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Logo On Report
Registered Number: 00818329
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 March 2024

for

ABBEYGATE PROPERTIES LIMITED

Directors P Thurlow
Judith Thurlow
Registered Number 00818329
Registered Office Abbeygate House
St Andrews Street South
Bury St Edmunds
Suffolk
IP33 3PW
Accountants Quove Accounting Ltd
3 Brickfields Business Park
Old Stowmarket Road, Woolpit
Bury St Edmunds
IP30 9QS
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company during the financial year was of property development.
Directors
The directors who served the company throughout the year were as follows:
P Thurlow
Judith Thurlow
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to :
-    select suitable accounting policies and then apply them consistently
-    make judgements and accounting estimates that are reasonable and prudent
-    state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
-    prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companys transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
P Thurlow
Director

Date approved: 14 November 2024
2
Chartered Accountants' Report to the board of directors on the preparation of the unaudited statutory accounts of Abbeygate Properties Limited for the year ended 31 March 2024



In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Abbeygate Properties Limited for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance

This report is made solely to the Board of Directors of Abbeygate Properties Limited , as a body, in accordance with the terms of our engagement letter dated 14 November 2024. Our work has been undertaken solely to prepare for your approval the accounts of Abbeygate Properties Limited and state those matters that we have agreed to state to the Board of Directors of Abbeygate Properties Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbeygate Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Abbeygate Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Abbeygate Properties Limited . You consider that Abbeygate Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Abbeygate Properties Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts



....................................................
Quove Accounting Ltd
3 Brickfields Business Park
Old Stowmarket Road, Woolpit
Bury St Edmunds
IP30 9QS
14 November 2024
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 10,113    26,018 
Investments 4 450,000    450,000 
460,113    476,018 
Current assets      
Debtors 5 869,786    890,025 
Cash at bank and in hand 21,976    63,632 
891,762    953,657 
Creditors: amount falling due within one year 6 (8,184)   (17,621)
Net current assets 883,578    936,036 
 
Total assets less current liabilities 1,343,691    1,412,054 
Net assets 1,343,691    1,412,054 
 

Capital and reserves
     
Called up share capital 88,208    88,208 
Capital Redemption Reserve 7 78,733    78,733 
Profit and loss account 1,176,750    1,245,113 
Shareholders' funds 1,343,691    1,412,054 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 14 November 2024 and were signed on its behalf by:


-------------------------------
P Thurlow
Director
4
General Information
Abbeygate Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 00818329, registration address Abbeygate House, St Andrews Street South, Bury St Edmunds, Suffolk, IP33 3PW.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Group accounts
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has, therefore, taken advantage of the option provided by section 398 of the Companies Act 2006 not to prepare group accounts.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Operating lease rentals
Rentals payable or receivable under operating leases are charged against income on a straight line basis over the lease term.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 33% Straight Line
2.

Average number of employees

Average number of employees during the year was 1 (2023 : 1).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Total
  £   £
At 01 April 2023 62,077    62,077 
Additions  
Disposals  
At 31 March 2024 62,077    62,077 
Depreciation
At 01 April 2023 36,059    36,059 
Charge for year 15,905    15,905 
On disposals  
At 31 March 2024 51,964    51,964 
Net book values
Closing balance as at 31 March 2024 10,113    10,113 
Opening balance as at 01 April 2023 26,018    26,018 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 April 2023 450,000    450,000 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 31 March 2024 450,000    450,000 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Prepayments & Accrued Income 2,107   
Other Debtors 866,353    890,025 
VAT 1,326   
869,786    890,025 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors   6,383 
Corporation Tax   5,554 
Accrued Expenses 2,500   
Other Creditors 5,684    5,684 
8,184    17,621 

7.

Capital Redemption Reserve

2024
£
  2023
£
Capital Redemption Reserve b/fwd 78,733    78,733 
78,733    78,733 

5