Abraham & Sons Property Ltd 11091539 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is real estate agency Digita Accounts Production Advanced 6.30.9574.0 true 11091539 2023-04-01 2024-03-31 11091539 2024-03-31 11091539 core:CurrentFinancialInstruments 2024-03-31 11091539 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 11091539 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 11091539 core:FurnitureFittingsToolsEquipment 2024-03-31 11091539 core:LandBuildings 2024-03-31 11091539 core:MotorVehicles 2024-03-31 11091539 bus:SmallEntities 2023-04-01 2024-03-31 11091539 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11091539 bus:FilletedAccounts 2023-04-01 2024-03-31 11091539 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11091539 bus:RegisteredOffice 2023-04-01 2024-03-31 11091539 bus:CompanySecretary1 2023-04-01 2024-03-31 11091539 bus:Director1 2023-04-01 2024-03-31 11091539 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11091539 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 11091539 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 11091539 core:LandBuildings 2023-04-01 2024-03-31 11091539 core:MotorVehicles 2023-04-01 2024-03-31 11091539 countries:EnglandWales 2023-04-01 2024-03-31 11091539 2023-03-31 11091539 core:FurnitureFittingsToolsEquipment 2023-03-31 11091539 core:LandBuildings 2023-03-31 11091539 core:MotorVehicles 2023-03-31 11091539 2022-04-01 2023-03-31 11091539 2023-03-31 11091539 core:CurrentFinancialInstruments 2023-03-31 11091539 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 11091539 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 11091539 core:FurnitureFittingsToolsEquipment 2023-03-31 11091539 core:LandBuildings 2023-03-31 11091539 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 11091539

Abraham & Sons Property Ltd

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

Abraham & Sons Property Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Abraham & Sons Property Ltd

Company Information

Director

Mr C M Abraham

Company secretary

Mrs L Abraham

Registered office

Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Abraham & Sons Property Ltd

(Registration number: 11091539)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

35,382

40,656

Investments

5

36,488

23,575

 

71,870

64,231

Current assets

 

Debtors

4,301

7,602

Cash at bank and in hand

 

11,426

3,511

 

15,727

11,113

Prepayments and accrued income

 

2,765

-

Creditors: Amounts falling due within one year

(29,090)

(15,963)

Net current liabilities

 

(10,598)

(4,850)

Total assets less current liabilities

 

61,272

59,381

Creditors: Amounts falling due after more than one year

(5,000)

(9,000)

Accruals and deferred income

 

(1,100)

(950)

Net assets

 

55,172

49,431

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

55,170

49,429

Shareholders' funds

 

55,172

49,431

 

Abraham & Sons Property Ltd

(Registration number: 11091539)
Abridged Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 director on 2 August 2024
 

.........................................

Mr C M Abraham
Director

 

Abraham & Sons Property Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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:
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

These financial statements were authorised for issue by the director on 2 August 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 abridged 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 abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Abraham & Sons Property Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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

Motor vehicles

20% Straight line

Furniture, fittings and equipment

20% Straight line

Property improvements

20% Straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Asset class

Amortisation method and rate

Investments

No amortisation

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Abraham & Sons Property Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2023 - 9).

 

Abraham & Sons Property Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Property improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

37,465

11,671

8,000

57,136

Additions

-

460

9,643

10,103

Disposals

-

-

(8,000)

(8,000)

At 31 March 2024

37,465

12,131

9,643

59,239

Depreciation

At 1 April 2023

7,968

4,245

4,267

16,480

Charge for the year

7,493

2,383

2,168

12,044

Eliminated on disposal

-

-

(4,667)

(4,667)

At 31 March 2024

15,461

6,628

1,768

23,857

Carrying amount

At 31 March 2024

22,004

5,503

7,875

35,382

At 31 March 2023

29,497

7,426

3,733

40,656

5

Investments

2024
£

2023
£

Other investments

36,488

23,575

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

7

Related party transactions

Other transactions with the director

During the year the director made unsecured, interest free, repayable on demand loans to the company. At the balance sheet date the amount due to the director was £4,544 (2023: £773).