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REGISTERED NUMBER: 02405125 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ABBEY COACHWORKS LIMITED

ABBEY COACHWORKS LIMITED (REGISTERED NUMBER: 02405125)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ABBEY COACHWORKS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: S Lockwood
S Markandu





SECRETARY: Miss S Markandu





REGISTERED OFFICE: 430 Strathcona Road
Wembley
Middlesex
HA9 8QD





REGISTERED NUMBER: 02405125 (England and Wales)





ACCOUNTANTS: Accura Accountants Ltd
Langley House
Park Road
East Finchley
London
N2 8EY

ABBEY COACHWORKS LIMITED (REGISTERED NUMBER: 02405125)

STATEMENT OF FINANCIAL POSITION
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,450,226 2,467,326

CURRENT ASSETS
Stocks 180,000 157,500
Debtors 5 281,637 161,251
Cash at bank 426,264 272,764
887,901 591,515
CREDITORS
Amounts falling due within one year 6 3,032,133 492,304
NET CURRENT (LIABILITIES)/ASSETS (2,144,232 ) 99,211
TOTAL ASSETS LESS CURRENT
LIABILITIES

305,994

2,566,537

PROVISIONS FOR LIABILITIES 5,056 3,396
NET ASSETS 300,938 2,563,141

CAPITAL AND RESERVES
Called up share capital 7 60 60
Revaluation reserve 200,000 200,000
Retained earnings 100,878 2,363,081
SHAREHOLDERS' FUNDS 300,938 2,563,141

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ABBEY COACHWORKS LIMITED (REGISTERED NUMBER: 02405125)

STATEMENT OF FINANCIAL POSITION - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:





S Markandu - Director


ABBEY COACHWORKS LIMITED (REGISTERED NUMBER: 02405125)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Abbey Coachworks Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and an accumulated impairment losses. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery- 20% on straight line basis.
Motor vehicles- 25% on a reducing balance basis
Fixture and fittings- 15% on a reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Freehold land & buildings is carried at fair value determined annually by appropriate qualified directors and derived from the current market rents and yields from comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

ABBEY COACHWORKS LIMITED (REGISTERED NUMBER: 02405125)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefit
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any material unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment or to provide termination benefits.

Impairment
A review of 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 reversals at each reporting date.

ABBEY COACHWORKS LIMITED (REGISTERED NUMBER: 02405125)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 25 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 2,430,000 420,986 2,850,986
DEPRECIATION
At 1 January 2023 - 383,660 383,660
Charge for year - 17,100 17,100
At 31 December 2023 - 400,760 400,760
NET BOOK VALUE
At 31 December 2023 2,430,000 20,226 2,450,226
At 31 December 2022 2,430,000 37,326 2,467,326

Cost or valuation at 31 December 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2022 200,000 - 200,000
Cost 2,230,000 420,986 2,650,986
2,430,000 420,986 2,850,986

The property has been valued at a fair value basis by the directors.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 281,637 133,088
Other debtors - 28,163
281,637 161,251

Included in other debtors due within one year are prepayments of £Nil (2022: £22,713).

ABBEY COACHWORKS LIMITED (REGISTERED NUMBER: 02405125)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 287,713 176,319
Amounts owed to group undertakings 2,293,348 17,738
Taxation and social security 433,401 280,511
Other creditors 17,671 17,736
3,032,133 492,304

Included in other creditors due within one year are accrued expenses of £6,000 (2022: £6,000).

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
60 Ordinary £1 60 60

8. ULTIMATE CONTROLLING PARTY

The ultimate parent company, Abbey Coachworks (Holdings) Limited, is registered in England and Wales (04046006) at 430 Strathcona Road, Wembley, Middlesex, HA9 8QD.