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REGISTERED NUMBER: 03878477 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

ABODE INVESTMENTS LIMITED

ABODE INVESTMENTS LIMITED (REGISTERED NUMBER: 03878477)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


ABODE INVESTMENTS LIMITED (REGISTERED NUMBER: 03878477)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 2,048 1,266
Investment property 5 1,647,441 1,620,498
1,649,489 1,621,764

CURRENT ASSETS
Debtors 6 26,708 8,099
Cash at bank 54,219 178,980
80,927 187,079
CREDITORS
Amounts falling due within one year 7 180,611 179,958
NET CURRENT (LIABILITIES)/ASSETS (99,684 ) 7,121
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,549,805

1,628,885

CREDITORS
Amounts falling due after more than one year 8 (1,467,978 ) (1,512,272 )

PROVISIONS FOR LIABILITIES 10 (6,973 ) (4,910 )
NET ASSETS 74,854 111,703

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 11 19,381 20,932
Retained earnings 55,471 90,769
74,854 111,703

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

ABODE INVESTMENTS LIMITED (REGISTERED NUMBER: 03878477)

STATEMENT OF FINANCIAL POSITION - continued
30 NOVEMBER 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 30 September 2024 and were signed on its behalf by:





Mr S Chambi - Director


ABODE INVESTMENTS LIMITED (REGISTERED NUMBER: 03878477)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Abode Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03878477

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 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 where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are significant judgements and estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property.
Revenue is recognised evenly over the period of the rental agreement.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Fixtures and fittings - 25% on reducing balance/ on cost

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.


ABODE INVESTMENTS LIMITED (REGISTERED NUMBER: 03878477)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued
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 material 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.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

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

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
COST
At 1 December 2022 1,478
Additions 1,099
At 30 November 2023 2,577
DEPRECIATION
At 1 December 2022 212
Charge for year 317
At 30 November 2023 529
NET BOOK VALUE
At 30 November 2023 2,048
At 30 November 2022 1,266

ABODE INVESTMENTS LIMITED (REGISTERED NUMBER: 03878477)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 1,620,498
Additions 26,943
At 30 November 2023 1,647,441
NET BOOK VALUE
At 30 November 2023 1,647,441
At 30 November 2022 1,620,498

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2022 25,842
Cost 1,621,599
1,647,441

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,621,599 1,594,656

Investment property was valued on an open market basis on 30 November 2023 by the directors.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 1,550
Other debtors 26,708 6,549
26,708 8,099

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 1,320
Taxation and social security 1,393 1,345
Other creditors 179,218 177,293
180,611 179,958

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 1,467,978 1,512,272

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,467,978 1,512,272

ABODE INVESTMENTS LIMITED (REGISTERED NUMBER: 03878477)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,227,978 1,222,101

Bank loans are secured by way of fixed charge on the investment properties of the company and contains negative pledge.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 4,910 -
Tax losses carried forward - 4,910
Other timing differences 2,063 -
6,973 4,910

Deferred
tax
£   
Balance at 1 December 2022 4,910
Provided during year 2,063
Balance at 30 November 2023 6,973

11. RESERVES
Fair
value
reserve
£   
At 1 December 2022 20,932
Transfer to fair value reserve (1,551 )

At 30 November 2023 19,381

12. RELATED PARTY DISCLOSURES

Included in the other debtors due within one year is an amount of £19,299 (2022: £492 due to) due from the directors of the company. Interest at the rate 2% and 2.5% has been charged on overdrawn balance. The balance was repaid on 06 April 2024.

Included in the other creditors due within one year is an amount of £163,951 (2022: £163,831) due to a connected company with common directorship and shareholding. The loan was interest free and repayable on demand.