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REGISTERED NUMBER: 03242894 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

ABEL PROPERTY DEVELOPMENT LIMITED

ABEL PROPERTY DEVELOPMENT LIMITED (REGISTERED NUMBER: 03242894)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


ABEL PROPERTY DEVELOPMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: M Marshall
J D Abel
H D Abel





SECRETARY: M Marshall





REGISTERED OFFICE: 3 Blacklands Crescent
Forest Row
East Sussex
RH18 5NN





REGISTERED NUMBER: 03242894 (England and Wales)





ACCOUNTANTS: Charles Lamb
Chartered Accountants
3 Blacklands Crescent
Forest Row
East Sussex
RH18 5NN

ABEL PROPERTY DEVELOPMENT LIMITED (REGISTERED NUMBER: 03242894)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 4,010,000 3,515,500

CURRENT ASSETS
Debtors 5 1,299,579 1,314,086
Cash at bank 41,970 13,360
1,341,549 1,327,446
CREDITORS
Amounts falling due within one year 6 785,528 771,114
NET CURRENT ASSETS 556,021 556,332
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,566,021

4,071,832

PROVISIONS FOR LIABILITIES 667,004 543,248
NET ASSETS 3,899,017 3,528,584

CAPITAL AND RESERVES
Called up share capital 800,000 800,000
Retained earnings 3,099,017 2,728,584
SHAREHOLDERS' FUNDS 3,899,017 3,528,584

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 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.

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 14 November 2024 and were signed on its behalf by:



J D Abel - Director


ABEL PROPERTY DEVELOPMENT LIMITED (REGISTERED NUMBER: 03242894)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Abel Property Development 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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 contributes to a defined contribution personal pension scheme operated on behalf of one of the directors. Contributions payable to the scheme are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

ABEL PROPERTY DEVELOPMENT LIMITED (REGISTERED NUMBER: 03242894)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 3,515,500
Disposals (5,167 )
Revaluations 499,667
At 31 July 2024 4,010,000
NET BOOK VALUE
At 31 July 2024 4,010,000
At 31 July 2023 3,515,500

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2014 1,438,407
Valuation in 2015 765,000
Valuation in 2017 597,000
Valuation in 2018 (297,000 )
Valuation in 2019 (5,000 )
Valuation in 2020 200,000
Valuation in 2021 100,000
Valuation in 2022 5,000
Valuation in 2023 778
Valuation in 2024 494,679
Cost 711,136
4,010,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 711,136 711,315

Investment property was valued on an open market basis on 31 July 2024 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 1,293,493 1,308,747
Other debtors 6,086 5,339
1,299,579 1,314,086

ABEL PROPERTY DEVELOPMENT LIMITED (REGISTERED NUMBER: 03242894)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 648
Taxation and social security 41,544 25,219
Other creditors 743,984 745,247
785,528 771,114

7. RELATED PARTY DISCLOSURES

Included in amounts owed by group undertakings are amounts of £836,262 due from Abel Holdings Limited and £457,231 due from Abel Property Group Limited. The amounts due are unsecured, interest free and repayable on demand.

Included in other creditors is a loan from HD Abel of £270,000, which is unsecured and repayable on demand. Interest is charged on the loan at 3% over Barclays bank base rate. Also included in other creditors are loans of £145,000, £95,000, £95,000, £45,000 and £10,000 from S Marshall, E Abrahams, L Abrahams, M Marshall and A Marshall respectively, who are grandchildren of HD Abel, on identical terms as the loan from HD Abel. Interest of £54,662 was charged in the year.