Abbywell Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09463974 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

ABBYWELL PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R E Johnson

REGISTERED OFFICE:

45 High Street

Bluetown

Sheerness

Kent

ME12 1RN

REGISTERED NUMBER:

09463974 (England and Wales)

ACCOUNTANTS:

Friend & Grant Ltd

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

FIXED ASSETS

Investments

5

100

-

Investment property

6

1,495,000

1,905,900

1,495,100

1,905,900

CURRENT ASSETS

Debtors

7

186,763

133,089

Cash at bank

19,426

5,473

206,189

138,562

CREDITORS

Amounts falling due within one year

8

9,015

264,391

NET CURRENT ASSETS/(LIABILITIES)

197,174

(125,829

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,692,274

1,780,071

CREDITORS

Amounts falling due after more than one year

9

(1,100,559

)

(1,165,013

)

PROVISIONS FOR LIABILITIES

(91,971

)

(106,538

)

NET ASSETS

499,744

508,520

CAPITAL AND RESERVES

Called up share capital

10

10

Non distributable reserve

11

407,640

464,489

Retained earnings

11

92,094

44,021

SHAREHOLDERS' FUNDS

499,744

508,520

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 October 2023 and were signed by:

R E Johnson - Director

1.	STATUTORY INFORMATION

Abbywell Properties 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.	STATEMENT OF COMPLIANCE

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 Section 1A, and the Companies Act 2006. There are no material departures from FRS 102.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

No material uncertainties that may cast doubt about the ability of the company to continue as a going concern have been identified by the director.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.The policies adopted for the recognition of turnover are as following:

- Rents receivable

Turnover represents rents receivable.

- Rendering of services

Turnover is usually recognised based on the period of occupancy of each property,

- Interest receivable

Interest income is recognised using the effective interest method.

Tangible fixed assets

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

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property is included at fair value. Valuations are carried out annually by the directors based on:

- how the market could be expected to price the asset

- measuring the risk return factors inherent in the asset

Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

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 balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Assets held under finance lease and hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful lives. The interest element of the leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease.

All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

5.	FIXED ASSET INVESTMENTS

Other

investment

£

COST

Additions

100

At 31 March 2023

100

NET BOOK VALUE

At 31 March 2023

100

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

1,905,900

Additions

52,500

Disposals

(383,952

)

Revaluations

(79,448

)

At 31 March 2023

1,495,000

NET BOOK VALUE

At 31 March 2023

1,495,000

At 31 March 2022

1,905,900

The property valuation has been reviewed by the director at £1,495,000 (2022 - £1,905,500). The historic cost of the properties are £995,390.

Fair value at 31 March 2023 is represented by:

£

Valuation in 2023

1,495,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

186,763

133,089

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

4,445

261,698

Taxation and social security

1,618

-

Other creditors

2,952

2,693

9,015

264,391

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

1,099,465

1,163,908

Other creditors

1,094

1,105

1,100,559

1,165,013

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

651,447

698,435

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

1,029,153

1,266,326

The bank loans are secured by way of a fixed and floating charge over the investment properties or undertaking of the company.

11.

RESERVES

Non

Retained

distributable

earnings

reserve

Totals

£

£

£

At 1 April 2022

44,021

464,489

508,510

Deficit for the year

(8,776

)

-

(8,776

)

Movement in the year

56,849

(56,849

)

-

At 31 March 2023

92,094

407,640

499,734

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

R E Johnson

Balance outstanding at start of year

28,706

(87,681

)

Amounts advanced

195,445

279,657

Amounts repaid

(129,655

)

(163,270

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

94,496

28,706

The loan from the company to the director is unsecured and repayable on demand. Interest has been charged at the HMRC beneficial loan rate of 2% for the period that the outstanding loan exceeded £10,000.

13.	RELATED PARTY DISCLOSURES

The balance owed to Abbywell Properties Limited from Deli Verd Limited, a company in which the director, Mr R Johnson, is a director of, at the year end was £37,310 (2022 - £51,922, owed from Abbywell to Deli Verd).

The balance owed from Vision Investments Limited, a company in which the director, Mr R Johnson, is a director was £30,000 (2022 - £30,000). The loan is interest free and repayable on demand.

The balance owed from Robian Properties Limited, a company in which the director, Mr R Johnson, is a director was £24,048 (2022 - £16,910). The loan is interest free and repayable on demand.