| ABELL GROUP LIMITED |
| Registered number: |
01295545 |
| Directors' Report |
|
| The directors present their report and accounts for the year ended 31 December 2024. |
|
| Principal activities |
The company's principal activity during the year continued to be preparations in support of launching a UK business bank, focussing on the (neglected) needs of small businesses. Once this simple project has been launched successfully the SMT have many ideas for expansion and development of this into a significant entrant in the banking world.
Capital raising has been much delayed, and the Covid pandemic hampered efforts, as travel and meetings with potential investors were less possible. We have made investor progress however, and full launch of the bank is nearto. Anyone sorry to miss out on investing should contact the company, (and send a cheque). [office@abellgroup.co.uk].
Our fintech banking company is Abell Business Corporation Limited t/a Abell Money. This fintech unit will shortly complete the formal Licensing process to receive permission to operate as a tier 2 bank (E-money Licence) providing business banking services in the UK. |
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| Directors |
| The following persons served as directors during the year: |
|
|
JM Swallow, FCA, FRSA |
|
M Seville - resigned 1.1.2024 |
|
D Odusanya - appointed 1.1.2024 |
|
I Zavadska |
|
|
| Small company provisions |
| This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
| This report was approved by the board on 11 September 2025 and signed on its behalf. |
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|
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| JM Swallow, FCA, FRSA |
| Director |
|
| ABELL GROUP LIMITED |
| Registered number: |
01295545 |
| Balance Sheet |
| as at 31 December 2024 |
|
| Notes |
|
|
2024 |
|
|
2023 |
| £ |
£ |
| Fixed assets |
| Investments |
3 |
|
|
103,000 |
|
|
103,000 |
|
| Current assets |
| Debtors |
4 |
|
281,032 |
|
|
260,700 |
| Cash at bank and in hand |
|
|
2,816 |
|
|
9 |
|
|
|
283,848 |
|
|
260,709 |
|
| Creditors: amounts falling due within one year |
5 |
|
(204,799) |
|
|
(190,635) |
|
| Net current assets |
|
|
|
79,049 |
|
|
70,074 |
|
| Total assets less current liabilities |
|
|
|
182,049 |
|
|
173,074 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(150,000) |
|
|
(150,000) |
|
|
|
| Net assets |
|
|
|
32,049 |
|
|
23,074 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
7 |
|
|
10,000 |
|
|
10,000 |
| Profit and loss account |
|
|
|
22,049 |
|
|
13,074 |
|
| Shareholders' funds |
|
|
|
32,049 |
|
|
23,074 |
|
|
|
|
|
|
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| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
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|
|
| JM Swallow, FCA, FRSA |
| Director |
| Approved by the board on 11 September 2025 |
|
| ABELL GROUP LIMITED |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
|
|
| 1 |
Accounting policies |
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|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
over 50 years |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
over 5 years |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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|
| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
4 |
|
4 |
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|
| 3 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
At 1 January 2024 |
103,000 |
|
|
At 31 December 2024 |
103,000 |
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|
|
|
|
|
|
|
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The company owns the entire issued capital of. |
|
Abell Business Corporation Ltd
Abell Money Ltd
Abell Company Registration Ltd
Abell Finance Systems Ltd
Abell Technology Solutions Ltd |
|
|
| 4 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
281,032 |
|
260,700 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Other creditors |
204,799 |
|
190,635 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Other creditors |
150,000 |
|
150,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| 7 |
Share Capital |
2024 |
|
2023 |
| £ |
£ |
|
|
Called up share capital |
10,000 |
|
10,000 |
|
Shares issued |
- |
|
|
|
|
|
|
|
10,000 |
|
10,000 |
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|
|
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The company reorganized its share capital in April 2022.
There are now 700,000 Ordinary A shares, and 300,000 Ordinary B shares, of 1p nominal in issue. |
|
| 8 |
Other information |
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|
ABELL GROUP LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
128 Cannon Workshops |
|
Cannon Drive |
|
Canary Wharf |
|
London E14 4AS |