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Registered number: 10668984












ABELO ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

 

ABELO ESTATES LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 10


 

ABELO ESTATES LIMITED
 
COMPANY INFORMATION


Directors
Sir R Dennis CBE 
J S Riches 




Registered number
10668984



Registered office
Kingsbourne
Pinewood Road

Virginia Water

Surrey

GU25 4PA




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:10668984
ABELO ESTATES LIMITED

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
 4 

Tangible fixed assets
  
30,828,234
30,582,700

  
30,828,234
30,582,700

Current assets
  

Debtors: amounts falling due within one year
 5 
13,834
71,492

Cash at bank and in hand
  
5,140
60,730

  
18,974
132,222

Creditors: amounts falling due within one year
 6 
(29,684,899)
(29,350,185)

Net current liabilities
  
 
 
(29,665,925)
 
 
(29,217,963)

Total assets less current liabilities
  
1,162,309
1,364,737

  

Net assets
  
1,162,309
1,364,737


Capital and reserves
  

Called up share capital 
 7 
2,000,001
2,000,001

Profit and loss account
  
(837,692)
(635,264)

Total equity
  
1,162,309
1,364,737


Page 2


 
REGISTERED NUMBER:10668984
ABELO ESTATES LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Sir R Dennis CBE
Director

Date: 4 March 2025

The notes on pages 4 to 10 form part of these financial statements.
Page 3

 

ABELO ESTATES LIMITED

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

1.


General information

Abelo Estates Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is Kingsbourne, Pinewood Road, Virginia Water, Surrey, GU25 4PA. 
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

  
2.3

Other operating income

Other operating income relates to costs recharged to intercompany.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 

ABELO ESTATES LIMITED

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

2.Accounting policies (continued)


2.5

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including other debtors, cash and bank balances and intercompany working capital balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors and loans from fellow group companies  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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 5

 

ABELO ESTATES LIMITED

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

2.Accounting policies (continued)




Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

  
2.7

Share capital

Ordinary shares are classified as equity.

Page 6

 

ABELO ESTATES LIMITED

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

2.Accounting policies (continued)

 
2.8

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).




Page 7

 

ABELO ESTATES LIMITED

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

4.


Tangible fixed assets





Freehold property
Office equipment
Assets under construction
Total

£
£
£
£



Cost or valuation


At 1 June 2023
18,407,891
12,393
12,174,764
30,595,048


Additions
-
-
245,579
245,579



At 31 May 2024

18,407,891
12,393
12,420,343
30,840,627



Depreciation


At 1 June 2023
-
12,348
-
12,348


Charge for the year on owned assets
-
45
-
45



At 31 May 2024

-
12,393
-
12,393



Net book value



At 31 May 2024
18,407,891
-
12,420,343
30,828,234



At 31 May 2023
18,407,891
45
12,174,764
30,582,700


5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
-
67,541

Other debtors
13,834
2,291

Prepayments and accrued income
-
1,660

13,834
71,492




Page 8

 

ABELO ESTATES LIMITED

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

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
23,196
5,007

Amounts owed to group undertakings
28,604,403
28,285,708

Other creditors
1,050,900
1,050,900

Accruals and deferred income
6,400
8,570

29,684,899
29,350,185


Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand. 


7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,000,001 (2023 - 2,000,001) Ordinary shares of £1.00 each
2,000,001
2,000,001


8.
Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures"  from disclosing transactions with entities which are a wholly owned part of the group.

Transactions with other related parties are as follows:




Relationship

Transaction

Amount
Amount due (to)/from related parties




2024
 
2023 
2024 
2023 




£
 
£ 
£ 
£ 



Director
Loan
-
-
(1,050,900)
(1,050,900)


Amounts owed to related parties are unsecured, interest free and due for repayment within one year.


9.


Post balance sheet events

On 16 September 2024, the company sold its freehold property and assets under construction with total net book value of £30.83m for proceeds of £40.35m. 
Following this sale, it was deemed that VAT previously recovered on legal fees in connection with purchase of the land was now repayable to HMRC due to a change of use of the asset. A balance of £573k was subsequently reported and paid to HMRC.

Page 9

 

ABELO ESTATES LIMITED

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

10.


Controlling party

During the year, the parent company was Lavendo Holdings Limited whose registered office is Kingsbourne, Pinewood Road, Virginia Water, Surrey, GU25 4PA. The ultimate controlling party was Sir R. Dennis, the 100% beneficial owner of Lavendo Holdings Limited. 

 
Page 10