Registration number:
Abbey Manor Developments Ltd
for the Year Ended 30 June 2024
Abbey Manor Developments Ltd
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Abbey Manor Developments Ltd
(Registration number: 01499944)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Investment property |
- |
|
|
Current assets |
|||
Stocks |
- |
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
- |
|
|
Total assets less current liabilities |
- |
|
|
Provisions for liabilities |
- |
|
|
Net assets |
- |
|
|
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 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
Abbey Manor Developments Ltd
(Registration number: 01499944)
Balance Sheet as at 30 June 2024
|
Abbey Manor Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
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.
Exceptional items |
2024 |
2023 |
|
Exceptional gain/(loss) from changes in fair value of investment properties |
800,000 |
- |
Tangible assets |
Plant and machinery |
Total |
|
Cost or valuation |
||
At 1 July 2023 |
|
|
Disposals |
( |
( |
At 30 June 2024 |
- |
- |
Depreciation |
||
At 1 July 2023 |
|
|
Eliminated on disposal |
( |
( |
At 30 June 2024 |
- |
- |
Carrying amount |
||
At 30 June 2024 |
- |
- |
Investment properties |
2024 |
|
At 1 July |
|
Disposals |
( |
Fair value adjustments |
|
At 30 June |
- |
Abbey Manor Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Stocks |
2024 |
2023 |
|
Work in progress |
- |
|
Land and building stocks held for development and resale |
- |
|
- |
|
Debtors |
Note |
2024 |
2023 |
|
Trade debtors |
- |
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
- |
|
|
Prepayments |
- |
|
|
|
|
Creditors |
Due within one year |
2024 |
2023 |
Trade creditors |
- |
|
Other creditors |
- |
|
Accruals |
- |
|
Corporation tax liability |
105,927 |
80,420 |
|
|
Related party transactions |
Summary of transactions with other related parties
(Pension scheme in which N R S Timmis (director) is a trustee)
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
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from The Abbey, Preston Road, Yeovil, Somerset, BA20 2EN.