REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
FOR |
ABBOTT BROS.(KENT),LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
FOR |
ABBOTT BROS.(KENT),LIMITED |
ABBOTT BROS.(KENT),LIMITED (REGISTERED NUMBER: 00178420) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ABBOTT BROS.(KENT),LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Westgate House |
87 St Dunstans Street |
Canterbury |
Kent |
CT2 8AE |
ABBOTT BROS.(KENT),LIMITED (REGISTERED NUMBER: 00178420) |
BALANCE SHEET |
30TH SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Capital reserve | 11 |
Revaluation reserve | 11 |
Capital redemption reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
ABBOTT BROS.(KENT),LIMITED (REGISTERED NUMBER: 00178420) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Abbott Bros.(Kent),limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
ABBOTT BROS.(KENT),LIMITED (REGISTERED NUMBER: 00178420) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Investments |
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can be measured reliably. Other investments are measured at cost less impairment. |
The methods and significant assumptions used to ascertain the fair value of £1,473,886 and fair value movement of £104,755 included in the profit/loss for the year are as follows: |
The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date. |
Other investments are measured at cost less impairment on the basis that they represent shares in entities that are not publicly traded and the fair value cannot otherwise be measured reliably. |
Other operating income |
The company's main activities are property letting and investments. The income from these activities is shown under other operating income, and is credited to the profit and loss account as it falls due. Property letting and investment income is recognised as the company's right to receive payment is established. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st October 2023 |
Additions |
At 30th September 2024 |
DEPRECIATION |
At 1st October 2023 |
Charge for year |
At 30th September 2024 |
NET BOOK VALUE |
At 30th September 2024 |
At 30th September 2023 |
ABBOTT BROS.(KENT),LIMITED (REGISTERED NUMBER: 00178420) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 30th September 2024 is represented by: |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2000 | 191,375 | - | - | 191,375 |
Valuation in 2012 | (89,399 | ) | - | - | (89,399 | ) |
Valuation in 2015 | 14,399 | - | - | 14,399 |
Cost | 23,625 | 39,258 | 3,428 | 66,311 |
140,000 | 39,258 | 3,428 | 182,686 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 23,625 | 23,625 |
Aggregate depreciation | 10,868 | 8,978 |
Freehold land and buildings were valued on a value in use basis on 30th September 2015 by Harrisons Chartered Surveyors . |
5. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST OR VALUATION |
At 1st October 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 30th September 2024 |
NET BOOK VALUE |
At 30th September 2024 |
At 30th September 2023 |
ABBOTT BROS.(KENT),LIMITED (REGISTERED NUMBER: 00178420) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
5. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 30th September 2024 is represented by: |
Listed |
investments |
£ |
Valuation in 2015 | (19,635 | ) |
Valuation in 2016 | 45,094 |
Valuation in 2017 | 30,553 |
Valuation in 2018 | (372 | ) |
Valuation in 2019 | 13,692 |
Valuation in 2020 | (47,442 | ) |
Valuation in 2021 | 225,184 |
Valuation in 2022 | (154,035 | ) |
Valuation in 2023 | 36,754 |
Valuation in 2024 | 138,227 |
Cost | 1,205,866 |
1,473,886 |
If listed investments had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,205,866 | 1,256,112 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st October 2023 |
Revaluations | 135,000 |
At 30th September 2024 |
NET BOOK VALUE |
At 30th September 2024 |
At 30th September 2023 |
Included in investment properties are assets valued at £3,985,000 which are used in operating leases. |
ABBOTT BROS.(KENT),LIMITED (REGISTERED NUMBER: 00178420) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
6. | INVESTMENT PROPERTY - continued |
Fair value at 30th September 2024 is represented by: |
£ |
Valuation in 2012 | 140,310 |
Valuation in 2015 | 170,878 |
Valuation in 2017 | 168,859 |
Valuation in 2018 | 64,550 |
Valuation in 2019 | (23,200 | ) |
Valuation in 2020 | 367,000 |
Valuation in 2021 | 236,000 |
Valuation in 2022 | 398,000 |
Valuation in 2023 | 18,000 |
Valuation in 2024 | 135,000 |
Cost | 2,309,603 |
3,985,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 2,309,603 | 2,309,603 |
Residential investment properties were valued on an open market basis on 30th September 2024 by the Directors. |
Commercial investment properties were valued on an open market basis on 30th September 2024 by the Directors. |
Valuations included for 2012 include all valuations up to this date. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors and prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Corporation tax |
Accruals and deferred income |
ABBOTT BROS.(KENT),LIMITED (REGISTERED NUMBER: 00178420) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
9. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 417,105 | 350,627 |
Deferred |
tax |
£ |
Balance at 1st October 2023 |
Provided during year |
Balance at 30th September 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Preference | £1 | 3,000 | 3,000 |
'A' Ordinary | £1 | 534 | 534 |
'B' Ordinary | £1 | 15,480 | 15,480 |
19,014 | 19,014 |
11. | RESERVES |
Capital |
Retained | Capital | Revaluation | redemption |
earnings | reserve | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1st October 2023 | 5,172,298 |
Profit for the year | - | - | - |
Dividends | ( |
) | - | - | - | ( |
) |
Transfer between reserves | (206,791 | ) | - | 206,791 | - | - |
At 30th September 2024 | 5,323,222 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
ABBOTT BROS.(KENT),LIMITED (REGISTERED NUMBER: 00178420) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
14. | GOING CONCERN AND POST BALANCE SHEET EVENTS |
For the company's 30 September 2024 financial statements the company expects to have adequate resources available to meet its obligations for at least the next twelve months and therefore the directors consider it appropriate to prepare the financial statements on the going concern basis. |