Company registration number 13266792 (England and Wales)
ABBEYBOURN PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
ABBEYBOURN PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
ABBEYBOURN PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
561
Investment property
4
1,017,374
350,000
Investments
5
200
200
1,018,135
350,200
Current assets
Debtors
7
600
Cash at bank and in hand
29,899
63,127
29,899
63,727
Creditors: amounts falling due within one year
8
(302,452)
(155,822)
Net current liabilities
(272,553)
(92,095)
Total assets less current liabilities
745,582
258,105
Creditors: amounts falling due after more than one year
9
(716,881)
(245,050)
Provisions for liabilities
(4,462)
(1,822)
Net assets
24,239
11,233
Capital and reserves
Called up share capital
10
200
100
Revaluation reserve
12,968
5,468
Profit and loss reserves
11,071
5,665
Total equity
24,239
11,233
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 and signed by the director and authorised for issue on 30 April 2024
Mr O J Devoto
Director
Company Registration No. 13266792
ABBEYBOURN PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2022
100
1,347
1,447
Year ended 31 January 2023:
Profit
-
-
11,786
11,786
Other comprehensive income:
Tax relating to other comprehensive income
-
(1,822)
1,822
-
Total comprehensive income
-
(1,822)
13,608
11,786
Dividends
-
-
(2,000)
(2,000)
Transfers
-
7,290
(7,290)
-
Balance at 31 January 2023
100
5,468
5,665
11,233
Year ended 31 January 2024:
Profit
-
-
13,906
13,906
Other comprehensive income:
Tax relating to other comprehensive income
-
(2,500)
2,500
-
Total comprehensive income
-
(2,500)
16,406
13,906
Issue of share capital
10
100
-
-
100
Dividends
-
-
(1,000)
(1,000)
Transfers
-
10,000
(10,000)
-
Balance at 31 January 2024
200
12,968
11,071
24,239
ABBEYBOURN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Abbeybourn Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 90 Victoria Street, Bristol, BS1 6DP.
1.1
Accounting convention
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
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 have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the provision of rental properties is recognised over the period of rent when, and to the extent that, the company obtains the rights to consideration in exchange for services provided.
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 and fittings
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
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 date. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
ABBEYBOURN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
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.
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
ABBEYBOURN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 February 2023
Additions
673
At 31 January 2024
673
Depreciation and impairment
At 1 February 2023
Depreciation charged in the year
112
At 31 January 2024
112
Carrying amount
At 31 January 2024
561
At 31 January 2023
4
Investment property
2024
£
Fair value
At 1 February 2023
350,000
Additions
657,374
Revaluations
10,000
At 31 January 2024
1,017,374
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 January 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
200
200
6
Subsidiaries
Details of the company's subsidiaries at 31 January 2024 are as follows:
ABBEYBOURN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
6
Subsidiaries
(Continued)
- 6 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Abbeybourn Limited
Lanyon House, Mission Court, Newport, NP20 2DW
Ordinary
100.00
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
600
8
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
1,165
860
Other creditors
301,287
154,962
302,452
155,822
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
716,881
245,050
Included above is an amount of £716,881 (2023 - £245,050), which is secured over the companies investment property.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
190
100
190
100
Ordinary A of £1 each
10
-
10
-
200
100
200
100
11
Related party transactions
During the year, the company was loaned money from Abbeybourn Limited. At the year end the amount owed to Abbeybourn Limited was £95,035 (2023 - £96,000), this amount is included in creditors: amounts falling due within one year. Mr O Devoto is a director of both Abbeybourn Properties Limited and Abbeybourn Limited.
ABBEYBOURN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
(Continued)
- 7 -
12
Directors' transactions
Dividends totalling £1,000 (2023 - £2,000) were paid in the year in respect of shares held by the company's director.
The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the director was £199,736 (2023 - £57,978); this amount being included in creditors: amounts falling due within one year.