Abbots Quay Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 05276752 (England and Wales)

Unaudited Financial Statements

For The Year Ended 30 December 2024

for

Abbots Quay Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

169,568

165,653

Investment property

5

1,353,000

1,522,568

1,518,653

CURRENT ASSETS

Debtors

6

55,330

5,404

Cash at bank

3,417

14,236

58,747

19,640

CREDITORS

Amounts falling due within one year

7

352,951

316,017

NET CURRENT LIABILITIES

(294,204

)

(296,377

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,228,364

1,222,276

CREDITORS

Amounts falling due after more than one
year

8

(248,898

)

(265,162

)

PROVISIONS FOR LIABILITIES

(37,005

)

(40,694

)

NET ASSETS

942,461

916,420

CAPITAL AND RESERVES

Called up share capital

4,020

Profit and loss account - not distributable

211,594

Retained earnings

726,847

700,806

SHAREHOLDERS' FUNDS

942,461

916,420

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2025 and were signed on its behalf by:

P J Trembath - Director

1.	STATUTORY INFORMATION

Abbots Quay Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

05276752

Registered office:

Quay Auto Centre

Higher Union Road

Kingsbridge

Devon

TQ7 1EQ

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Rental income and service charges are recognised on the accruals basis in respect of the period to which it relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 25% reducing balance

Freehold improvements - 2% straight line

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Going concern

The accounts reflect net current liabilities however the majority of creditors is made up of loans owed to companies which have directors in common who are fully supportive along with the bank. With this understanding the accounts have been prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Computer

property

machinery

equipment

Totals

£

COST

At 31 December 2023

153,449

22,998

6,008

182,455

Additions

-

7,940

-

7,940

At 30 December 2024

153,449

30,938

6,008

190,395

DEPRECIATION

At 31 December 2023

124

13,372

3,306

16,802

Charge for year

41

3,309

675

4,025

At 30 December 2024

165

16,681

3,981

20,827

NET BOOK VALUE

At 30 December 2024

153,284

14,257

2,027

169,568

At 30 December 2023

153,325

9,626

2,702

165,653

Included in cost of land and buildings is freehold land of £ 151,381 (2023 - £ 151,381 ) which is not depreciated.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 31 December 2023

and 30 December 2024

1,353,000

NET BOOK VALUE

At 30 December 2024

1,353,000

At 30 December 2023

1,353,000

Fair value at 30 December 2024 is represented by:

£

Valuation in 2009

724,000

Valuation in 2011

774,000

Valuation in 2013

16,000

Valuation in 2015

236,000

Valuation in 2017

(46,000

)

Valuation in 2020

(509,000

)

Valuation in 2023

158,000

1,353,000

If the investment property had not been revalued it would have been included at the following historical cost:

30.12.24

30.12.23

£

Cost

1,093,325

The Investment property was valued on an open market basis on 19 June 2023 by Luscombe Maye Estate Agents .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.12.24

30.12.23

£

Trade debtors

21,447

3,200

Other debtors

33,883

2,204

55,330

5,404

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.12.24

30.12.23

£

Bank loans and overdrafts

28,700

Trade creditors

-

4,212

Taxation and social security

18,811

10,455

Other creditors

305,440

272,650

352,951

316,017

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.12.24

30.12.23

£

Bank loans

248,898

265,162

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

134,098

150,362

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.12.24

30.12.23

£

Bank loans

277,598

293,862

The loan is secured on the property owned by the company, included in the accounts as investment property.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 30 December 2024 and the period ended 30 December 2023:

30.12.24

30.12.23

£

P J Trembath

Balance outstanding at start of year

(1,220

)

(908

)

Amounts advanced

16,187

-

Amounts repaid

(312

)

(312

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

14,655

(1,220

)

Interest has been charged on the loan.