Silverfin false false 29/02/2024 06/02/2023 29/02/2024 A Tyler 06/02/2023 M Tyler 14/02/2023 10 September 2024 The company incorporated on 6 February 2023 and commenced trading on the same date.

The principal activity of the Company during the financial period was that of HR advisory.
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Company No: 14641502 (England and Wales)

ABT PEOPLE LTD

Unaudited Financial Statements
For the financial period from 06 February 2023 to 29 February 2024
Pages for filing with the registrar

ABT PEOPLE LTD

Unaudited Financial Statements

For the financial period from 06 February 2023 to 29 February 2024

Contents

ABT PEOPLE LTD

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
ABT PEOPLE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 29.02.2024
£
Fixed assets
Tangible assets 3 1,351
1,351
Current assets
Debtors 4 3,376
Cash at bank and in hand 6,710
10,086
Creditors: amounts falling due within one year 5 ( 21,932)
Net current liabilities (11,846)
Total assets less current liabilities (10,495)
Net liabilities ( 10,495)
Capital and reserves
Called-up share capital 7 1
Profit and loss account ( 10,496 )
Total shareholder's deficit ( 10,495)

For the financial period ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of ABT People Ltd (registered number: 14641502) were approved and authorised for issue by the Board of Directors on 10 September 2024. They were signed on its behalf by:

M Tyler
Director
ABT PEOPLE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 06 February 2023 to 29 February 2024
ABT PEOPLE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 06 February 2023 to 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

ABT People Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Laurel Cottage, Howe Green, Hertford, SG13 8LH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £10,495. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
06.02.2023 to
29.02.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 2

3. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 06 February 2023 0 0 0
Additions 954 547 1,501
At 29 February 2024 954 547 1,501
Accumulated depreciation
At 06 February 2023 0 0 0
Charge for the financial period 127 23 150
At 29 February 2024 127 23 150
Net book value
At 29 February 2024 827 524 1,351

4. Debtors

29.02.2024
£
Deferred tax asset 3,376

5. Creditors: amounts falling due within one year

29.02.2024
£
Trade creditors 1,355
Amounts owed to directors 19,396
Other taxation and social security 1,181
21,932

There are no amounts included above in respect of which any security has been given by the small entity.

6. Deferred tax

29.02.2024
£
At the beginning of financial period 0
Credited to the Profit and Loss Account 3,376
At the end of financial period 3,376

The deferred taxation balance is made up as follows:

29.02.2024
£
Accelerated capital allowances ( 338)
Tax losses carry forward 3,714
3,376

7. Called-up share capital

29.02.2024
£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1

During the period, 1 Ordinary share of £1.00 each was issued at par.

8. Related party transactions

At the period end, the Company owed the directors £19,396. The loan is interest-free and there is no fixed date for repayment.