REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
E & R ABBOTT LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
E & R ABBOTT LIMITED |
E & R ABBOTT LIMITED (REGISTERED NUMBER: 00588841) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31st March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
E & R ABBOTT LIMITED |
COMPANY INFORMATION |
for the year ended 31st March 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
Priestley House |
Priestley Gardens |
Chadwell Heath |
Essex, RM6 4SN |
BANKERS: |
110 George Lane |
South Woodford |
London |
E18 |
E & R ABBOTT LIMITED (REGISTERED NUMBER: 00588841) |
BALANCE SHEET |
31st March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
E & R ABBOTT LIMITED (REGISTERED NUMBER: 00588841) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31st March 2023 |
1. | STATUTORY INFORMATION |
E & R Abbott Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the fair value of commissions receivable, excluding value added tax, once the income and related costs incurred can be reliably measured, and it is probable that the economic benefits will flow to the company. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 1981, was amortised evenly over its estimated useful life of twenty 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 |
Improvements to property | - |
Fixtures and fittings | - |
Investment property |
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in the fair value is recognised in the Income Statement. Deferred tax is provided on the fair value of the gain at the rate expected to apply. |
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. |
E & R ABBOTT LIMITED (REGISTERED NUMBER: 00588841) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31st March 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st April 2022 |
and 31st March 2023 |
AMORTISATION |
At 1st April 2022 |
and 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Freehold | to | and |
property | property | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st April 2022 |
and 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
E & R ABBOTT LIMITED (REGISTERED NUMBER: 00588841) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31st March 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31st March 2023 is represented by: |
Improvements | Fixtures |
Freehold | to | and |
property | property | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2021 | 53,274 | 10,337 | - | 63,611 |
Cost | 295,082 | 57,283 | 84,107 | 436,472 |
348,356 | 67,620 | 84,107 | 500,083 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2022 |
and 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
Fair value at 31st March 2023 is represented by: |
£ |
Valuation in 2015 | 752,035 |
Valuation in 2021 | 229,525 |
Cost | 519,380 |
1,500,940 |
If the investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 519,380 | 519,380 |
The investment property was valued on an open market basis on 31st March 2021 by the director . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
E & R ABBOTT LIMITED (REGISTERED NUMBER: 00588841) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31st March 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | SECURED DEBTS |
A legal charge and a debenture held by the bank and secured against the company's freehold property and assets of the Company, was satisfied after the year end 31 March 2023. |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1st April 2022 |
and 31st March 2023 |
The fair value reserve represents a non-distributable reserve arising from the net fair gains on the revaluation of freehold property, improvements to property and investment properties, as per FRS 102 Section 1A (Small Companies). |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is J C Abbott. |