Silverfin false false 31/07/2024 01/08/2023 31/07/2024 B A Tills 26/10/2018 K A Tills 26/10/2018 07 April 2025 The principal activity of the Company during the financial year was letting of real estate. 11645790 2024-07-31 11645790 bus:Director1 2024-07-31 11645790 bus:Director2 2024-07-31 11645790 2023-07-31 11645790 core:CurrentFinancialInstruments 2024-07-31 11645790 core:CurrentFinancialInstruments 2023-07-31 11645790 core:Non-currentFinancialInstruments 2024-07-31 11645790 core:Non-currentFinancialInstruments 2023-07-31 11645790 core:ShareCapital 2024-07-31 11645790 core:ShareCapital 2023-07-31 11645790 core:FurtherSpecificReserve1ComponentTotalEquity 2024-07-31 11645790 core:FurtherSpecificReserve1ComponentTotalEquity 2023-07-31 11645790 core:RetainedEarningsAccumulatedLosses 2024-07-31 11645790 core:RetainedEarningsAccumulatedLosses 2023-07-31 11645790 core:CostValuation 2023-07-31 11645790 core:CostValuation 2024-07-31 11645790 core:CurrentFinancialInstruments core:Secured 2024-07-31 11645790 core:MoreThanFiveYears 2024-07-31 11645790 core:MoreThanFiveYears 2023-07-31 11645790 2023-08-01 2024-07-31 11645790 bus:FilletedAccounts 2023-08-01 2024-07-31 11645790 bus:SmallEntities 2023-08-01 2024-07-31 11645790 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 11645790 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 11645790 bus:Director1 2023-08-01 2024-07-31 11645790 bus:Director2 2023-08-01 2024-07-31 11645790 2022-08-01 2023-07-31 11645790 core:MoreThanFiveYears 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Company No: 11645790 (England and Wales)

ABACUS CARE LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

ABACUS CARE LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

ABACUS CARE LIMITED

BALANCE SHEET

As at 31 July 2024
ABACUS CARE LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 2,335,929 2,335,929
Investments 4 1 1
2,335,930 2,335,930
Current assets
Debtors 5 205 100
Cash at bank and in hand 2,490 2,868
2,695 2,968
Creditors: amounts falling due within one year 6 ( 282,253) ( 280,476)
Net current liabilities (279,558) (277,508)
Total assets less current liabilities 2,056,372 2,058,422
Creditors: amounts falling due after more than one year 7 ( 664,575) ( 707,093)
Provision for liabilities 8 ( 276,956) ( 276,956)
Net assets 1,114,841 1,074,373
Capital and reserves
Called-up share capital 100 100
Fair value reserve 830,869 830,869
Profit and loss account 283,872 243,404
Total shareholders' funds 1,114,841 1,074,373

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Abacus Care Limited (registered number: 11645790) were approved and authorised for issue by the Board of Directors on 07 April 2025. They were signed on its behalf by:

K A Tills
Director
ABACUS CARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
ABACUS CARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Abacus Care Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom. The principal place of business is Dene Court Care Home, 1 Butts Road, Exeter, EX2 5HU.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £279,558 (total net assets of £1,114,841). The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Other operating income comprises the fair value of the consideration received or receivable for the rental of the company's investment property.

Rental income is recognised at the fair value of the consideration received for the period to which it relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
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 financial statements. 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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 August 2023 2,335,929
As at 31 July 2024 2,335,929

Valuation

The investment property was revalued at 31 July 2024 by the directors on an open market basis.
The directors considered the valuation of the investment property to remain materially correct at the balance sheet date.
There has been no valuation of investment property by an independent valuer.

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 August 2023 1
At 31 July 2024 1
Carrying value at 31 July 2024 1
Carrying value at 31 July 2023 1

At the balance sheet date the company had 1 (2023 - 1) wholly owned subsidiary. There has been no movement during the year.

5. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 205 0
Other debtors 0 100
205 100

Amounts owed by Group undertakings are repayable on demand and do not bear interest.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 49,600 53,200
Amounts owed to Group undertakings 0 1,421
Amounts owed to directors 217,592 217,592
Accruals 2,300 2,490
Corporation tax 12,761 5,773
282,253 280,476

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 664,575 707,093

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 450,175 497,093

The bank borrowings are secured by a fixed and floating charge over all the assets and undertakings of the company and its subsidiary.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 276,956 276,956

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

The company has taken advantage of the exemptions provided from disclosing transactions with its wholly owned subsidiaries.