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Registration number: 07540804

Prepared for the registrar

ABJV Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

ABJV Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

ABJV Limited

Company Information

Directors

A Moussafir

B Moussafir

J Moussafir

Registered office

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

ABJV Limited

(Registration number: 07540804)
Balance Sheet as at 30 April 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

5

33,586

39,542

Current assets

 

Stocks

23,047

12,056

Debtors

6

44,862

16,380

Cash at bank and in hand

 

13,072

72,696

 

80,981

101,132

Creditors: Amounts falling due within one year

7

(83,476)

(106,189)

Net current liabilities

 

(2,495)

(5,057)

Total assets less current liabilities

 

31,091

34,485

Deferred tax liabilities

8

(8,362)

(9,226)

Net assets

 

22,729

25,259

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

22,629

25,159

Total equity

 

22,729

25,259

For the financial year ending 30 April 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 year 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 October 2024 and signed on its behalf by:
 


A Moussafir
Director

 

ABJV Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

1

General information

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

The address of its registered office is:
Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

The principal place of business is:
247 Oakleigh Road
North Whetstone
London
London
N20 0TX

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

 

ABJV Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Key sources of estimation uncertainty

No key sources of uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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 and after eliminating sales within the company.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Office equipment

33% of cost

Motor vehicles

25% reducing balance

Goodwill

Goodwill is amortised over its useful life, estimated by the directors to be 10 years, and has been fully amortised.

 

ABJV Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

ABJV Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

ABJV Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

3

Staff numbers

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

 

ABJV Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

5

Tangible assets

Plant and machinery
 £

Fixtures and fittings
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 May 2023

91,166

9,054

1,000

10,530

111,750

Additions

-

-

-

3,705

3,705

Disposals

-

-

(1,000)

(1,791)

(2,791)

At 30 April 2024

91,166

9,054

-

12,444

112,664

Depreciation

At 1 May 2023

59,698

2,768

1,000

8,742

72,208

Charge for the year

5,546

1,066

-

3,049

9,661

Eliminated on disposal

-

-

(1,000)

(1,791)

(2,791)

At 30 April 2024

65,244

3,834

-

10,000

79,078

Carrying amount

At 30 April 2024

25,922

5,220

-

2,444

33,586

At 30 April 2023

31,468

6,286

-

1,788

39,542

 

ABJV Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

6

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

5,148

(980)

Amounts owed by related parties

10

18,940

12,441

Other debtors

 

15,000

-

Prepayments

 

5,774

4,919

   

44,862

16,380

 

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

27,586

54,205

Social security and other taxes

 

47,169

40,175

Outstanding defined contribution pension costs

 

325

395

Other creditors

 

1,401

1,384

Accrued expenses

 

6,995

10,030

 

83,476

106,189

 

8

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

8,362

8,362

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

9,226

9,226

 

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A Shares of £1 each

95

95

95

95

Ordinary B Shares of £1 each

5

5

5

5

 

100

100

100

100

The different classes of shares referred to above carry separate rights to dividends, but in all other significant respects, rank pari passu.

 

ABJV Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

10

Related party transactions

Key management personnel

The key management personnel are the directors of the company.

Summary of transactions with key management

As at the balance sheet date, the directors' owed the company £18,940 (2023: £12,441). There were no fixed repayment terms and no interest is charged on the outstanding amounts. This amount is included within other debtors