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Company No: 11645790 (England and Wales)

ABACUS CARE LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

ABACUS CARE LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

ABACUS CARE LIMITED

BALANCE SHEET

As at 31 July 2023
ABACUS CARE LIMITED

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 2,335,929 1,228,104
Investments 4 1 1
2,335,930 1,228,105
Current assets
Debtors 5 100 100
Cash at bank and in hand 2,868 8,402
2,968 8,502
Creditors: amounts falling due within one year 6 ( 280,476) ( 298,734)
Net current liabilities (277,508) (290,232)
Total assets less current liabilities 2,058,422 937,873
Creditors: amounts falling due after more than one year 7 ( 707,093) ( 750,876)
Provision for liabilities 8 ( 276,956) ( 5,862)
Net assets 1,074,373 181,135
Capital and reserves
Called-up share capital 100 100
Fair value reserve 830,869 0
Profit and loss account 243,404 181,035
Total shareholders' funds 1,074,373 181,135

For the financial 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.

Directors' responsibilities:

The financial statements of Abacus Care Limited (registered number: 11645790) were approved and authorised for issue by the Board of Directors on 21 April 2024. They were signed on its behalf by:

K A Tills
Director
ABACUS CARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
ABACUS CARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Abacus Care Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hendford Manor, Yeovil, BA20 1UN, England, United Kingdom. The principal place of business is Dene Court Care Home, 1 Butts Road, Exeter, EX2 5HU.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Other operating income comprises the fair value of the consideration received or receivable for the rental of the company's investment property.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified 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 assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 August 2022 1,228,104
Fair value movement 1,107,825
As at 31 July 2023 2,335,929

Valuation

The investment property was revalued at 31 July 2023 by the directors using a rebuild valuation by an independent valuer.

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 August 2022 1
At 31 July 2023 1
Carrying value at 31 July 2023 1
Carrying value at 31 July 2022 1

At the balance sheet date the company had 1 (2022 - 1) wholly owned subsidiary. There has been no movement during the year.

5. Debtors

2023 2022
£ £
Other debtors 100 100

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 53,200 58,211
Amounts owed to Group undertakings 1,421 6,314
Taxation and social security 5,773 10,540
Other creditors 220,082 223,669
280,476 298,734

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 707,093 750,876

The bank borrowings are secured by a fixed and floating charge over all the assets and undertakings of the company and its subsidiary.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 276,956 5,862

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

The company has taken advantage of the exemptions provided from disclosing transactions with its wholly owned subsidiaries.