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Registration number: 12302869

Abowman Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Abowman Properties Ltd

Contents

Company Information

1

Profit and Loss Account

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Abowman Properties Ltd

Company Information

Directors

Mr A C Bowman

Mrs A E Bowman

Registered office

Station House
Station Road
Rugeley
Staffordshire
WS15 3HA

Accountants

Wychbury Greaves Station House
Station Road
Rugeley
Staffordshire
WS15 3HA

 

Abowman Properties Ltd

Profit and Loss Account for the Year Ended 30 November 2024

Note

2024
£

2023
£

Turnover

 

34,879

29,932

Cost of sales

 

(3,422)

(15,004)

Gross profit

 

31,457

14,928

Administrative expenses

 

(19,533)

(11,735)

Operating profit

 

11,924

3,193

Gain on financial assets at fair value through profit and loss

 

25,000

24,543

Interest payable and similar expenses

 

(21,471)

(16,607)

   

3,529

7,936

Profit before tax

15,453

11,129

Tax on profit

 

(2,898)

(2,115)

Profit for the financial year

 

12,555

9,014

The above results were derived from continuing operations.

 

Abowman Properties Ltd

(Registration number: 12302869)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

42,193

56,257

Investment property

5

535,000

510,000

 

577,193

566,257

Current assets

 

Debtors

-

391

Cash at bank and in hand

 

1,743

1,121

 

1,743

1,512

Creditors: Amounts falling due within one year

(58,996)

(50,424)

Net current liabilities

 

(57,253)

(48,912)

Total assets less current liabilities

 

519,940

517,345

Creditors: Amounts falling due after more than one year

(357,191)

(370,049)

Provisions for liabilities

(30,884)

(27,986)

Net assets

 

131,865

119,310

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

168,376

146,274

Retained earnings

(36,513)

(26,966)

Shareholders' funds

 

131,865

119,310

For the financial year ending 30 November 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 and 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 30 April 2025 and signed on its behalf by:
 

 

Abowman Properties Ltd

(Registration number: 12302869)
Balance Sheet as at 30 November 2024

.........................................
Mr A C Bowman
Director

 

Abowman Properties Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Station House
Station Road
Rugeley
Staffordshire
WS15 3HA
England

These financial statements were authorised for issue by the Board on 30 April 2025.

2

Accounting policies

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.

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.

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 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.

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.

 

Abowman Properties Ltd

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

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

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Abowman Properties Ltd

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

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

61,579

61,579

At 30 November 2024

61,579

61,579

Depreciation

At 1 December 2023

5,322

5,322

Charge for the year

14,064

14,064

At 30 November 2024

19,386

19,386

Carrying amount

At 30 November 2024

42,193

42,193

At 30 November 2023

56,257

56,257

5

Investment properties

2024
£

At 1 December

510,000

Additions

25,000

At 30 November

535,000

6

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

22,102

22,102

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

18,748

18,748

 

Abowman Properties Ltd

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

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

309,703

319,703

Hire purchase contracts

47,488

50,346

357,191

370,049

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

3,276

1,028