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COMPANY REGISTRATION NUMBER: 03899647
ABACUS INVESTMENTS (LONDON) LIMITED
Filleted Unaudited Financial Statements
31 March 2024
ABACUS INVESTMENTS (LONDON) LIMITED
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
5,008
5,008
Creditors: amounts falling due within one year
5
( 51,720)
( 50,783)
--------
--------
Net current liabilities
( 51,720)
( 50,783)
--------
--------
Total assets less current liabilities
( 46,712)
( 45,775)
--------
--------
Net liabilities
( 46,712)
( 45,775)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 46,812)
( 45,875)
--------
--------
Shareholders deficit
( 46,712)
( 45,775)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 December 2024 , and are signed on behalf of the board by:
Mr G P Losi
Mr M J Losi
Director
Director
Company registration number: 03899647
ABACUS INVESTMENTS (LONDON) LIMITED
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis as the company has the support of its directors to meet its liabilities as they fall due.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Freehold land is not depreciated as it is considered to have an indefinite useful life.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment
4. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
5,008
1,163
6,171
-------
-------
-------
Depreciation
At 1 April 2023 and 31 March 2024
1,163
1,163
-------
-------
-------
Carrying amount
At 31 March 2024
5,008
5,008
-------
-------
-------
At 31 March 2023
5,008
5,008
-------
-------
-------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
2,498
1,561
Director loan accounts
49,222
49,222
--------
--------
51,720
50,783
--------
--------
6. Related party transactions
Included in creditors due within one year is a loan of £49,222 (2023: £49,222) from the directors. This loan is interest-free and has no fixed repayment term.