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Registration number: 02704857

Abaco Estates Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Abaco Estates Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Abaco Estates Limited

Company Information

Directors

Fraser of Clan Keltie

Mr B A Keltie

Mr R A Keltie

Mr C A Keltie

Company secretary

Joyce of Clan Keltie

Registered office

Suite 151 16 City Business Centre
Hyde Street
Winchester
Hampshire
SO23 7TA

Accountants

Lines & Company Ltd
8 Highfield Road
West Moors
Ferndown
Dorset
BH22 0NA

 

Abaco Estates Limited

(Registration number: 02704857)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,499

1,221

Investment property

5

6,460,000

6,500,000

Investments

6

500

500

 

6,461,999

6,501,721

Current assets

 

Stocks

7

20,748

18,020

Debtors

8

358,988

357,941

Cash at bank and in hand

 

112,584

112,780

 

492,320

488,741

Creditors: Amounts falling due within one year

9

(3,265,961)

(3,177,704)

Net current liabilities

 

(2,773,641)

(2,688,963)

Total assets less current liabilities

 

3,688,358

3,812,758

Creditors: Amounts falling due after more than one year

9

(10,118,975)

(10,161,420)

Net liabilities

 

(6,430,617)

(6,348,662)

Capital and reserves

 

Called up share capital

10

1,270

1,270

Other reserves

4,772,841

4,812,841

Retained earnings

(11,204,728)

(11,162,773)

Shareholders' deficit

 

(6,430,617)

(6,348,662)

 

Abaco Estates Limited

(Registration number: 02704857)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 


Fraser of Clan Keltie
Director

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Abaco Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 151 16 City Business Centre
Hyde Street
Winchester
Hampshire
SO23 7TA
United Kingdom

These financial statements were authorised for issue by the Board on 28 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for rents and service charges. Turnover is shown net of Value Added Tax.

Tax

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

 

Abaco Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

20% straight line

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end dated. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Abaco Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument, and are offset only when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Trade and other debtors (including accrued income) which are receivable within one year are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

Trade and other creditors (including accruals) payable within one year are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Abaco Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

102,522

102,522

Additions

1,348

1,348

At 30 June 2023

103,870

103,870

Depreciation

At 1 July 2022

101,301

101,301

Charge for the year

1,070

1,070

At 30 June 2023

102,371

102,371

Carrying amount

At 30 June 2023

1,499

1,499

At 30 June 2022

1,221

1,221

5

Investment properties

2023
£

At 1 July

6,500,000

Fair value adjustments

(40,000)

At 30 June

6,460,000

The fair value of investment property has been arrived at on the basis of a valuation carried out at 30 June 2023 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

There has been no valuation of investment property by an independent valuer.

6

Investments

2023
£

2022
£

Investments in subsidiaries

500

500

 

Abaco Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Subsidiaries

£

Cost or valuation

At 1 July 2022

500

Provision

Carrying amount

At 30 June 2023

500

At 30 June 2022

500

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Southburn Property Company Limited

Suite 9, Birchmount Court
Forrest Street
Airdrie
Lanarkshire
ML6 7BQ

Scotland

Ordinary

100%

100%

Subsidiary undertakings

Southburn Property Company Limited

The principal activity of Southburn Property Company Limited is investment in heritable property.

7

Stocks

2023
£

2022
£

Work in progress

20,748

18,020

 

Abaco Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

12

349,226

347,608

Other debtors

 

9,762

10,333

   

358,988

357,941

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

3,263,378

3,176,037

Accruals and deferred income

 

2,583

1,667

 

3,265,961

3,177,704

Included in amounts shown as owing to banks are sums debited by the bank which are disputed. They arise from the mis selling of interest rate swaps and the consequences relating thereto.

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

10,118,975

10,161,420

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,270

1,270

1,270

1,270

         
 

Abaco Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

11

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,094,550

2,038,491

Bank overdrafts

1,168,828

1,137,546

3,263,378

3,176,037

12

Related party transactions

The company is controlled by Fraser of Clan Keltie who, together with Joyce of Clan Keltie own all the issued shares.

Fraser of Clan Keltie and Joyce of Clan Keltie own, with their family, Pentland Property Partnership.

At the balance sheet date the company owed Pentland Property Partnership £10,109,575 (2022: £10,161,420) and was owed £349,226 (2022: £347,608 by Southburn Property Company Limited.

During the year the following transactions were undertaken with related parties:

Pentland Property Partnership - Administration and management charges £58,000 (2022: £45,500).