Company Registration No. 04786470 (England and Wales)
ABITO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
ABITO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ABITO LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
3
265
265
Current assets
Stocks
4,639,309
6,200,650
Debtors
5
77,047
96,517
Cash at bank and in hand
910,872
23,720
5,627,228
6,320,887
Creditors: amounts falling due within one year
6
(2,736,219)
(2,704,578)
Net current assets
2,891,009
3,616,309
Total assets less current liabilities
2,891,274
3,616,574
Creditors: amounts falling due after more than one year
7
(785,328)
(1,947,219)
Net assets
2,105,946
1,669,355
Capital and reserves
Called up share capital
8
3,771,900
3,771,900
Profit and loss reserves
(1,665,954)
(2,102,545)
Total equity
2,105,946
1,669,355
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 September 2019 and are signed on its behalf by:
Mr P Vickers
Director
Company Registration No. 04786470
ABITO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
Abito Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4 Clippers Quay, Salford Quays, Manchester, M50 3BL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Sales of apartments are shown as turnover where legal completions have occurred before the balance sheet date. Turnover excludes value added tax and other sales taxes.
Turnover is derived entirely from activities in the United Kingdom.
Rental income arising on the properties held as stock is shown in other operating income.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
ABITO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable
.
Tax charge for the current year includes the tax charge from the prior year as the prior year's tax charge was not initially included.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Leases
Rentals receivables under property leases in respect of development properties is accounted for on a straight line basis over the duration of the lease and is shown net of VAT as other operating income.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was Nil (2018 - Nil).
ABITO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
3
Fixed asset investments
2019
2018
£
£
Investments
265
265
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2018 & 31 March 2019
265
Carrying amount
At 31 March 2019
265
At 31 March 2018
265
4
Subsidiaries
Details of the company's subsidiaries at 31 March 2019 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Abito Management Company Greengate Limited
4 Clippers Quay,M50 3BL
Dormant
Ordinary shares
100.00
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
£
Abito Management Company Greengate Limited
265
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
32,189
4,465
Other debtors
44,858
92,052
77,047
96,517
ABITO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
113,625
113,625
Trade creditors
38,988
4,726
Amounts owed to group undertakings
265
265
Other creditors
2,583,341
2,585,962
2,736,219
2,704,578
7
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Bank loans and overdrafts
785,328
1,947,219
All long term creditors due and payable within 5 years. The long-term bank loans are secured by fixed and floating charges over the assets of the company including property held as stock.
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
3,771,900 Ordinary Shares of £1 each
3,771,900
3,771,900
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Jason Selig BA ACA CTA DChA.
The auditor was Lopian Gross Barnett & Co.
10
Related party transactions
There were no related party transactions not conducted under market conditions.
11
Parent company
The company continues to be owned by Levitt Abito Limited, a joint venture between Infinity Number One Limited and Levitt UK Real Estate Limited.