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Registered number: 09946442









ABELINE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
ABELINE LIMITED
REGISTERED NUMBER: 09946442

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
3,185
4,189

Investment property
 4 
175,350
277,347

  
178,535
281,536

Current assets
  

Debtors: amounts falling due within one year
 5 
2,544
3,557

Cash at bank and in hand
 6 
152,850
97,385

  
155,394
100,942

Creditors: amounts falling due within one year
 7 
(63,379)
(75,863)

Net current assets
  
 
 
92,015
 
 
25,079

Total assets less current liabilities
  
270,550
306,615

Creditors: amounts falling due after more than one year
 8 
(68,727)
(88,992)

  

Net assets
  
201,823
217,623


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
201,723
217,523

  
201,823
217,623


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 
Page 1

 
ABELINE LIMITED
REGISTERED NUMBER: 09946442
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024





Ayhan Bozdag
Director

Date: 6 November 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ABELINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

ABELINE LIMITED is a private company limited by share capital, Incorporated in England and Wales, registration number 09946442. The address of the registered office is 291 Green Lanes, Palmers Green, London, N13 4XS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rental income
Rental with relaiton to income from properties is recorded over the period in which the rent relates to. 

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
ABELINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
14%
7 years straight line

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for 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 profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
ABELINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Tangible fixed assets







Plant and machinery

£



Cost or valuation


At 1 March 2023
11,215



At 29 February 2024

11,215



Depreciation


At 1 March 2023
7,026


Charge for the year on owned assets
1,004



At 29 February 2024

8,030



Net book value



At 29 February 2024
3,185



At 28 February 2023
4,189

Page 5

 
ABELINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
277,347


Additions at cost
6,952


Disposals
(108,949)



At 29 February 2024
175,350

The 2024 valuations were made by The Director , on a fair value basis.





5.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
2,544
1,157

Prepayments and accrued income
-
2,400

2,544
3,557



6.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
152,850
97,385

152,850
97,385


Page 6

 
ABELINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
20,508
19,831

Trade creditors
3,631
2,176

Corporation tax
-
9,816

Other creditors
39,240
44,040

63,379
75,863



8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
68,727
88,992

68,727
88,992



9.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
20,508
19,831

Amounts falling due 1-2 years

Bank loans
21,645
20,881

Amounts falling due 2-5 years

Bank loans
40,335
49,053

Amounts falling due after more than 5 years

Bank loans
6,747
19,057

89,235
108,822


Bank loans totaling £66,735 at the year end are secured by way of charge over the company’s investment property.

Page 7

 
ABELINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



11.


Related party transactions

included within Other Creditors due within less than 1 year is a loan amount of £14,205 (2023: £19,000) due to a companies under common control. The loan is unsecured, free of interest and repayable on demand. 

 
Page 8