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COMPANY REGISTRATION NUMBER: 09828794
Abrahams and Robinson Limited
Filleted Unaudited Financial Statements
31 October 2023
Abrahams and Robinson Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
1,752
2,085
Current assets
Stocks
29,506
61,914
Debtors
7
55,943
1,390
Cash at bank and in hand
4,046
32,430
--------
--------
89,495
95,734
Creditors: amounts falling due within one year
8
61,947
82,835
--------
--------
Net current assets
27,548
12,899
--------
--------
Total assets less current liabilities
29,300
14,984
Creditors: amounts falling due after more than one year
9
61,555
27,500
Provisions
Taxation including deferred tax
333
396
--------
--------
Net liabilities
( 32,588)
( 12,912)
--------
--------
Capital and reserves
Called up share capital
10
150
150
Profit and loss account
( 32,738)
( 13,062)
--------
--------
Shareholders deficit
( 32,588)
( 12,912)
--------
--------
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the financial year ended 31 October 2023, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies and the members have not required the company to obtain an audit of its accounts for the year in questions in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Abrahams and Robinson Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mrs J P Robinson
Director
Company registration number: 09828794
Abrahams and Robinson Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 The Linen Yard, South Street, Crewkerne, Somerset, TA18 8AB. The principal place of business is 2 High Street, Burnham on Sea, Somerset, TA8 1NX.
2. Statement of compliance
These financial statements have been prepared in accordance with FRS 102 taking advantage of the disclosure exemptions of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the year end the company had net liabilities of £32,588 (2022 £12,912) It is therefore dependent on the support of its directors to continue trading. The directors have indicated that continued support will be forthcoming in the foreseeable future and the company is currently meeting its day to day liabilities as they fall due. The directors are looking at the future trading prospects of the company. Accordingly, the directors continues to adopt the going concern basis in preparing the accounts.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase,and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 7 ).
5. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
25,000
----
--------
Dividends have been paid in contravention of section 830 of the Companies Act 2006, which prohibits the payments of dividends other than by way of distribution out of available profits. Accordingly the shareholders may be liable to repay to the company £12,912 of dividends drawn.
6. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 November 2022
8,448
4,167
12,615
Additions
256
256
-------
-------
--------
At 31 October 2023
8,704
4,167
12,871
-------
-------
--------
Depreciation
At 1 November 2022
6,919
3,611
10,530
Charge for the year
449
140
589
-------
-------
--------
At 31 October 2023
7,368
3,751
11,119
-------
-------
--------
Carrying amount
At 31 October 2023
1,336
416
1,752
-------
-------
--------
At 31 October 2022
1,529
556
2,085
-------
-------
--------
7. Debtors
2023
2022
£
£
Trade debtors
475
375
Other debtors
55,468
1,015
--------
-------
55,943
1,390
--------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
25,450
10,000
Trade creditors
23,626
56,685
Corporation tax
6,065
Social security and other taxes
12,871
10,085
--------
--------
61,947
82,835
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
61,555
27,500
--------
--------
Included in bank loans and overdrafts is a Coronavirus Bounce Back loan which is secured under the Government Scheme. The loan is repayable by instalments and interest is charged at 2 1/2% per annum. Included within the balance of £61,555 is an amount of £3,519 which is due after more than 5 years payable by installments.
10. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
A Ordinary shares of £ 1 each
100
100
100
100
B Ordinary shares of £ 1 each
50
50
50
50
----
----
----
----
150
150
150
150
----
----
----
----
Issued, called up and fully paid
2023
2022
No.
£
No.
£
A Ordinary shares of £ 1 each
100
100
100
100
B Ordinary shares of £ 1 each
50
50
50
50
----
----
----
----
150
150
150
150
----
----
----
----
150 shares were issued, at par, on 16th October 2015.