| ABELL BUSINESS CORPORATION LIMITED |
| Registered number: |
07128009 |
| 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 fintech UK bank focusing on Business customers. Capital raising has been very hard, partly because the Railsbank account opening change of policy has meant it has been impossible to achieve our modest initial aim of a thousand accounts opened in the first year. The directors are continuing the meetings with serious investors willing to take the project forward.
The company confirms its strongly held belief that existing SME business banking solutions provide inadequate services to businesses, and seeks to provide a 24/7 solution for banking needs for businesses through the application of latest banking technology, delivered by serfs who fully comprendo that only customers pay their wages - not the guys on the yachts. |
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| Directors |
| The following persons served as directors during the year: |
|
|
JM Swallow, FCA, FRSA |
|
M Seville -ceased 1.1.24 |
|
OA Odusanya - appointed 1.1.24 |
|
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 8 September 2025 and signed on its behalf. |
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|
|
|
|
| JM Swallow, FCA, FRSA |
| Director |
|
| ABELL BUSINESS CORPORATION LIMITED |
| Registered number: |
07128009 |
| Balance Sheet |
| as at 31 December 2024 |
|
| Notes |
|
|
2024 |
|
|
2023 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
3 |
|
|
1,254,213 |
|
|
1,254,213 |
| Tangible assets |
4 |
|
|
78,606 |
|
|
96,848 |
|
|
|
|
1,332,819 |
|
|
1,351,061 |
|
| Current assets |
| Debtors |
5 |
|
710,646 |
|
|
715,770 |
| Cash at bank and in hand |
|
|
26 |
|
|
264 |
|
|
|
710,672 |
|
|
716,034 |
|
| Creditors: amounts falling due within one year |
6 |
|
(1,109,967) |
|
|
(1,652,633) |
|
| Net current liabilities |
|
|
|
(399,295) |
|
|
(936,599) |
|
| Total assets less current liabilities |
|
|
|
933,524 |
|
|
414,462 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(1,200,000) |
|
|
(535,000) |
|
|
|
| Net liabilities |
|
|
|
(266,476) |
|
|
(120,538) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
10,000 |
|
|
10,000 |
| Profit and loss account |
|
|
|
(276,476) |
|
|
(130,538) |
|
| Shareholders' funds |
|
|
|
(266,476) |
|
|
(120,538) |
|
|
|
|
|
|
|
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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 8 September 2025 |
|
| ABELL BUSINESS CORPORATION 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). |
|
|
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. |
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|
Intangible fixed assets |
|
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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Equipment & Software |
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 |
|
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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Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recog |
|
|
| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
4 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
£ |
|
Bank Preparation: |
|
|
Cost |
|
At 1 January 2024 |
1,254,213 |
|
At 31 December 2024 |
1,254,213 |
|
|
|
|
|
|
|
|
|
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Amortisation |
|
At 31 December 2024 |
- |
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|
|
|
|
|
|
|
|
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Net book value |
|
At 31 December 2024 |
1,254,213 |
|
At 31 December 2023 |
1,254,213 |
|
|
|
|
|
|
|
|
|
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The Bank set up costs will be amortized once operations commence - estimated economic life of 5 years. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Equipment & Software |
| £ |
|
Cost |
|
At 1 January 2024 |
96,848 |
|
Additions |
1,410 |
|
At 31 December 2024 |
98,258 |
|
|
|
|
|
|
|
|
|
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Depreciation |
|
Charge for the year |
19,652 |
|
At 31 December 2024 |
19,652 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
78,606 |
|
At 31 December 2023 |
96,848 |
|
|
| 5 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade debtors |
710,646 |
|
710,041 |
|
Other debtors |
- |
|
5,729 |
|
|
|
|
|
|
710,646 |
|
715,770 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade creditors |
249,202 |
|
780,420 |
|
Corporation tax |
2,936 |
|
2,936 |
|
Other taxes and social security costs |
10,856 |
|
1,358 |
|
Other creditors |
846,973 |
|
867,919 |
|
|
|
|
|
|
1,109,967 |
|
1,652,633 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Other creditors |
1,200,000 |
|
535,000 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Controlling party |
|
|
The company is a wholly owned subsidiary of Abell Group Ltd (reg:1295545), a company registered in England. |
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|
| 9 |
Other information |
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|
ABELL BUSINESS CORPORATION 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 |