Company registration number 01919149 (England and Wales)
ABLEWORLD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
ABLEWORLD LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
ABLEWORLD LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 24 DECEMBER 2023
24 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
5
-
0
623,193
Current assets
Stocks
-
307,783
Debtors
6
1,476,182
543,153
Cash at bank and in hand
157,147
177,010
1,633,329
1,027,946
Creditors: amounts falling due within one year
7
(1,203,441)
(1,196,941)
Net current assets/(liabilities)
429,888
(168,995)
Net assets
429,888
454,198
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
429,788
454,098
Total equity
429,888
454,198

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 24 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 23 September 2024
Mr L Faust
Director
Company registration number 01919149 (England and Wales)
ABLEWORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Ableworld Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tavistock House South, Tavistock Square, London, WC1H 9LG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

It is the intention of the director to liquidate the company in the near future and, as a result, the going concern basis is no longer considered appropriate. Prior to liquidation, the director will arrange for the company’s trade and certain assets to be transferred to a fellow subsidiary undertaking.

 

For the above reason, the director and member have determined that the going concern basis is no longer appropriate, and the financial statements have been prepared on a basis other than going concern in order to give a true and fair view of the assets, liabilities, financial position and the results of the company for the year ended 24 December 2023. This basis includes writing the company’s assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed to at the statement of financial position date.

1.3
Turnover

Revenue from the sale of trading properties is included in turnover and taken into account on the completion of the contract. Rental income arising from trading properties is included in other operating income.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

1.5
Stocks

Stock represents properties held for development and/or for resale and are valued at the lower of cost and net realisable value. No interest is capitalised in respect of properties held in stock.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the income statement. Reversals of impairment losses are also recognised in the income statement.

1.6
Cash at bank and in hand

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 current liabilities.

ABLEWORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

ABLEWORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The key area of judgement and source of estimation uncertainty is the valuation of investment properties. The director exercises a significant amount of judgement when valuing the investment properties annually and uses his extensive knowledge of the property market and trends in this area to do so.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Dividends and distributions
2023
2022
£
£
Distributions to parent charity under gift aid
Amounts paid
95,000
555,000
ABLEWORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2023
- 5 -
5
Investment property
2023
£
Fair value
At 25 December 2022
623,193
Transfers
(623,193)
At 24 December 2023
-
0

The investment property was transferred to a group undertaking on 19 September 2023 at fair value. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

Any gain or loss arising from a change in fair value is recognised in the income statement.

 

The historic cost of the property amounted to £nil (2022: £623,193).

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,880
-
0
Amounts owed by group undertakings
1,462,199
509,618
Other debtors
2,103
3,535
1,476,182
513,153
Deferred tax asset (note 8)
-
0
30,000
1,476,182
543,153
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
1,158,681
1,158,681
Other creditors
44,760
38,260
1,203,441
1,196,941
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£
£
Tax losses
-
30,000
ABLEWORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2023
8
Deferred taxation
(Continued)
- 6 -
2023
Movements in the year:
£
Asset at 25 December 2022
30,000
Charge to  income statement
(30,000)
Liability at 24 December 2023
-

 

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Directors' transactions

Interest free loans have been granted by the director to the company as follows:

Description
% Rate
Opening balance
Closing balance
£
£
Loan from director to company
-
36,260
36,260

The year end balance is included in other creditors note 7.

11
Parent company

The company's immediate parent undertaking is Ultraworth Limited, a company incorporated in England and Wales. The company's ultimate parent undertaking is Clydpride Limited, a charity company incorporated and registered in England and Wales. Its registered office is Tavistock House South, Tavistock Square, London, WC1H 9LG.

 

Ableworld Limited is a wholly owned subsidiary of Clydpride Limited and its results have been included in Clydpride Limited's consolidated accounts.

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