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Company registration number: SC279302
Ably Resources Limited
Unaudited filleted financial statements
31 December 2023
Ably Resources Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Ably Resources Limited
Directors and other information
Directors Mr Mark Lombardi
Mrs Ami Baird
Mr Nadim Shema
Company number SC279302
Registered office 16 Gordon Street
Glasgow
G1 3PT
Business address Fyfe Chambers
105 West George Street
Glasgow
G2 1PB
Accountants Bissets Limited
Chartered Accountants
16 Gordon Street
Glasgow
G1 3PT
Ably Resources Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Ably Resources Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ably Resources Limited for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Ably Resources Limited, as a body, in accordance with the terms of our engagement letter dated 23 September 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Ably Resources Limited and state those matters that we have agreed to state to the board of directors of Ably Resources Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ably Resources Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Ably Resources Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ably Resources Limited. You consider that Ably Resources Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Ably Resources Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
AM Bisset
For and on behalf of
Bissets Limited
Chartered Accountants
16 Gordon Street
Glasgow
G1 3PT
23 September 2024
Ably Resources Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 59,563 71,028
Investments 6 811 811
_______ _______
60,374 71,839
Current assets
Debtors 7 743,766 821,483
Cash at bank and in hand 16,209 68,603
_______ _______
759,975 890,086
Creditors: amounts falling due
within one year 8 ( 556,954) ( 612,622)
_______ _______
Net current assets 203,021 277,464
_______ _______
Total assets less current liabilities 263,395 349,303
Creditors: amounts falling due
after more than one year 9 ( 218,779) ( 340,399)
_______ _______
Net assets 44,616 8,904
_______ _______
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account ( 55,384) ( 91,096)
_______ _______
Shareholders funds 44,616 8,904
_______ _______
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
Mr Mark Lombardi
Director
Company registration number: SC279302
Ably Resources Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 100,000 ( 94,523) 5,477
Profit for the year 3,427 3,427
_______ _______ _______
Total comprehensive income for the year - 3,427 3,427
_______ _______ _______
At 31 December 2022 and 1 January 2023 100,000 ( 91,096) 8,904
Profit for the year 35,712 35,712
_______ _______ _______
Total comprehensive income for the year - 35,712 35,712
_______ _______ _______
At 31 December 2023 100,000 ( 55,384) 44,616
_______ _______ _______
Ably Resources Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 16 Gordon Street, Glasgow, G1 3PT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors are satisfied that the company will have access to sufficient funds to ensure all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the financial statements have been prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - 10 % reducing balance
Plant and machinery - 33 % reducing balance
Fixtures, fittings and equipment - 25 % straight line
Website development - 10 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2022: 25 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Website development Total
£ £ £ £ £
Cost
At 1 January 2023 67,313 198,205 31,784 8,025 305,327
Additions - 2,825 - - 2,825
Disposals - ( 1,217) - - ( 1,217)
_______ _______ _______ _______ _______
At 31 December 2023 67,313 199,813 31,784 8,025 306,935
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 28,697 172,000 31,784 1,818 234,299
Charge for the year 3,863 8,858 - 620 13,341
Disposals - ( 268) - - ( 268)
_______ _______ _______ _______ _______
At 31 December 2023 32,560 180,590 31,784 2,438 247,372
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 34,753 19,223 - 5,587 59,563
_______ _______ _______ _______ _______
At 31 December 2022 38,616 26,205 - 6,207 71,028
_______ _______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2023 and 31 December 2023 811 811
_______ _______
Impairment
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 811 811
_______ _______
At 31 December 2022 811 811
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 280,720 281,145
Amounts owed by group undertakings and undertakings in which the company has a participating interest 276,447 330,311
Other debtors 186,599 210,027
_______ _______
743,766 821,483
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 91,891 61,897
Trade creditors 112,377 205,881
Social security and other taxes 28,411 42,215
Other creditors 324,275 302,629
_______ _______
556,954 612,622
_______ _______
Bank of Scotland PLC and Ultimate Finance Limited each hold Floating Charges over all the property and undertaking of the company. Scottish Enterprise holds a Bond and Floating Charge over all the property and undertaking of the company.
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 218,779 340,399
_______ _______
Bank of Scotland PLC and Ultimate Finance Limited each hold Floating Charges over all the property and undertaking of the company. Scottish Enterprise holds a Bond and Floating Charge over all the property and undertaking of the company.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Mark Lombardi ( 19,893) - ( 19,893)
Mrs Ami Baird ( 10,000) - ( 10,000)
Mr Nadim Shema 8,184 - 8,184
_______ _______ _______
( 21,709) - ( 21,709)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Mark Lombardi ( 19,893) - ( 19,893)
Mrs Ami Baird ( 10,000) - ( 10,000)
Mr Nadim Shema ( 7,816) 16,000 8,184
_______ _______ _______
( 37,709) 16,000 ( 21,709)
_______ _______ _______
11. Controlling party
Mark Lombardi, director, is the controlling party by virtue of his controlling interest in the equity of Ably Resources Holdings Limited, the ultimate holding company.