Registration number:
for the Period from 1 July 2023 to
Abbey Business Interiors Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Abbey Business Interiors Limited
Company Information
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Directors |
D Giles S Layer J A Herbst A J Newell |
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Registered office |
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Auditors |
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Abbey Business Interiors Limited
(Registration number: 08914340)
Balance Sheet as at 31 December 2024
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Note |
31 December |
30 June |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Deferred tax liabilities |
(1,865) |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
871,969 |
2,720,823 |
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Shareholders' funds |
872,069 |
2,720,923 |
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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
Abbey Business Interiors Limited
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 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 periods 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.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has access to 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.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Abbey Business Interiors Limited
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No other key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
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.
Contract revenue recognition
Where the substance of a contract is that the contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the partial performance of the company's contractual obligations. The amount of revenue included reflects the accrual of the right to consideration as contract activity progresses by reference to value of the work performed.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position 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:
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Asset class |
Depreciation method and rate |
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Improvement to property |
20% straight line |
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Office/Computer equipment |
25% straight line |
Abbey Business Interiors Limited
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024
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Motor vehicles |
20% straight line |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method.
TAt each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Abbey Business Interiors Limited
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Abbey Business Interiors Limited
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
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Taxation |
Tax charged/(credited) in the profit and loss account
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For the period |
For the year ended |
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Current taxation |
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UK corporation tax |
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UK corporation tax adjustment to prior periods |
( |
- |
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40,090 |
154,727 |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
( |
- |
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Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
5,541 |
- |
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Total deferred taxation |
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- |
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Tax expense in the income statement |
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Tangible assets |
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Improvements to property |
Motor vehicles |
Office/Computer equipment |
Total |
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Cost |
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At 1 July 2023 |
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Additions |
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- |
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Disposals |
- |
( |
- |
( |
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At 31 December 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the period |
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Eliminated on disposal |
- |
( |
- |
( |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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- |
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At 30 June 2023 |
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Investments |
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31 December |
30 June |
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Investments in subsidiaries |
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Abbey Business Interiors Limited
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024
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6 |
Investments (continued) |
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Subsidiaries |
£ |
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Cost |
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At 1 July 2023 |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 30 June 2023 |
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Details of undertakings
Details of the investments 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 |
Country of Registration |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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Ordinary |
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England and Wales |
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Ordinary |
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England and Wales |
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The registered office of the subsidiaries is the same as the Company.
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Abbey Office Interiors Limited The principal activity of Abbey Office Interiors Limited is |
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Abbey Leisure Interiors Limited The principal activity of Abbey Leisure Interiors Limited is |
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Stocks |
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31 December 2024 |
30 June 2023 |
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Goods held for resale |
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Work in progress |
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- |
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Abbey Business Interiors Limited
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024
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Debtors |
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31 December |
30 June 2023 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
- |
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Prepayments |
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Creditors |
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31 December |
30 June 2023 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Amounts due to related parties |
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- |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other creditors |
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Accrued expenses |
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Corporation tax liability |
40,435 |
155,071 |
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Note |
31 December |
30 June |
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Due after one year |
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Loans and borrowings |
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- |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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31 December |
30 June |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the period was £
Abbey Business Interiors Limited
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024
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Share capital |
Allotted, called up and fully paid shares
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31 December 2024 |
30 June 2023 |
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No. |
£ |
No. |
£ |
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30 |
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30 |
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14 |
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14 |
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14 |
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14 |
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14 |
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14 |
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14 |
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14 |
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14 |
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14 |
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100 |
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All shares rank pari passu as regards to voting rights, dividends, capital and participation in a distribution (including on winding up).
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Related party transactions |
Mr S Layer, who is a director of the Company, is also a trustee and beneficiary of Abbey Business Retirement Benefit Scheme ("the Scheme"). The Scheme charged rent of £132,500 (2023: £80,000) to the Company in respect of the premises owned by the Scheme during the period. At the balance sheet date the Company owed £nil (2023: £nil),
During the year, an advance was made to one of the directors amounting to £450,000 of which £450,000 was repaid during the year, leaving an amount outstanding at the end of the year of £nil. The loan is interest free and has no conditions. At the end of the prior year, the amount outstanding was £206,000, this was also fully repaid during the period ending 31 December 2024.
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Parent and ultimate parent undertaking |
During the period an Employee Ownership Trust was set up, therefore after 6 November 2023 the ultimate controlling party is Abbey Business Interiors Trustees Limited, incorporated in England and Wales, on behalf of
Abbey Business Interiors Employee Ownership Trust.
Before this time the ultimate controlling party were the shareholders of Abbey Business Interiors Holdings Limited
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Audit report |
Abbey Business Interiors Limited
Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024
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Loans and borrowings |
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31 December |
30 June |
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Current loans and borrowings |
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Bank borrowings |
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- |
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31 December |
30 June |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
Bank borrowings
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The bank loan is secured by fixed and floating charges over the company's assets. Loans with a carrying value of £1,017,357 at 31 December 2024, carried interest rates of 3% above the Bank of England base rate. |