and are confident it has adequate resources to continue to support the company. The parent entity has provided a letter of support to the company for at least one year from the date of approval of these financial statements.
1.3
Turnover
Turnover represents the fair value of services provided during the period. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable and is based on services provided and expenses incurred, but excludes VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
straight line over 4 to 8 years at 12.5% to 25% per annum
Abbott Capital (Europe), Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts, if any, are shown within borrowings in current liabilities.
1.7
Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors and other current creditors payable on demand are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Abbott Capital (Europe), Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors do not consider there to be any key estimates or judgements applicable to the company.
Abbott Capital (Europe), Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
4
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 January 2023 and 31 December 2023
8,010
Depreciation and impairment
At 1 January 2023
1,424
Depreciation charged in the year
1,973
At 31 December 2023
3,397
Carrying amount
At 31 December 2023
4,613
At 31 December 2022
6,586
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
34,699
60,988
Other debtors
9,471
15,982
Prepayments and accrued income
7,689
7,006
51,859
83,976
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
12,230
-
Total debtors
64,089
83,976
Abbott Capital (Europe), Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
18,675
13,779
Amounts owed to group undertakings
1,957
Corporation tax
13,051
9,156
Accruals and deferred income
24,158
21,358
55,884
46,250
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
85,484
8,041
8
Related party transactions
Transactions with related parties
The company has taken advantage of the exemption from disclosing transactions with members within a wholly owned group.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Andrew Grieve
Statutory Auditor:
Moore Kingston Smith LLP