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Registration number: 01098857

Abbey Stationers Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Abbey Stationers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Abbey Stationers Limited

Company Information

Directors

Mr Colin Andrew Burroughes

Mr Andrew Edward Collie

Registered office

28 Peartree Farm
Peartree Lane
Welwyn Garden City
Hertfordshire
AL7 3UW

Accountants

RS Partnership Ltd
Chartered Certified Accountants
10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

 

Abbey Stationers Limited

(Registration number: 01098857)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

28,452

3,959

Investment property

5

96,320

96,320

 

124,772

100,279

Current assets

 

Stocks

6

1,000

1,000

Debtors

7

119,003

139,791

Cash at bank and in hand

 

27,846

67,396

 

147,849

208,187

Creditors: Amounts falling due within one year

8

(111,066)

(164,744)

Net current assets

 

36,783

43,443

Total assets less current liabilities

 

161,555

143,722

Creditors: Amounts falling due after more than one year

8

(83,215)

(77,106)

Provisions for liabilities

(7,113)

(31,126)

Net assets

 

71,227

35,490

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

71,127

35,390

Shareholders' funds

 

71,227

35,490

For the financial year ending 29 February 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.

 

Abbey Stationers Limited

(Registration number: 01098857)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 3 July 2024 and signed on its behalf by:
 

.........................................
Mr Andrew Edward Collie
Director

 

Abbey Stationers Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
28 Peartree Farm
Peartree Lane
Welwyn Garden City
Hertfordshire
AL7 3UW
UK

The principal place of business is:
28 Peartree Farm
Peartree Lane
Welwyn Garden City
Hertfordshire
AL7 3UW
UK

These financial statements were authorised for issue by the Board on 3 July 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 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 that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

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.

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.

 

Abbey Stationers Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in 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 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Motor vehicles

25% Reducing Balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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. They are subsequently measured at amortised cost using the effective interest method, 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 receivables.

 

Abbey Stationers Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 subsequently measured at amortised cost using the effective interest method.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

 

Abbey Stationers Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

1,248

11,699

2,350

15,297

Additions

-

35,700

-

35,700

Disposals

-

(11,699)

-

(11,699)

At 29 February 2024

1,248

35,700

2,350

39,298

Depreciation

At 1 March 2023

590

9,877

871

11,338

Charge for the year

164

8,925

296

9,385

Eliminated on disposal

-

(9,877)

-

(9,877)

At 29 February 2024

754

8,925

1,167

10,846

Carrying amount

At 29 February 2024

494

26,775

1,183

28,452

At 28 February 2023

658

1,822

1,479

3,959

5

Investment properties

2024
£

At 1 March

96,320

At 29 February

96,320

There has been no valuation of investment property by an independent valuer.

 

Abbey Stationers Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

1,000

1,000

7

Debtors

2024
£

2023
£

Trade debtors

73,188

129,011

Directors Loan Account

45,815

10,780

119,003

139,791

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

18,824

18,842

Trade creditors

 

55,149

82,229

Taxation and social security

 

1,844

13,507

Accruals and deferred income

 

1,884

844

Corporation tax

 

31,286

35,322

Hire Purchase under 1 year

 

2,079

-

Directors Loan Account

 

-

14,000

 

111,066

164,744


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £12,960.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

61,020

77,106

Hire Purchase over 1 year

 

22,195

-

 

83,215

77,106


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £49,531.

 

Abbey Stationers Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

61,020

77,106

Finance lease liabilities

22,195

-

83,215

77,106

2024
£

2023
£

Current loans and borrowings

Bank borrowings

18,824

18,842

Hire purchase contracts

2,079

-

20,903

18,842