Company Registration No. SC558576 (Scotland)
Abi Archids Private Limited
Unaudited Filleted Financial Statements
for the year ended 31 December 2023
Abi Archids Private Limited
Unaudited Filleted Financial Statements
Contents
Abi Archids Private Limited
Company Information
for the year ended 31 December 2023
Directors
Mr A Pichaimuthu
Mrs A Lakshmi Narayana Raja
Company Number
SC558576 (Scotland)
Registered Office
748 Knightswood Shopping Centre
Anniesland Road
Glasgow
G14 0YU
Accountants
F & R Watson Accountants Limited
16 Kirk Brae
Maybole
KA19 7ER
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Abi Archids Private Limited
for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Abi Archids Private Limited for the year ended
31 December 2023 as set out on pages
5 -
10 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
This report is made solely to the Board of Directors of Abi Archids Private Limited, as a body, in accordance with the terms of our engagement letter dated 30 January 2019. Our work has been undertaken solely to prepare for your approval the accounts of Abi Archids Private Limited and state those matters that we have agreed to state to the Board of Directors of Abi Archids Private Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abi Archids Private Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Abi Archids Private Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Abi Archids Private Limited. You consider that Abi Archids Private Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Abi Archids Private Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
F & R Watson Accountants Limited
Chartered Certified Accountants
16 Kirk Brae
Maybole
KA19 7ER
27 March 2025
Abi Archids Private Limited
Statement of financial position
as at 31 December 2023
Intangible assets
164,896
188,816
Tangible assets
72,726
17,988
Cash at bank and in hand
26,001
48,483
Creditors: amounts falling due within one year
(118,393)
(98,360)
Net current liabilities
(72,624)
(34,983)
Total assets less current liabilities
164,998
171,821
Creditors: amounts falling due after more than one year
(160,880)
(129,021)
Provisions for liabilities
Deferred tax
(12,665)
(3,418)
Net (liabilities)/assets
(8,547)
39,382
Called up share capital
100
100
Profit and loss account
(8,647)
39,282
Shareholders' funds
(8,547)
39,382
For the year ending 31 December 2023 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by
Mr A Pichaimuthu
Director
Company Registration No. SC558576
Abi Archids Private Limited
Notes to the Accounts
for the year ended 31 December 2023
Abi Archids Private Limited is a private company, limited by shares, registered in Scotland, registration number SC558576. The registered office is 748 Knightswood Shopping Centre, Anniesland Road, Glasgow, G14 0YU.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 Small Entities, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least the twelve months following the approval of the financial statements.
The accounts are presented in £ sterling.
The financial statements for the year ended 31 December 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The company transitioned from FRS 105 as at 1 January 2022.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note 10 below.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
4, 5, 7 & 9 years straight line
Computer equipment
4 years straight line
Intangible fixed assets (including purchased goodwill) are included at cost less accumulated amortisation.
All intangible assets are considered to have a finite useful life with zero residual value. Amortisation is provided on the following bases:
Goodwill - 10 years straight line
Franchise fees - 10 years straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs in bringing the inventories to their present location and condition.
Abi Archids Private Limited
Notes to the Accounts
for the year ended 31 December 2023
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments according to the substance of the contractual arrangement.
Financial assets are measured at cost less any provision for impairment. Financial liabilities are measured at principal capital amounts outstanding at the period end.
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated financial instrument.
3
Intangible fixed assets
Goodwill
Other
Total
At 1 January 2023
231,546
7,650
239,196
At 31 December 2023
231,546
7,650
239,196
At 1 January 2023
48,620
1,760
50,380
Charge for the year
23,155
765
23,920
At 31 December 2023
71,775
2,525
74,300
At 31 December 2023
159,771
5,125
164,896
At 31 December 2022
182,926
5,890
188,816
Abi Archids Private Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2023
28,030
1,066
29,096
At 31 December 2023
89,738
1,066
90,804
At 1 January 2023
10,421
687
11,108
Charge for the year
6,703
267
6,970
At 31 December 2023
17,124
954
18,078
At 31 December 2023
72,614
112
72,726
At 31 December 2022
17,609
379
17,988
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
57,198
-
Amounts falling due within one year
Accrued income and prepayments
14,268
7,183
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
5,301
5,170
Obligations under finance leases and hire purchase contracts
10,103
-
Trade creditors
42,066
27,907
Taxes and social security
1,063
540
Other creditors
24,608
30,114
Abi Archids Private Limited
Notes to the Accounts
for the year ended 31 December 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
48,885
-
Other creditors
80,354
92,079
Aggregate of amounts that fall due for payment after five years
27,458
51,407
The directors have each given personal guarantees as security for both the Novuna HP agreement and the £105,000 loan from Novuna.
8
Operating lease commitments
2023
2022
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
41,237
29,876
Later than one year and not later than five years
86,050
47,577
9
Average number of employees
During the year the average number of employees was 14 (2022: 10).
Abi Archids Private Limited
Notes to the Accounts
for the year ended 31 December 2023
10
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 January 2022
31 December 2022
Capital and reserves (as previously stated)
38,721
41,225
Deferred tax provision
(508)
(3,418)
Other loan interest
-
1,575
Capital and reserves (as restated)
38,213
39,382
Reconciliation of profit or loss for the year
31 December 2022
Profit for the year (as previously stated)
7,504
Deferred tax charge
(2,910)
Profit for the year (as restated)
6,169
1) Deferred taxation
The company previously applied FRS 105 where deferred tax is not recognised. Under FRS 102, deferred tax is required to be calculated on fixed assets and £508 was recognised at 1 January 2022 to reflect the provisions of FRS 102. At 31 December 2022, the provision for deferred tax has been recognised as £3,418. The effect of this deferred tax charge is to decrease the profit for the year ended 31 December 2022 by £2,910.
2) Other loan interest
Under FRS 105, transaction costs which are not material can be immediately expensed to the profit and loss account. Under FRS 102, the general rule is that transaction costs are taken directly to the loan account on initial recognition and then amortised over the expected life of the loan using the effective interest method. Consequently, the loan arrangement fee of £1,575 that was charged to the profit and loss account during the year ended 31 December 2022 has been removed and added to the initial transaction price of the loan. The effect of removing this transaction cost is to increase the profit for the year ended 31 December 2022 by £1,575.