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Registration number: 05248815

Abbey Consultants (Southern) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Abbey Consultants (Southern) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Abbey Consultants (Southern) Limited

Company Information

Director

Mr M Fitzpatrick

Company secretary

Mrs A Fitzpatrick

Registered office

2 Dronken House
43a High Street
Kings Langley
Hertfordshire
WD4 8FG

Accountants

JTTF Accountants Ltd
19 Lillian Road
London
SW13 9JG

 

Abbey Consultants (Southern) Limited

(Registration number: 05248815)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,335

3,530

Current assets

 

Debtors

7

277,047

128,250

Cash at bank and in hand

 

1,038,891

976,938

 

1,315,938

1,105,188

Creditors: Amounts falling due within one year

8

(423,027)

(323,013)

Net current assets

 

892,911

782,175

Total assets less current liabilities

 

895,246

785,705

Creditors: Amounts falling due after more than one year

8

(18,322)

(30,218)

Net assets

 

876,924

755,487

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

876,922

755,485

Shareholders' funds

 

876,924

755,487

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.

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.

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 30 July 2024
 

.........................................
Mr M Fitzpatrick
Director

 

Abbey Consultants (Southern) 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 Dronken House
43a High Street
Kings Langley
Hertfordshire
WD4 8FG

The principal place of business is:
2 Dronken House
43a High Street
Kings Langley
Hertfordshire
WD4 8FG

These financial statements were authorised for issue by the director on 30 July 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 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.

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.

 

Abbey Consultants (Southern) Limited

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

2

Accounting policies (continued)

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.

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

Land and buildings

10% straight line basis

Furniture, fittings and equipment

25% straight line basis

Plant and machinery

25% straight line basis

Motor vehicles

25% straight line basis

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.

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.

 

Abbey Consultants (Southern) Limited

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

2

Accounting policies (continued)

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 15 (2022 - 15).

 

Abbey Consultants (Southern) Limited

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,709

20,435

5

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 November 2022

25,187

2,900

73,839

46,722

Additions

-

-

2,514

-

At 31 October 2023

25,187

2,900

76,353

46,722

Depreciation

At 1 November 2022

25,187

1,725

73,839

44,367

Charge for the year

-

725

629

2,355

At 31 October 2023

25,187

2,450

74,468

46,722

Carrying amount

At 31 October 2023

-

450

1,885

-

At 31 October 2022

-

1,175

-

2,355

 

Abbey Consultants (Southern) Limited

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

5

Tangible assets (continued)

Total
£

Cost or valuation

At 1 November 2022

148,648

Additions

2,514

At 31 October 2023

151,162

Depreciation

At 1 November 2022

145,118

Charge for the year

3,709

At 31 October 2023

148,827

Carrying amount

At 31 October 2023

2,335

At 31 October 2022

3,530

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of long leasehold land and buildings.
 

6

Other financial assets (current and non-current)

7

Debtors

Current

2023
£

2022
£

Trade debtors

177,094

128,250

Other debtors

99,953

-

 

277,047

128,250

 

Abbey Consultants (Southern) Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

11,083

10,853

Trade creditors

 

156,029

134,655

Taxation and social security

 

71,083

57,027

Other creditors

 

184,832

120,478

 

423,027

323,013

Due after one year

 

Loans and borrowings

9

18,322

30,218

 

Abbey Consultants (Southern) Limited

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

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,648

9,400

HP and finance lease liabilities

435

1,453

11,083

10,853

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

18,322

30,218

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       
 

Abbey Consultants (Southern) Limited

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

11

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £19,218 (2022 - £29,517) per each Ordinary shares

38,435

59,034

 

 

12

Related party transactions

Transactions with the director

2023

At 1 November 2022
£

Advances to director
£

At 31 October 2023
£

Director loan

-

99,953

99,953