REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1ST JANUARY 2023 TO 31ST MARCH 2024 |
FOR |
ABBEY ENGLAND LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1ST JANUARY 2023 TO 31ST MARCH 2024 |
FOR |
ABBEY ENGLAND LIMITED |
ABBEY ENGLAND LIMITED (REGISTERED NUMBER: 01638775) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST JANUARY 2023 TO 31ST MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ABBEY ENGLAND LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1ST JANUARY 2023 TO 31ST MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Hanover House |
30-32 Charlotte Street |
Manchester |
M1 4FD |
ABBEY ENGLAND LIMITED (REGISTERED NUMBER: 01638775) |
BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
ABBEY ENGLAND LIMITED (REGISTERED NUMBER: 01638775) |
BALANCE SHEET - continued |
31ST MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ABBEY ENGLAND LIMITED (REGISTERED NUMBER: 01638775) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST JANUARY 2023 TO 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
Abbey England Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Abbey England Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discounts and value added tax. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Goodwill |
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years. |
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less that the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis if the carrying amount of each asset in the unit. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Computer software is being amortised evenly over its estimated useful life of three and four years. |
ABBEY ENGLAND LIMITED (REGISTERED NUMBER: 01638775) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST JANUARY 2023 TO 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Freehold property | 2% on cost |
Leasehold improvements | Over the length of the lease |
Plant and machinery etc | 25% on cost and 25% reducing balance |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of an asset, and is credited or charged to profit and loss. |
Investments in subsidiaries |
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit and loss. |
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in profit and loss. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' to all of its financial instruments. |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the period 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 balance sheet date. |
ABBEY ENGLAND LIMITED (REGISTERED NUMBER: 01638775) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST JANUARY 2023 TO 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Leases |
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. |
ABBEY ENGLAND LIMITED (REGISTERED NUMBER: 01638775) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST JANUARY 2023 TO 31ST MARCH 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
and 31st March 2024 |
AMORTISATION |
At 1st January 2023 |
Charge for period |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st December 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st January 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st December 2022 |
ABBEY ENGLAND LIMITED (REGISTERED NUMBER: 01638775) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST JANUARY 2023 TO 31ST MARCH 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1st January 2023 |
and 31st March 2024 |
DEPRECIATION |
At 1st January 2023 |
Charge for period |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st December 2022 |
6. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in joint |
undertakings | venture | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
and 31st March 2024 | 1,002 |
NET BOOK VALUE |
At 31st March 2024 | 1,002 |
At 31st December 2022 | 1,002 |
7. | DEBTORS |
2024 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
ABBEY ENGLAND LIMITED (REGISTERED NUMBER: 01638775) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST JANUARY 2023 TO 31ST MARCH 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 10) |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 10) |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 189,480 |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
ABBEY ENGLAND LIMITED (REGISTERED NUMBER: 01638775) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST JANUARY 2023 TO 31ST MARCH 2024 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2022 |
£ | £ |
Bank loans |
The loan is secured by a fixed legal charge over the assets of the company. |
12. | DIRECTORS' TRANSACTIONS |
The directors have made funds available to the company during the period as follows: M A Phillips £42,307 (2022 - £42,307), R G Brown £6,257 (2022 - £6,257), P Phillips £13,513 (2022 - £13,513). No interest was paid on these loans (2022 - £Nil) |
Additional funds were made available during the period by M A and P Phillips. The balance at the period end was £37,718 (2022: £44,499) and interest amounting to £1,751 (2022: £Nil) has been recognised. |
The following amounts in relation to loans, which are after a loan write-off totalling £231,484, are due to the company from J & E Sedgwick & Company (2018) Limited, a company in which Abbey England Limited owns one third of the share capital: |
2024 | 2022 |
£ | £ |
Amounts falling due within one year | 63,550 | 19,143 |
Amounts falling due after more than one year | - | 299,987 |
63,550 | 319,130 |