Abundance Income Ltd 28/02/2021 iXBRL


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Company registration number: 11849544
Abundance Income Ltd
Unaudited filleted financial statements
28 February 2021
Abundance Income Ltd
Directors and other information
Directors Mr A S Kooner
Company number 11849544
Registered office St. Andrew House
The Headrow
Leeds
LS1 5JW
Accountants Hodgson Hey Limited
Heritage Exchange
South Lane
Elland
HX5 0HG
Abundance Income Ltd
Statement of financial position
28 February 2021
2021 2020
Note £ £ £ £
Fixed assets
Investments 4 183,000 -
_______ _______
183,000 -
Current assets
Debtors 5 5,000 100
_______ _______
5,000 100
Creditors: amounts falling due
within one year 6 ( 49,307) -
_______ _______
Net current (liabilities)/assets ( 44,307) 100
_______ _______
Total assets less current liabilities 138,693 100
Creditors: amounts falling due
after more than one year 7 ( 112,572) -
Provisions for liabilities ( 5,378) -
_______ _______
Net assets 20,743 100
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 22,927 -
Profit and loss account ( 2,284) -
_______ _______
Shareholders funds 20,743 100
_______ _______
For the year ending 28 February 2021 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 November 2021 , and are signed on behalf of the board by:
Mr A S Kooner
Director
Company registration number: 11849544
Abundance Income Ltd
Notes to the financial statements
Year ended 28 February 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St. Andrew House, The Headrow, Leeds, LS1 5JW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
4. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 29 February 2020 - -
Additions 154,695 154,695
Revaluations 28,305 28,305
_______ _______
At 28 February 2021 183,000 183,000
_______ _______
Impairment
At 29 February 2020 and 28 February 2021 - -
_______ _______
Carrying amount
At 28 February 2021 183,000 183,000
_______ _______
At 28 February 2020 - -
_______ _______
5. Debtors
2021 2020
£ £
Other debtors 5,000 100
_______ _______
6. Creditors: amounts falling due within one year
2021 2020
£ £
Other creditors 49,307 -
_______ _______
7. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 112,572 -
_______ _______
8. Controlling party
The company was controlled throughout the year by the director who owns 100% of the issued share capital.