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Registration number: 08395671

Abbey Publishing Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Abbey Publishing Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Abbey Publishing Ltd

Company Information

Director

Mr James Scrivens

Registered office

19 Browning Close
Rushden
NN10 0YW

 

Abbey Publishing Ltd

(Registration number: 08395671)
Balance Sheet as at 29 February 2024

Note

2024

2023

   

£

£

£

£

Fixed Assets

   

 

Intangible assets

5

 

-

 

1,500

Tangible Assets

6

 

2,036

 

2,545

   

2,036

 

4,045

Current assets

   

 

Debtors

7

10,474

 

10,667

 

Cash at bank and in hand

 

2,154

 

5,966

 

 

12,628

 

16,633

 

Creditors: Amounts falling due within one year

8

(11,241)

 

(12,143)

 

Net current assets

   

1,387

 

4,490

Net assets

   

3,423

 

8,535

Capital and Reserves

   

 

Called up share capital

9

100

 

100

 

Retained Earnings

3,323

 

8,435

 

Shareholders' funds

   

3,423

 

8,535

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.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 28 November 2024
 

.........................................
Mr James Scrivens
Director

   
     
 

Abbey Publishing Ltd

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 and Wales.

The address of its registered office is:
19 Browning Close
Rushden
NN10 0YW
United Kingdom

These financial statements were authorised for issue by the director on 28 November 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.

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.

 

Abbey Publishing Ltd

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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

Office equipment

25% reducing balance

Fixtures and fittings

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

 

Abbey Publishing Ltd

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

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.

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.

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 the director) during the year, was 0 (2023 - 1).

 

Abbey Publishing Ltd

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

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

355

785

Amortisation expense

1,500

1,500

 

Abbey Publishing Ltd

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

15,000

15,000

At 29 February 2024

15,000

15,000

Amortisation

At 1 March 2023

13,500

13,500

Amortisation charge

1,500

1,500

At 29 February 2024

15,000

15,000

Carrying amount

At 29 February 2024

-

-

At 28 February 2023

1,500

1,500

6

Tangible Assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

3,531

10,211

13,742

At 29 February 2024

3,531

10,211

13,742

Depreciation

At 1 March 2023

2,759

8,438

11,197

Charge for the year

154

355

509

At 29 February 2024

2,913

8,793

11,706

Carrying amount

At 29 February 2024

618

1,418

2,036

At 28 February 2023

772

1,773

2,545

 

Abbey Publishing Ltd

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

7

Debtors

Current

2024
£

2023
£

Trade Debtors

9,441

10,406

Other debtors

1,033

261

 

10,474

10,667

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

3,046

-

Trade Creditors

 

4,000

4,000

Taxation and social security

 

3,070

6,507

Accruals and deferred income

 

1,090

1,588

Other creditors

 

35

48

 

11,241

12,143

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

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

3,046

-