Registered number
09599024
Abacus Lease Investment Limited
Unaudited Filleted Accounts
31 March 2023
Abacus Lease Investment Limited
Registered number: 09599024
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 427,134 525,554
Investments 4 600 580
427,734 526,134
Current assets
Debtors 5 1,038,738 1,038,560
Cash at bank and in hand 29,397 27,096
1,068,135 1,065,656
Creditors: amounts falling due within one year 6 (1,682,472) (1,450,126)
Net current liabilities (614,337) (384,470)
Total assets less current liabilities (186,603) 141,664
Creditors: amounts falling due after more than one year 7 (53,688) (125,601)
Net (liabilities)/assets (240,291) 16,063
Capital and reserves
Called up share capital 100 100
Profit and loss account (240,391) 15,963
Shareholder's funds (240,291) 16,063
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms S C Chew
Director
Approved by the board on 8 December 2023
Abacus Lease Investment Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemptions provided by section 398 of the Companies Act 2006 not to prepare group accounts.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 730,584 15,995 746,579
Additions 49,233 - 49,233
At 31 March 2023 779,817 15,995 795,812
Depreciation
At 1 April 2022 214,627 6,398 221,025
Charge for the year 144,454 3,199 147,653
At 31 March 2023 359,081 9,597 368,678
Net book value
At 31 March 2023 420,736 6,398 427,134
At 31 March 2022 515,957 9,597 525,554
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2022 580
Additions 20
At 31 March 2023 600
5 Debtors 2023 2022
£ £
Trade debtors 67,076 6,618
Amounts owed by group undertakings and undertakings in which the company has a participating interest 787,551 731,351
Other debtors 184,111 300,591
1,038,738 1,038,560
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 101,942 138,564
Obligations under finance lease and hire purchase contracts 12,279 16,496
Trade creditors - 2,981
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,073,772 1,059,472
Taxation and social security costs 19,662 28,395
Other creditors 474,817 204,218
1,682,472 1,450,126
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 50,471 115,142
Obligations under finance lease and hire purchase contracts 3,217 10,459
53,688 125,601
8 Related party transactions
The company has taken advantages of exemption from disclosure in paragraph 33.1A under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose transactions or balances between the wholly owned members of the group.
9 Controlling party
The company is under the control of the director, Ms S C Chew by virtue of her shareholdings.
10 Other information
Abacus Lease Investment Limited is a private company limited by shares and incorporated in England. Its registered office is:
15 Frith Street
1st Floor
London
W1D 4RE
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