Registered number
07128009
ABELL BUSINESS CORPORATION LIMITED
Report and Accounts
31 December 2023
Try a new way of business banking
Service focused on customer needs, not our KYC team desperate to shut you down.
www.abellmoney.co.uk
ABELL BUSINESS CORPORATION LIMITED
Company Information
Directors
JM Swallow, FCA, FRSA
M Seville - resigned 1.1.2024
I Zavadska
D Odusanya - appointed 1.1.2024
Secretary
JM Swallow, FCA, FRSA
Bankers
Abell Money
Registered office
128 Cannon Workshops
Cannon Drive
Canary Wharf
London E14 4AS
Registered number
07128009
ABELL BUSINESS CORPORATION LIMITED
Registered number: 07128009
Directors' Report
The directors present their report and accounts for the year ended 31 December 2023.
Principal activities
The company's principal activity during the year continued to be preparations in support of launching a fintech UK bank focusing on Business customers. Capital raising has commenced, although progress has been slower than planned.

Having carried out research, the company has confirmed its strongly held belief that existing SME business banking solutions provide inadequate services to businesses, and now seeks to provide a 24/7 solution for banking needs for businesses through the application of latest banking technology, delivered by serfs who fully comprendo that only customers pay their wages - not the guys on the yachts. And that whilst KYC/AML is extremely important, there are ways of carrying out procedures without constantly hampering businesses in their legitimate, and legal, activities
Directors
The following persons served as directors during the year:
JM Swallow, FCA, FRSA
M Seville - resigned 1.1.2024
I Zavadska
D Odusanya - appointed 1.1.2024
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 15 August 2024 and signed on its behalf.
JM Swallow, FCA, FRSA
Director
ABELL BUSINESS CORPORATION LIMITED
Registered number: 07128009
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1,254,213 1,254,213
Tangible assets 4 96,848 -
1,351,061 1,254,213
Current assets
Debtors 5 747,413 654,252
Cash at bank and in hand 264 137,587
747,677 791,839
Creditors: amounts falling due within one year 6 (1,721,356) (1,510,448)
Net current liabilities (973,679) (718,609)
Total assets less current liabilities 377,382 535,604
Creditors: amounts falling due after more than one year 7 (500,000) (500,000)
Net (liabilities)/assets (122,618) 35,604
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account (132,618) 25,604
Shareholders' funds (122,618) 35,604
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
JM Swallow, FCA, FRSA
Director
Approved by the board on 15 August 2024
ABELL BUSINESS CORPORATION LIMITED
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Equipment & Software over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recog
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 2
3 Intangible fixed assets £
Bank Preparation:
Cost
At 1 January 2023 1,254,213
At 31 December 2023 1,254,213
Amortisation
At 31 December 2023 -
Net book value
At 31 December 2023 1,254,213
At 31 December 2022 1,254,213
The Bank set up costs will be amortized once operations commence - estimated economic life of 5 years.
4 Tangible fixed assets
Equipment & Software
£
Cost
Additions 121,060
At 31 December 2023 121,060
Depreciation
Charge for the year 24,212
At 31 December 2023 24,212
Net book value
At 31 December 2023 96,848
5 Debtors 2023 2022
£ £
Trade debtors 710,041 648,523
Clients Funds - DR 31,643 -
Other debtors 5,729 5,729
747,413 654,252
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 702,160 682,488
Clients Funds - CR 31,643 -
Corporation tax 5,016 5,016
Other taxes and social security costs 1,358 (505)
Other creditors 981,179 823,449
1,721,356 1,510,448
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 500,000 500,000
8 Controlling party
The company is a wholly owned subsidiary of Abell Group Ltd, a company registered in England.
9 Other information
ABELL BUSINESS CORPORATION LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
128 Cannon Workshops
Cannon Drive
Canary Wharf
London E14 4AS
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