Abiete Limited 12843261 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is other letting and operating of own or leased real estate Digita Accounts Production Advanced 6.30.9574.0 true false true false 12843261 2023-09-01 2024-08-31 12843261 2024-08-31 12843261 core:CurrentFinancialInstruments 2024-08-31 12843261 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 12843261 bus:SmallEntities 2023-09-01 2024-08-31 12843261 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 12843261 bus:FilletedAccounts 2023-09-01 2024-08-31 12843261 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 12843261 bus:RegisteredOffice 2023-09-01 2024-08-31 12843261 bus:Director1 2023-09-01 2024-08-31 12843261 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 12843261 core:Subsidiary1 2023-09-01 2024-08-31 12843261 core:Subsidiary1 1 2023-09-01 2024-08-31 12843261 countries:EnglandWales 2023-09-01 2024-08-31 12843261 2022-09-01 2023-08-31 12843261 2023-08-31 12843261 core:CurrentFinancialInstruments 2023-08-31 12843261 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 12843261 core:Subsidiary1 1 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 12843261

Prepared for the registrar

Abiete Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Abiete Limited

(Registration number: 12843261)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

2,157,424

2,157,424

Current assets

 

Debtors

5

3,326,051

2,747,194

Cash at bank and in hand

 

8,429

-

 

3,334,480

2,747,194

Creditors: Amounts falling due within one year

6

(5,518,073)

(4,927,925)

Net current liabilities

 

(2,183,593)

(2,180,731)

Net liabilities

 

(26,169)

(23,307)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(26,269)

(23,407)

Shareholders' deficit

 

(26,169)

(23,307)

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 May 2025
 


N C Bampton
Director

 

Abiete Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/o Ch Hausmann & Co
Suite 5 De Walden Court
85 New Cavendish Street
London
W1W 6XD

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Abiete Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Abiete Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

4

Investments

2024
£

2023
£

Investments in subsidiaries

2,157,424

2,157,424

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Multiservicios Climafont SL

Calle Iglesia 42
29195 Alqueria
Comares
Malaga
Spain

Ordinary

100%

100%

The aggregate amount of capital and reserves of Multiservicios Climafonte SL, a company registered in Spain, at 31 December 2023, was £684,770. The results for the company at 31 December 2024 were not available.

 

5

Debtors

Note

2024
£

2023
£

Receivables from related parties

8

3,326,051

2,747,194

 

3,326,051

2,747,194

 

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

5,516,117

16

Amounts due to related parties

8

-

4,924,260

Accruals and deferred income

 

1,956

3,649

 

5,518,073

4,927,925

 

Abiete Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

16

Director's loan

5,516,117

-

5,516,117

16

 

8

Related party transactions

Transactions with directors

At 31 August 2024 the company owed the director N C Bampton £5,516,117 (2023: £Nil) in the form of a director's loan. The loan has no repayment terms and no interest was paid on the loan.

Transactions with other related parties

At 31 August 2024 the company was owed £3,326,051 (2023: £2,747,194) by its subsidiary Multiservicios Climafont SL, a company registered in Spain, in the form of a loan. The loan has no fixed repayment terms, is repayable on demand and no interest was charged in the year.

At 31 August 2023 the company owed Coetus Limited £4,924,260. The loan was repaid in full in the year and no interest was charged on the loan. The companies are related by virtue of the director N C Bampton.