Abbingsworth Properties Limited 07338203 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is property investment and development. Digita Accounts Production Advanced 6.30.9574.0 true true 07338203 2023-04-01 2024-03-31 07338203 2024-03-31 07338203 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-03-31 07338203 core:CurrentFinancialInstruments 2024-03-31 07338203 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07338203 core:Non-currentFinancialInstruments 2024-03-31 07338203 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 07338203 bus:SmallEntities 2023-04-01 2024-03-31 07338203 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07338203 bus:FilletedAccounts 2023-04-01 2024-03-31 07338203 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07338203 bus:RegisteredOffice 2023-04-01 2024-03-31 07338203 bus:Director1 2023-04-01 2024-03-31 07338203 bus:Director2 2023-04-01 2024-03-31 07338203 bus:Director4 2023-04-01 2024-03-31 07338203 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-04-01 2024-03-31 07338203 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07338203 core:OtherRelatedParties 2023-04-01 2024-03-31 07338203 countries:EnglandWales 2023-04-01 2024-03-31 07338203 2023-03-31 07338203 2022-04-01 2023-03-31 07338203 2023-03-31 07338203 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-03-31 07338203 core:CurrentFinancialInstruments 2023-03-31 07338203 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07338203 core:Non-currentFinancialInstruments 2023-03-31 07338203 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07338203

Abbingsworth Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Abbingsworth Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Abbingsworth Properties Limited

Company Information

Directors

AS Franks

R Bloom

Mr DJ Bloom

Registered office

Maria House
35 Millers Road
Brighton
BN1 5NP

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Abbingsworth Properties Limited

(Registration number: 07338203)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,440,000

1,440,000

Current assets

 

Debtors

5

409,985

400,208

Cash at bank and in hand

 

157,118

369,909

 

567,103

770,117

Creditors: Amounts falling due within one year

6

(229,819)

(323,233)

Net current assets

 

337,284

446,884

Total assets less current liabilities

 

1,777,284

1,886,884

Creditors: Amounts falling due after more than one year

6

(573,158)

(672,558)

Provisions for liabilities

(48,275)

(48,275)

Net assets

 

1,155,851

1,166,051

Capital and reserves

 

Called up share capital

9

120

120

Other reserves

272,425

272,425

Retained earnings

883,306

893,506

Shareholders' funds

 

1,155,851

1,166,051

For the financial year ending 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:

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Abbingsworth Properties Limited

(Registration number: 07338203)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 24 November 2024 and signed on its behalf by:



 

.........................................

R Bloom

Director

 

Abbingsworth Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Maria House
35 Millers Road
Brighton
BN1 5NP

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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.

 

Abbingsworth Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

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.

Non-distributable reserve

The aggregate fair value adjustments relating to movements in the value of the company's investment properties are transferred at the end of each period , net of deferred tax, from the profit and loss reserve to the non-distributable reserve.

On disposal of investment property the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax provision is transferred to current liabilities.

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 4 (2023 - 3).

4

Investment properties

2024
£

At 1 April

1,440,000

At 31 March

1,440,000

Investment property is carried at fair value. Gains are recognised in profit or loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

 

Abbingsworth Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

9,765

-

Prepayments

220

208

Other debtors

400,000

400,000

 

409,985

400,208

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

6,454

5,958

Taxation and social security

16,043

10,752

Accruals and deferred income

2,381

2,200

Other creditors

204,941

304,323

229,819

323,233

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

573,158

672,558

 

Abbingsworth Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Related party transactions

Summary of transactions with other related parties

Deanway Properties (Brunswick) Limited
Mr R Bloom and Mr LP Pattenden are directors of both companies.
At the balance sheet date, the amount due from the related party was £400,000 (2023: £400,000).


AGB (Church Road) Limited
Mr R Bloom and Mr LP Pattenden are directors of both companies.
At the balance sheet date, the amount due to the related party was £200,000 (2023: £300,000).



Included in other creditors due after more than one year, is a loan of £573,158 (2023:£672,558 due to Mr R Bloom and Mrs W Bloom trading as Deanway Properties, a partnership in which Mr R Bloom, the director, has a 50% interest.



 

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

120

120

120

120