Registration number:
Prepared for the registrar
for the
Year Ended 31 August 2024
Abiete Limited
(Registration number: 12843261)
Balance Sheet as at 31 August 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
|
|
|
|
Cash at bank and in hand |
|
- |
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
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|
Net liabilities |
( |
( |
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Capital and reserves |
|||
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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:
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• |
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• |
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
Abiete Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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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
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
Recognition and measurement
Impairment
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Abiete Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Investments |
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2024 |
2023 |
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Investments in subsidiaries |
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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:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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Calle Iglesia 42
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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.
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Debtors |
|
Note |
2024 |
2023 |
|
|
Receivables from related parties |
3,326,051 |
2,747,194 |
|
|
|
|
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Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
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Loans and borrowings |
|
|
|
|
Amounts due to related parties |
- |
4,924,260 |
|
|
Accruals and deferred income |
|
|
|
|
|
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Abiete Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
|
Loans and borrowings |
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank overdrafts |
- |
|
|
Director's loan |
|
- |
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Related party transactions |
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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.