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Registrar

Registration number: 04387927

Abbey Marketing Communications Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Abbey Marketing Communications Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 12

 

Abbey Marketing Communications Limited

Company Information

Directors

P I Brett

M Cantwell

A J F Cantwell

Company secretary

M Cantwell

Registered office

Unit 4
Oak Industrial Park
Great Dunmow
Essex
CM6 1XN

Solicitors

Birkett Long LLP
1 Amphora Place
Sheepen Road
Colchester
Essex
CO3 3WG

Bankers

Barclays Bank PLC
Leicester
Leicestershire
LE87 2BB

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Abbey Marketing Communications Limited

(Registration number: 04387927)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

186,247

160,575

Investments

5

152,435

152,435

 

338,682

313,010

Current assets

 

Debtors

6

405,022

657,855

Cash at bank and in hand

 

66,366

216,578

 

471,388

874,433

Creditors: Amounts falling due within one year

7

(556,975)

(947,583)

Net current liabilities

 

(85,587)

(73,150)

Total assets less current liabilities

 

253,095

239,860

Creditors: Amounts falling due after more than one year

7

(80,644)

(82,013)

Provisions for liabilities

(40,085)

(24,064)

Net assets

 

132,366

133,783

Capital and reserves

 

Called up share capital

9

75

75

Revaluation reserve

10,006

13,519

Retained earnings

122,285

120,189

Shareholders' funds

 

132,366

133,783

For the financial year ending 31 March 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Abbey Marketing Communications Limited

(Registration number: 04387927)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 

P I Brett
Director

M Cantwell
Company secretary and director

A J F Cantwell
Director

 

Abbey Marketing Communications Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2023

75

13,519

120,189

133,783

Profit for the year

-

-

116,079

116,079

Deferred tax on revaluation

-

823

-

823

Total comprehensive income

-

823

116,079

116,902

Dividends

-

-

(118,319)

(118,319)

Transfers

-

(4,336)

4,336

-

At 31 March 2024

75

10,006

122,285

132,366


 

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2022

75

18,202

87,185

105,462

Profit for the year

-

-

188,222

188,222

Deferred tax on revaluation

-

1,099

-

1,099

Total comprehensive income

-

1,099

188,222

189,321

Dividends

-

-

(161,000)

(161,000)

Transfers

-

(5,782)

5,782

-

At 31 March 2023

75

13,519

120,189

133,783


 

 

Abbey Marketing Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is: Unit 4, Oak Industrial Park, Great Dunmow, Essex, CM6 1XN.

These financial statements were authorised for issue by the Board on 29 October 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

The accounts are presented in GBP Sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents net invoiced sales of goods and services excluding value added tax. Work in progress at the year end is treated as amounts recoverable on contracts and included in the accounts on the percentage of completion based on the intended invoiced sale.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates ruling at the balance sheet date. All exchange differences are taken to the profit and loss account.

Tax

Tax is recognised as profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred 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 tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Abbey Marketing Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation 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

25% reducing balance

Website development

20% Straight line method

Motor Vehicles

25% reducing balance

Office equipment

25% straight line method

Leasehold improvements

10% Straight line method

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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 at the transaction price less provision for impairment. 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 debt.

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 at the transaction price less impairment.

 

Abbey Marketing Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 21).

 

Abbey Marketing Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Leasehold improvements
£

Website
£

Motor vehicles
£

Office equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

8,842

18,500

80,517

113,071

541,674

762,604

Additions

-

-

23,990

2,805

57,876

84,671

Disposals

-

-

(63,667)

-

-

(63,667)

At 31 March 2024

8,842

18,500

40,840

115,876

599,550

783,608

Depreciation

At 1 April 2023

3,745

18,500

73,455

104,359

401,970

602,029

Charge for the year

884

-

1,766

4,101

47,927

54,678

Eliminated on disposal

-

-

(59,346)

-

-

(59,346)

At 31 March 2024

4,629

18,500

15,875

108,460

449,897

597,361

Carrying amount

At 31 March 2024

4,213

-

24,965

7,416

149,653

186,247

At 31 March 2023

5,097

-

7,062

8,712

139,704

160,575

 

Abbey Marketing Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Revaluation

The fair value of the company's Plant and machinery was revalued on 31 March 2015. An independent valuer was not involved.
The valuation of the plant and machinery as at 31 March 2015 was £259,481. Additions since this date have been included at cost. The directors consider that the value of plant and machinery at 31 March 2024 is not materially different to the stated amount of £149,653.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £136,644 (2023 - £122,358).

5

Investments

2024
£

2023
£

Investments in subsidiaries

152,435

152,435

Subsidiaries

£

Cost or valuation

At 1 April 2023

152,435

Provision

Carrying amount

At 31 March 2024

152,435

At 31 March 2023

152,435

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Spirt DM Limiited

Unit 4, Oak Industrial Park, Great Dunmow, Essex CM6 1XN

England

One hundred Ordinary £1 shares

100%

100%

 

Abbey Marketing Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

230,664

477,218

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

34,575

48,967

Prepayments

 

45,199

47,966

Other debtors

 

94,584

83,704

 

405,022

657,855

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

61,487

49,171

Trade creditors

 

153,473

579,024

Taxation and social security

 

126,013

61,417

Accruals and deferred income

 

18,940

6,573

Other creditors

 

197,062

251,398

 

556,975

947,583

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

80,644

82,013


Creditors and creditors due after one year include bank loans and overdrafts of £45,277 (2023: £65,385) which are secured by fixed and floating charges.

 

Abbey Marketing Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

19,442

20,104

Hire purchase contracts

42,045

29,067

61,487

49,171

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

25,835

45,281

Hire purchase contracts

54,809

36,732

80,644

82,013

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

39

39

39

39

Ordinary B shares of £1 each

24

24

24

24

Ordinary C shares of £1 each

12

12

12

12

Ordinary shares of £1 each

-

-

-

-

75

75

75

75

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £66,500 (2023 - £118,750).

 

Abbey Marketing Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

P I Brett

Advances and credits to directors

56,073

48,052

(88,965)

15,160

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

P I Brett

Advances and credits to directors

76,030

44,956

(64,913)

56,073

A J F Cantwell

Advances and credits to directors

34,142

75,343

(123,188)

(13,703)

Summary of transactions with subsidiaries

Spirit D M Limited

At the year end the company was owed £34,575 (2023: £48,967) from Spirit D M Limited.