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Registration number: 08692842

Abercore Limited

Unaudited Filleted Financial Statements

for the Period from 1 March 2023 to 28 February 2024

 

Abercore Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Abercore Limited

Company Information

Directors

Mr Rory George Malcolm Wilson

Mr Simon Patrick Johnson

Mr Luca Maria Galbiati

Registered office

50 Sloane Avenue
Suite 305
London
SW3 3DD

Accountants

Tayabali & White
5 High Green
Great Shelford
Cambridge
Cambridgeshire
CB22 5EG

 

Abercore Limited

(Registration number: 08692842)
Balance Sheet as at 28 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

60,004

3,683

Investments

6

200

200

 

60,204

3,883

Current assets

 

Debtors

7

2,850,475

2,210,969

Cash at bank and in hand

 

2,227,507

2,819,902

 

5,077,982

5,030,871

Creditors: Amounts falling due within one year

8

(3,128,426)

(4,359,091)

Net current assets

 

1,949,556

671,780

Total assets less current liabilities

 

2,009,760

675,663

Creditors: Amounts falling due after more than one year

8

(14,167)

(24,167)

Provisions for liabilities

(3,905)

(700)

Net assets

 

1,991,688

650,796

Capital and reserves

 

Called up share capital

9

75

75

Capital redemption reserve

25

25

Retained earnings

1,991,588

650,696

Shareholders' funds

 

1,991,688

650,796

For the financial period ending 28 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 members have not required the company to obtain an audit of its accounts for the period 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.

 

Abercore Limited

(Registration number: 08692842)
Balance Sheet as at 28 February 2024

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 19 August 2024 and signed on its behalf by:
 

.........................................
Mr Luca Maria Galbiati
Director

 

Abercore Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company's registered number is 08692842.

The address of its registered office is:
50 Sloane Avenue
Suite 305
London
SW3 3DD

These financial statements were authorised for issue by the Board on 19 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 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.

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.

 

Abercore Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Office equipment

25% on cost

Fixtures and fittings

25% on cost

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.

 

Abercore Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 directors) during the period, was 8 (2023 - 6).

4

Intangible assets

Development costs
 £

Total
£

Cost or valuation

At 1 March 2023

5,500

5,500

At 28 February 2024

5,500

5,500

Amortisation

At 1 March 2023

5,500

5,500

At 28 February 2024

5,500

5,500

Carrying amount

At 28 February 2024

-

-

 

Abercore Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

13,942

9,202

23,144

Additions

57,766

2,855

60,621

At 28 February 2024

71,708

12,057

83,765

Depreciation

At 1 March 2023

13,942

5,519

19,461

Charge for the period

1,733

2,567

4,300

At 28 February 2024

15,675

8,086

23,761

Carrying amount

At 28 February 2024

56,033

3,971

60,004

At 28 February 2023

-

3,683

3,683

6

Investments

2024
£

2023
£

Investments in subsidiaries

200

200

Subsidiaries

£

Cost or valuation

At 1 March 2023

200

Provision

Carrying amount

At 28 February 2024

200

At 28 February 2023

200

 

Abercore Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

2,198,870

1,918,984

Other debtors

651,605

291,985

 

2,850,475

2,210,969

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

10,000

10,000

Trade creditors

1,999,727

3,899,183

Taxation and social security

799,061

176,438

Accruals and deferred income

53,535

-

Other creditors

1,948

2,247

Amounts due to related parties

264,155

271,223

3,128,426

4,359,091

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

14,167

24,167

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

75

75

75

75

       
 

Abercore Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

10

Related party transactions

The company has taken advantage of the exemption available under FRS 102 not to disclose details of transactions with wholly owned members of the group headed by the company.

Summary of transactions with key management

Remuneration was paid to directors of £325,140 (2023: £25,140) during the year which includes pension contributions of £300,000 (2023: £Nil). The directors are the only key management personnel of this company.

Included within debtors are unsecured loans totalling £449,287 (2023: £200,019) due from the directors.

 Loans are provided to and from directors on an unsecured and interest free basis.
 

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 28 February 2024
£

199,287

450,000

(200,000)

449,287

 

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

94,386

254,901

(150,000)

199,287