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Registration number: 01499944

Abbey Manor Developments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Abbey Manor Developments Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Abbey Manor Developments Ltd

(Registration number: 01499944)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

6

-

1,600,000

Current assets

 

Stocks

7

-

2,754,729

Debtors

8

75,927

2,094,512

Cash at bank and in hand

 

30,000

5,498,625

 

105,927

10,347,866

Creditors: Amounts falling due within one year

9

(105,927)

(202,482)

Net current assets

 

-

10,145,384

Total assets less current liabilities

 

-

11,745,384

Provisions for liabilities

-

982

Net assets

 

-

11,746,366

Capital and reserves

 

Called up share capital

625

625

Capital redemption reserve

38

38

Other reserves

13,128

13,128

Retained earnings

(13,791)

11,732,575

Shareholders' funds

 

-

11,746,366

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

 

Abbey Manor Developments Ltd

(Registration number: 01499944)
Balance Sheet as at 30 June 2024

J E Gannon
Director

   
     
 

Abbey Manor Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Abbey
Preston Road
Yeovil
Somerset
BA20 2EN

These financial statements were authorised for issue by the Board on 28 March 2025.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

These financial statements have not been prepared on a going concern basis as the trade and assets of the company were hived up to its parent company, Abbey Manor Group Limited, during the accounting period.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Abbey Manor Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

At varying rates of between 5% and 33.3% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Abbey Manor Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 4 (2023 - 4).

 

Abbey Manor Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

The employees were employed by Abbey Manor Group Limited, a connected company, with related payroll costs for the year being recharged to the company by way of a management charge.

4

Exceptional items

2024
£

2023
£

Exceptional gain/(loss) from changes in fair value of investment properties

800,000

-

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

3,387

3,387

Disposals

(3,387)

(3,387)

At 30 June 2024

-

-

Depreciation

At 1 July 2023

3,387

3,387

Eliminated on disposal

(3,387)

(3,387)

At 30 June 2024

-

-

Carrying amount

At 30 June 2024

-

-

6

Investment properties

2024
£

At 1 July

1,600,000

Disposals

(2,400,000)

Fair value adjustments

800,000

At 30 June

-

 

Abbey Manor Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Stocks

2024
£

2023
£

Work in progress

-

2,651,729

Land and building stocks held for development and resale

-

103,000

-

2,754,729

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

-

801

Amounts owed by related parties

10

75,927

2,049,979

Other debtors

 

-

10,276

Prepayments

 

-

33,456

 

75,927

2,094,512

9

Creditors

Due within one year

2024
£

2023
£

Trade creditors

-

104,287

Other creditors

-

3,200

Accruals

-

14,575

Corporation tax liability

105,927

80,420

105,927

202,482

10

Related party transactions

Summary of transactions with other related parties

Abbeygate Executive Pension Scheme
(Pension scheme in which N R S Timmis (director) is a trustee)

 During the year the company made sales to Abbeygate Executive Pension Scheme of £Nil (2023 - £5,000).
 

The company has taken advantage of the exemption conferred by FRS 102 s.33.1A not to disclose transactions with other wholly owned members of the group.

 

Abbey Manor Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

11

Parent and ultimate parent undertaking

The company's immediate parent is Abbey Manor Group Limited, incorporated in England.

  These financial statements are available upon request from The Abbey, Preston Road, Yeovil, Somerset, BA20 2EN.