COMPANY REGISTRATION NUMBER:
NI638676
AB CREDIT SERVICES LIMITED |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
AB CREDIT SERVICES LIMITED |
|
STATEMENT OF FINANCIAL POSITION |
|
31 August 2024
Fixed assets
Investments |
4 |
661,306 |
644,362 |
|
|
|
|
Current assets
Debtors |
5 |
37,402 |
34,265 |
Cash at bank and in hand |
64,773 |
48,171 |
|
--------- |
-------- |
|
102,175 |
82,436 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
145,762 |
125,312 |
|
--------- |
--------- |
Net current liabilities |
43,587 |
42,876 |
|
--------- |
--------- |
Total assets less current liabilities |
617,719 |
601,486 |
|
--------- |
--------- |
Net assets |
617,719 |
601,486 |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
7 |
520,001 |
520,001 |
Profit and loss account |
97,718 |
81,485 |
|
--------- |
--------- |
Shareholders funds |
617,719 |
601,486 |
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
AB CREDIT SERVICES LIMITED |
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STATEMENT OF FINANCIAL POSITION (continued) |
|
31 August 2024
These financial statements were approved by the
board of directors
and authorised for issue on
1 April 2025
, and are signed on behalf of the board by:
Company registration number:
NI638676
AB CREDIT SERVICES LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 AUGUST 2024
1.
General information
The company is a private company limited by shares, registered in N Ireland. The address of the registered office is C/O Flannigan Edmonds Bannon, Linenhall Exchange, First Floor, 26 Linenhall Street, Belfast, BT2 8BG, Northern Ireland.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4.
Investments
|
Other loans |
|
£ |
Cost |
|
At 1 September 2023 |
644,362 |
Additions |
55,000 |
Disposals |
(
38,056) |
|
--------- |
At 31 August 2024 |
661,306 |
|
--------- |
Impairment |
|
At 1 September 2023 and 31 August 2024 |
– |
|
--------- |
|
|
Carrying amount |
|
At 31 August 2024 |
661,306 |
|
--------- |
At 31 August 2023 |
644,362 |
|
--------- |
|
|
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
37,402 |
34,265 |
|
-------- |
-------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Corporation tax |
4,151 |
4,014 |
Other creditors |
141,611 |
121,298 |
|
--------- |
--------- |
|
145,762 |
125,312 |
|
--------- |
--------- |
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
520,001 |
520,001 |
520,001 |
520,001 |
|
--------- |
--------- |
--------- |
--------- |
|
|
|
|
|
On the date of incorporation, one £1 ordinary share was issued, at par, for cash. On 1 March 2017, 220,000 £1 ordinary shares were issued, at par, in exchange for debt. on 1 August 2019, 300,000 £1 ordinary shares were issued, at par, in exchange for debt.
8.
Related party transactions
The company is related to Magherafelt Property Company Limited and Mulderg Properties Limited by virtue of a common director, Mr W Nesbitt. In 2024 the company advanced loans of £60,000 to Magherafelt Property Company Limited. In 2018 the company advanced a loan of £300,000. In 2017 the company advanced a loan of £55,000. Loans are repayable over 20 years and interest is charged at 3% plus base rate. At the balance sheet date, £314,765 remained outstanding (2023: £275,846). In 2023 the company advanced loans of £60,000 to Mulderg Properties Limited. In 2021 the company advanced loans of £180,000. In 2020 the company advanced loans of £60,000. In 2017 the company advanced loans totalling £165,000. Loans are repayable over 20 years and interest is charged at 3% plus base rate. At the balance sheet date, £383,942 remained outstanding (2023: £402,780).