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Registration number: 06744100

Abacus Construction Products Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Abacus Construction Products Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Abacus Construction Products Limited

Company Information

Directors

W Holland

Mrs J Holland

Registered office

2 Stubby Grove Cottages
Bells Yew Green
Tunbridge Wells
Kent
TN9 3BG

Accountants

Manningtons
8 High Street
Heathfield
East Sussex
TN21 8LS

 

Abacus Construction Products Limited

(Registration number: 06744100)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

280,548

284,864

Current assets

 

Stocks

5

12,472

10,423

Debtors

6

610

-

Cash at bank and in hand

 

16,694

12,803

 

29,776

23,226

Creditors: Amounts falling due within one year

7

(260,076)

(283,269)

Net current liabilities

 

(230,300)

(260,043)

Net assets

 

50,248

24,821

Capital and reserves

 

Called up share capital

100

100

Retained earnings

50,148

24,721

Shareholders' funds

 

50,248

24,821

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................
W Holland
Director

 

Abacus Construction Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
2 Stubby Grove Cottages
Bells Yew Green
Tunbridge Wells
Kent
TN9 3BG
United Kingdom

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

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

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 sales/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.

 

Abacus Construction Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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

Buildings

Not depreciated

Computer Equipment

33% straight line

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 at the transaction price, 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.

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.

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 at the transaction price.

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.

 

Abacus Construction Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Abacus Construction Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

276,385

1,302

10,803

288,490

Additions

1,500

-

793

2,293

At 31 October 2023

277,885

1,302

11,596

290,783

Depreciation

At 1 November 2022

1,158

1,302

1,166

3,626

Charge for the year

5,558

-

1,051

6,609

At 31 October 2023

6,716

1,302

2,217

10,235

Carrying amount

At 31 October 2023

271,169

-

9,379

280,548

At 31 October 2022

275,227

-

9,637

284,864

Included within the net book value of land and buildings above is £271,170 (2022 - £275,228) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

12,472

10,423

6

Debtors

2023
£

2022
£

Trade debtors

610

-

610

-

 

Abacus Construction Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

1,145

Taxation and social security

9,772

2,691

Accruals and deferred income

1,000

1,000

Other creditors

1,814

2,443

Director loan account

247,490

275,990

260,076

283,269

8

Related party transactions

Summary of transactions with other related parties

B R Holland and Sons Ltd
W Holland is a director and shareholder

 Purchases and sales are made on normal trading basis
 

Income and receivables from related parties

2023

Other related parties
£

Sale of goods

6,205

2022

Other related parties
£

Sale of goods

3,757