Abbeystreet Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03291183 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2021

for

Abbeystreet Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr R J Dobbs

SECRETARY:

Mrs A E Dobbs

REGISTERED OFFICE:

Brynhyfryd

Crescent Road

Caerphilly

SOUTH WALES

CF83 1AB

REGISTERED NUMBER:

03291183 (England and Wales)

ACCOUNTANTS:

Marsh Vision Limited

Chartered Certified Accountants

Chester House

17 Gold Tops

Newport

SOUTH WALES

NP20 4PH

FIXED ASSETS

Property, plant and equipment

4

3,385

3,533

CURRENT ASSETS

Debtors

5

5,654

12,447

Cash at bank

60,626

73,114

66,280

85,561

CREDITORS

Amounts falling due within one year

6

8,519

17,840

NET CURRENT ASSETS

57,761

67,721

TOTAL ASSETS LESS CURRENT LIABILITIES

61,146

71,254

PROVISIONS FOR LIABILITIES

7

643

671

NET ASSETS

60,503

70,583

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

60,403

70,483

SHAREHOLDERS' FUNDS

60,503

70,583

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 August 2021 and were signed by:

Mr R J Dobbs - Director

1.	STATUTORY INFORMATION

Abbeystreet Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

15% on reducing balance

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 February 2020

3,073

6,657

9,730

Additions

459

1,577

2,036

At 31 January 2021

3,532

8,234

11,766

DEPRECIATION

At 1 February 2020

2,731

3,466

6,197

Charge for year

411

1,773

2,184

At 31 January 2021

3,142

5,239

8,381

NET BOOK VALUE

At 31 January 2021

390

2,995

3,385

At 31 January 2020

342

3,191

3,533

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Trade debtors

3,672

12,298

Tax

1,849

-

Prepayments

133

149

5,654

12,447

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Trade creditors

176

-

Tax

-

2,504

Social security and other taxes

621

630

VAT

3,809

7,328

Directors' current accounts

655

4,856

Accrued expenses

3,258

2,522

8,519

17,840

7.	PROVISIONS FOR LIABILITIES

31.1.21

31.1.20

£

£

Deferred tax

Accelerated capital allowances

643

671

Deferred

tax

£

Balance at 1 February 2020

671

Provided during year

(28

)

Balance at 31 January 2021

643

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.21

31.1.20

value:

£

£

100

Ordinary

£1

100

100

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr R J Dobbs.