REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LEVITT ABITO LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LEVITT ABITO LIMITED |
LEVITT ABITO LIMITED (REGISTERED NUMBER: 07136576) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 3 |
LEVITT ABITO LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
LEVITT ABITO LIMITED (REGISTERED NUMBER: 07136576) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LEVITT ABITO LIMITED (REGISTERED NUMBER: 07136576) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Levitt Abito Limited is a |
The company’s functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Levitt Abito 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. |
Investments in subsidiaries |
Investemnt in subsidiaries 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 or loss. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet 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. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. |
Basic financial liabilities |
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price. |
Going concern |
These accounts have been prepared on the going concern basis. The company is dependent on the support of its shareholders in order to meet its working capital requirements. The shareholders have provided assurance that they will continue support the company for a period that exceeds twelve months from the date of approval of these financial statements. On the basis of this assurance the directors believe that the company will continue to have sufficient funds in order to meet its financial liabilities as they fall due and that the going concern basis is appropriate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
LEVITT ABITO LIMITED (REGISTERED NUMBER: 07136576) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | FIXED ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Shares in group undertakings |
Loans to group undertakings |
Additional information is as follows: |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 April 2023 |
and 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
The company's investments at the Balance sheet date in the share capital of companies include the following: |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
Loans to |
group |
undertakings |
£ |
At 1 April 2023 |
Repayment in year | ( |
) |
At 31 March 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
LEVITT ABITO LIMITED (REGISTERED NUMBER: 07136576) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
Included within creditors are the loans of £683,761 (2023: £683,761), £753,271 (2023: £722,294) and £683,794 (2023: £683,794) due to Infinity Number One Limited, Levitt UK Real Estate Limited and Levittsystems International Development Company Limited respectively. These loans are interest free, unsecured and repayable on demand. |
7. | POST BALANCE SHEET EVENTS |
The intercompany balance of £2,028,835 due from Clippers Quay 4 Limited to Abito Limited has been distributed in specie to Levitt Abito after the financial year end, but prior to the date of approving these financial statements. |
8. | CONTROLLING PARTIES |
Levitt Abito Limited is a joint venture between Infinity Number One Limited, LevittSystems International Development Corporation SL and Levitt UK Real Estate Limited. |
The ultimate controlling party is The Tigom Trust. |