Registration number:
Abowman Properties Ltd
for the Year Ended 30 November 2024
Abowman Properties Ltd
Contents
Company Information |
|
Profit and Loss Account |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Abowman Properties Ltd
Company Information
Directors |
Mr A C Bowman Mrs A E Bowman |
Registered office |
|
Accountants |
|
Abowman Properties Ltd
Profit and Loss Account for the Year Ended 30 November 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
11,924 |
3,193 |
|
Gain on financial assets at fair value through profit and loss |
|
|
|
Interest payable and similar expenses |
( |
( |
|
3,529 |
7,936 |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
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 |
|
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Debtors |
- |
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
Abowman Properties Ltd
(Registration number: 12302869)
Balance Sheet as at 30 November 2024
......................................... |
Abowman Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
General information |
The company is a private company limited by share capital, incorporated in UK.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Abowman Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
Tangible assets |
Motor vehicles |
Total |
|
Cost or valuation |
||
At 1 December 2023 |
|
|
At 30 November 2024 |
|
|
Depreciation |
||
At 1 December 2023 |
|
|
Charge for the year |
|
|
At 30 November 2024 |
|
|
Carrying amount |
||
At 30 November 2024 |
|
|
At 30 November 2023 |
|
|
Investment properties |
2024 |
|
At 1 December |
|
Additions |
|
At 30 November |
|
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 |
|
|
|
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 |
|
|
|
Abowman Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
Current loans and borrowings
2024 |
2023 |
|
Hire purchase contracts |
|
|