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REGISTERED NUMBER: 01627240 (England and Wales)
















ABBOTT FASTENERS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






ABBOTT FASTENERS LIMITED (REGISTERED NUMBER: 01627240)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ABBOTT FASTENERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: S.E. Brand
C.T. Clark





SECRETARY: S.E. Brand





REGISTERED OFFICE: Unit 4b The Gloucesters
Luckyn Lane
Pipps Hill Industrial Estate
Basildon
Essex
SS14 3AX





REGISTERED NUMBER: 01627240 (England and Wales)





ACCOUNTANTS: CR Bland Baker Limited
Chartered Accountants
21 Lodge Lane
Grays
Essex
RM17 5RY

ABBOTT FASTENERS LIMITED (REGISTERED NUMBER: 01627240)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 13,922 7,229
Investments 6 2 2
13,924 7,231

CURRENT ASSETS
Stocks 226,872 241,944
Debtors 7 471,371 524,196
Cash at bank and in hand 158,684 81,418
856,927 847,558
CREDITORS
Amounts falling due within one year 8 216,132 219,876
NET CURRENT ASSETS 640,795 627,682
TOTAL ASSETS LESS CURRENT
LIABILITIES

654,719

634,913

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Retained earnings 634,719 614,913
SHAREHOLDERS' FUNDS 654,719 634,913

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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.

ABBOTT FASTENERS LIMITED (REGISTERED NUMBER: 01627240)

BALANCE SHEET - continued
31 MAY 2024


The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2024 and were signed on its behalf by:





S.E. Brand - Director


ABBOTT FASTENERS LIMITED (REGISTERED NUMBER: 01627240)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Abbott Fasteners Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Nil, has been fully depreciated
Long leasehold - 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


ABBOTT FASTENERS LIMITED (REGISTERED NUMBER: 01627240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 year 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit and loss account over the relevent period. The capital element of the future payments is treated as a liability.


Pension costs and other post-retirement benefits
Contributions to the company's defined contribution pension scheme are charged to the profit and loss account in the year they become payable in accordance with the rules of the scheme.


Foreign currencies
Assets and liabilities denominated in foreign currencies are translated into sterling at the rate 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

ABBOTT FASTENERS LIMITED (REGISTERED NUMBER: 01627240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 10,000
AMORTISATION
At 1 June 2023
and 31 May 2024 10,000
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 June 2023 11,924 258,016 269,940
Additions - 12,177 12,177
At 31 May 2024 11,924 270,193 282,117
DEPRECIATION
At 1 June 2023 11,924 250,787 262,711
Charge for year - 5,484 5,484
At 31 May 2024 11,924 256,271 268,195
NET BOOK VALUE
At 31 May 2024 - 13,922 13,922
At 31 May 2023 - 7,229 7,229

ABBOTT FASTENERS LIMITED (REGISTERED NUMBER: 01627240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 2
NET BOOK VALUE
At 31 May 2024 2
At 31 May 2023 2

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 285,869 316,085
Other debtors 185,502 208,111
471,371 524,196

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 126,752 110,049
Taxation and social security 61,521 94,344
Other creditors 27,859 15,483
216,132 219,876

9. CONTINGENT LIABILITIES

A counter guarantee of £10,000, arising from an indemnity of £10,000, given by the bank to Customs and Excise on behalf of the company.