14 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 3,997 3,997 3,997 xbrli:pure xbrli:shares iso4217:GBP 03397480 2023-07-01 2024-06-30 03397480 2024-06-30 03397480 2023-06-30 03397480 2022-07-01 2023-06-30 03397480 2023-06-30 03397480 2022-06-30 03397480 core:MotorVehicles 2023-07-01 2024-06-30 03397480 bus:Director1 2023-07-01 2024-06-30 03397480 core:LandBuildings 2023-06-30 03397480 core:MotorVehicles 2023-06-30 03397480 core:LandBuildings 2024-06-30 03397480 core:MotorVehicles 2024-06-30 03397480 core:WithinOneYear 2024-06-30 03397480 core:WithinOneYear 2023-06-30 03397480 core:AfterOneYear 2024-06-30 03397480 core:AfterOneYear 2023-06-30 03397480 core:ShareCapital 2024-06-30 03397480 core:ShareCapital 2023-06-30 03397480 core:RetainedEarningsAccumulatedLosses 2024-06-30 03397480 core:RetainedEarningsAccumulatedLosses 2023-06-30 03397480 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 03397480 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 03397480 core:LandBuildings 2023-06-30 03397480 core:MotorVehicles 2023-06-30 03397480 bus:Director1 2023-06-30 03397480 bus:Director1 2022-06-30 03397480 bus:SmallEntities 2023-07-01 2024-06-30 03397480 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 03397480 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 03397480 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03397480 bus:FullAccounts 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 03397480
Abcot U.K. Limited
Filleted Unaudited Financial Statements
30 June 2024
Abcot U.K. Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
3,997
3,997
Tangible assets
6
198,135
246,259
---------
---------
202,132
250,256
Current assets
Stocks
1,755,720
1,443,000
Debtors
7
1,552,666
1,026,344
Investments
8
110,620
110,620
Cash at bank and in hand
46,756
700,079
------------
------------
3,465,762
3,280,043
Creditors: amounts falling due within one year
9
466,779
405,297
------------
------------
Net current assets
2,998,983
2,874,746
------------
------------
Total assets less current liabilities
3,201,115
3,125,002
Creditors: amounts falling due after more than one year
10
27,390
57,817
------------
------------
Net assets
3,173,725
3,067,185
------------
------------
Capital and reserves
Called up share capital
900
900
Profit and loss account
3,172,825
3,066,285
------------
------------
Shareholders funds
3,173,725
3,067,185
------------
------------
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 30 June 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 .
Abcot U.K. Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 11 April 2025 , and are signed on behalf of the board by:
Mr B S Nagi
Director
Company registration number: 03397480
Abcot U.K. Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 46 Syon Lane, Osterley, Middlesex, TW7 5NQ.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Fixtures, fittings and equipments
-
25% reducing balance
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 13 ).
5. Intangible assets
Development costs
£
Cost
At 1 July 2023 and 30 June 2024
3,997
-------
Amortisation
At 1 July 2023 and 30 June 2024
-------
Carrying amount
At 30 June 2024
3,997
-------
At 30 June 2023
3,997
-------
6. Tangible assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2023
144,275
306,709
74,050
525,034
Disposals
( 53,635)
( 53,635)
---------
---------
--------
---------
At 30 June 2024
144,275
253,074
74,050
471,399
---------
---------
--------
---------
Depreciation
At 1 July 2023
213,275
65,500
278,775
Charge for the year
15,816
2,138
17,954
Disposals
( 23,465)
( 23,465)
---------
---------
--------
---------
At 30 June 2024
205,626
67,638
273,264
---------
---------
--------
---------
Carrying amount
At 30 June 2024
144,275
47,448
6,412
198,135
---------
---------
--------
---------
At 30 June 2023
144,275
93,434
8,550
246,259
---------
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
13,998
1,372
Other debtors
1,538,668
1,024,972
------------
------------
1,552,666
1,026,344
------------
------------
8. Investments
2024
2023
£
£
Other investments - in Italy in Luxo
110,620
110,620
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
60,114
Trade creditors
12,144
36,593
Corporation tax
95,886
60,087
Social security and other taxes
154,919
125,268
Other creditors
203,830
123,235
---------
---------
466,779
405,297
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
19,549
29,590
Other creditors
7,841
28,227
--------
--------
27,390
57,817
--------
--------
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward and outstanding
2024
2023
£
£
Mr B S Nagi
( 52,509)
( 20,441)
--------
--------
12. Related party transactions
The company was under the control of Mr B S Nagi throughout the current and previous year. Mr B S Nagi together with his family owns 100% Share Capital of the company. Included in the other debtors is a balance of £751,245.44 (30/06/2023: £568,377.92 ) owed by Abcot Investments Limited where the director Mr B S Nagi and his family members are the directors and shareholders of the company. No other transactions with related parties were undertaken such as are required to be disclosed under FRS102.