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Registered number: 04807591
Abtap Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Daverns
Chartered Accountants
Hardy House
Northbridge Road
Berkhamsted
Herts
HP4 1EF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04807591
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 2,777,532 1,677,963
Investment Properties 6 965,147 530,471
3,742,679 2,208,434
CURRENT ASSETS
Stocks 1,016,471 1,321,943
Debtors 7 53,509 38,344
Cash at bank and in hand 31,626 108,029
1,101,606 1,468,316
Creditors: Amounts Falling Due Within One Year 8 (1,842,848 ) (868,037 )
NET CURRENT ASSETS (LIABILITIES) (741,242 ) 600,279
TOTAL ASSETS LESS CURRENT LIABILITIES 3,001,437 2,808,713
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (23,587 ) (26,027 )
NET ASSETS 2,977,850 2,782,686
CAPITAL AND RESERVES
Called up share capital 11 1 1
Other reserves 95,113 95,113
Profit and Loss Account 2,882,736 2,687,572
SHAREHOLDERS' FUNDS 2,977,850 2,782,686
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Philip Peake
Director
27th February 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Abtap Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04807591 . The registered office is Abtap House, Sandown Road, Watford, Hertfordshire, WD24 7UF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% excluding land
Plant & Machinery 25% reducing balance
Motor Vehicles 25% on cost
Fixtures & Fittings 25% on cost
Computer Equipment 20% on cost
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.8. Pensions
The company contributes to a work place pension scheme (NEST) in line with its obligations under auto enrolment. Contibutions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 2
Warehouse workers 12 16
14 18
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 125,000
As at 31 May 2024 125,000
Amortisation
As at 1 June 2023 125,000
As at 31 May 2024 125,000
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 June 2023 1,721,176 13,097 33,924 92,192 1,860,389
Additions 1,176,301 8,120 28,670 751 1,213,842
Disposals (66,397 ) - (7,730 ) - (74,127 )
As at 31 May 2024 2,831,080 21,217 54,864 92,943 3,000,104
Depreciation
As at 1 June 2023 69,432 11,024 9,778 92,192 182,426
Provided during the period 25,494 2,548 13,716 188 41,946
Disposals (70 ) - (1,730 ) - (1,800 )
As at 31 May 2024 94,856 13,572 21,764 92,380 222,572
Net Book Value
As at 31 May 2024 2,736,224 7,645 33,100 563 2,777,532
As at 1 June 2023 1,651,744 2,073 24,146 - 1,677,963
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Page 5
6. Investment Property
2024
£
Fair Value
As at 1 June 2023 530,471
Additions 434,676
As at 31 May 2024 965,147
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 27,386 15,739
Prepayments and accrued income 26,123 13,092
Other debtors - 9,513
53,509 38,344
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 635,273 643,443
Bank loans and overdrafts - 12,709
Corporation tax 71,405 70,342
Other taxes and social security 82,633 111,769
Other creditors 54,832 23,962
Accruals and deferred income 16,393 1,369
Directors' loan accounts 982,312 4,443
1,842,848 868,037
On 18 January 2018 the company granted a debenture in favour of the company's bankers.
On the 31 May 2024 the company granted a fixed charge to P M Peake, a company director, in respect of: Abtap House Abtap House, Sandown Road, Watford, Herts, WD24 7UF and and 322 & 322a St Albans Road, Watford, Herts, WD24 9PQ.
9. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts - 12,709
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 23,587 26,027
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11. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1.000 each 1 1
12. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Philip Peake 1,000 120,000
13. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 1,000 120,000
14. Reserves
The Other Reserve represents a fair value reserve in respect of investment properties. This amount cannot be distributed to the members as it represents an un-reaslised surplus in respect of the fair value adjustment pertaining to the investment properties and has been transferred from retained earnings.
15. Related Party Transactions
During the year the company rented Abtap House, Sandown Road, Watford, Herts, WD24 7UF form P Peake for £48,000 (2023: £48,000) and 322 & 322a St Albans Road, Watford, Herts, WD24 9PQ  for £18,000 (2023: £18,000).
On 31 May 2024 P Peake, a director of the company, sold Abtap House, Sandown Road, Watford, Herts, WD24 7UF and and 322 & 322a St Albans Road, Watford, Herts, WD24 9PQ to the company for £795,000 and £305,000 respectively.  The valuations for the properties were provided by Stimpsons Chartered Surveyors a RICS qualified firm.
The directors believes that this transaction is at arm's length.
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