1 January 2024 v2025.64.1 limited_company_frs_102_section_1a_v1_1_3 companies_house Software false true true true No description of principal activity false true xbrli:pure xbrli:shares iso4217:GBP SC279302 2024-01-01 2024-12-31 SC279302 2024-12-31 SC279302 2023-12-31 SC279302 core:WithinOneYear 2024-12-31 SC279302 core:WithinOneYear 2023-12-31 SC279302 core:AfterOneYear 2024-12-31 SC279302 core:AfterOneYear 2023-12-31 SC279302 core:ShareCapital 2024-12-31 SC279302 core:ShareCapital 2023-12-31 SC279302 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC279302 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC279302 bus:Director1 2024-01-01 2024-12-31 SC279302 bus:RegisteredOffice 2024-01-01 2024-12-31 SC279302 core:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 SC279302 core:LandBuildings 2024-01-01 2024-12-31 SC279302 core:PlantMachinery 2024-01-01 2024-12-31 SC279302 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 SC279302 2023-01-01 2023-12-31 SC279302 core:IntangibleAssetsOtherThanGoodwill 2024-12-31 SC279302 core:IntangibleAssetsOtherThanGoodwill 2024-01-01 SC279302 core:IntangibleAssetsOtherThanGoodwill 2024-01-01 2024-12-31 SC279302 core:IntangibleAssetsOtherThanGoodwill 2023-12-31 SC279302 core:LandBuildings 2024-01-01 SC279302 core:PlantMachinery 2024-01-01 SC279302 2024-01-01 SC279302 core:LandBuildings 2024-12-31 SC279302 core:PlantMachinery 2024-12-31 SC279302 core:LandBuildings 2023-12-31 SC279302 core:PlantMachinery 2023-12-31 SC279302 core:CostValuation 2024-01-01 SC279302 core:CostValuation 2024-12-31 SC279302 1 2024-01-01 2024-12-31 SC279302 countries:Scotland 2024-01-01 2024-12-31 SC279302 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 SC279302 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC279302 bus:SmallEntities 2024-01-01 2024-12-31 SC279302 bus:FullAccounts 2024-01-01 2024-12-31
Company registration number:
SC279302
Ably Resources Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2024
Ably Resources Limited
Statement of Financial Position
31 December 2024

|  | 2024 | 2023
--- | --- | --- | ---
| Note | £ | £
Fixed assets |  |  |  |  |
Intangible assets | 5 | 5,028 |  | 5,587 |
Tangible assets | 6 | 44,179 |  | 53,976 |
Investments | 7 | 811 |  | 811 |
|  | 50,018 |  | 60,374 |
Current assets |  |  |  |  |
Debtors | 8 | 868,246 |  | 743,766 |
Cash at bank and in hand |  | 18,148 |  | 16,209 |
|  | 886,394 |  | 759,975 |
Creditors: amounts falling due within one year | 9 | (798,825 | ) | (556,954 | )
Net current assets |  | 87,569 |  | 203,021 |
Total assets less current liabilities |  | 137,587 |  | 263,395 |
Creditors: amounts falling due after more than one year | 10 | (127,159 | ) | (218,779 | )
Net assets |  | 10,428 |  | 44,616 |
Capital and reserves |  |  |  |  |
Called up share capital |  | 100,000 |  | 100,000 |
Profit and loss account |  | (89,572 | ) | (55,384 | )
Shareholders funds |  | 10,428 |  | 44,616 |

For the year ending
31 December 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
2 October 2025
, and are signed on behalf of the board by:

Mr Mark Lombardi
Director

Company registration number:
SC279302
Ably Resources Limited
Notes to the Financial Statements
Year ended
31 December 2024

## 1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
3rd Floor
,
16 Gordon Street
,
Glasgow
,
G1 3PT
, United Kingdom.

## 2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

## 3 Accounting policies

## Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

## Going concern

The directors are satisfied that the company will have access to sufficient funds to ensure all liabilities will be met as they fall due over a period of at least 12 months from the approval date of the financial statements. Consequently, the financial statements have been prepared on a going concern basis.

## Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

## Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

## Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Other intangible assets | 10% reducing balance

## Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Land and buildings | 10% reducing balance
Plant and machinery | 33% reducing balance
Fixtures, fittings and equipment | 25% straight line

## Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

## Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

## Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

## Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

## Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

## Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

## 4 Average number of employees

The average number of persons employed by the company during the year was
25
(2023:
25
).

## 5 Intangible assets

| Other intangible assets
--- | ---
| £
Cost |  |
At 1 January 2024 and 31 December 2024 | 8,025 |
Amortisation |  |
At 1 January 2024 | 2,438 |
Charge | 559 |
At 31 December 2024 | 2,997 |
Carrying amount |  |
At 31 December 2024 | 5,028 |
At 31 December 2023 | 5,587 |

## 6 Tangible assets

| Land and buildings | Plant and machinery etc. | Total
--- | --- | --- | ---
| £ | £ | £
Cost |  |  |  |  |  |
At 1 January 2024 | 67,313 |  | 231,597 |  | 298,910 |
Additions | - |  | 588 |  | 588 |
At 31 December 2024 | 67,313 |  | 232,185 |  | 299,498 |
Depreciation |  |  |  |  |  |
At 1 January 2024 | 32,560 |  | 212,374 |  | 244,934 |
Charge | 3,476 |  | 6,909 |  | 10,385 |
At 31 December 2024 | 36,036 |  | 219,283 |  | 255,319 |
Carrying amount |  |  |  |  |  |
At 31 December 2024 | 31,277 |  | 12,902 |  | 44,179 |
At 31 December 2023 | 34,753 |  | 19,223 |  | 53,976 |

## 7 Investments

| Shares in group undertakings and participating interests
--- | ---
| £
Cost |  |
At 1 January 2024 | 811 |
At 31 December 2024 | 811 |
Impairment |  |
At 1 January 2024 and 31 December 2024 | - |
Carrying amount |  |
At 31 December 2024 | 811 |
At 31 December 2023 | 811 |

## 8 Debtors

| 2024 | 2023
--- | --- | ---
| £ | £
Trade debtors | 341,477 |  | 280,720 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 260,558 |  | 276,447 |
Other debtors | 266,211 |  | 186,599 |
| 868,246 |  | 743,766 |

## 9 Creditors: amounts falling due within one year

| 2024 | 2023
--- | --- | ---
| £ | £
Bank loans and overdrafts | 91,891 |  | 91,891 |
Trade creditors | 198,964 |  | 112,377 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 33,418 |  | - |
Taxation and social security | 54,057 |  | 28,411 |
Other creditors | 420,495 |  | 324,275 |
| 798,825 |  | 556,954 |

## 10 Creditors: amounts falling due after more than one year

| 2024 | 2023
--- | --- | ---
| £ | £
Bank loans and overdrafts | 127,159 |  | 218,779 |

## 11 Directors' advances, credit and guarantees

During the year the directors entered into the following advances and (credits) with the company:
Mr Mark Lombardi
2024 £(22,393)
2023 £(19,893)
Mr Nadim Shema
2024 £8,900
2023 £8,184
Mrs Ami Baird
2024 and 2023 £(10,000)