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Registered number: 05025001
Abacus Property Developments Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Mayers
33 Mary Seacole Road
The Millfields
Plymouth
PL1 3JY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 05025001
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 144,160 144,673
144,160 144,673
CURRENT ASSETS
Debtors 5 850 850
Cash at bank and in hand 5,256 7,312
6,106 8,162
Creditors: Amounts Falling Due Within One Year 6 (5,475 ) (5,109 )
NET CURRENT ASSETS (LIABILITIES) 631 3,053
TOTAL ASSETS LESS CURRENT LIABILITIES 144,791 147,726
Creditors: Amounts Falling Due After More Than One Year 7 (184,380 ) (184,380 )
NET LIABILITIES (39,589 ) (36,654 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (39,689 ) (36,754 )
SHAREHOLDERS' FUNDS (39,589) (36,654)
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Joanna Pogson
Director
6 August 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Abacus Property Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05025001 . The registered office is 6 College Road, Keyham, Plymouth, PL2 1NR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Straight line over 100 years
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Land & Property
Freehold
£
Cost
As at 1 April 2023 153,911
As at 31 March 2024 153,911
Depreciation
As at 1 April 2023 9,238
Provided during the period 513
As at 31 March 2024 9,751
Net Book Value
As at 31 March 2024 144,160
As at 1 April 2023 144,673
Page 3
Page 4
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 850 850
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 850 850
Accrued expenses 1,092 1,038
Directors' loan accounts 3,533 3,221
5,475 5,109
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 184,380 184,380
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Included within creditors are the following loans from the directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mrs Joanna Pogson (1,109 ) - (156 ) - (1,265 )
Mr Philip Wood (2,112 ) - (156 ) - (2,268 )
The above loan is unsecured, interest free and repayable on demand.
Page 4