Company Registration No. 07252052 (England and Wales)
ABBOTS 381 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
ABBOTS 381 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
ABBOTS 381 LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
365,761
369,493
Investment properties
4
1,042,677
Investments
5
3,296,500
3,296,500
4,704,938
3,665,993
Current assets
Debtors
7
1,904,189
1,924,234
Cash at bank and in hand
15,196
8,038
1,919,385
1,932,272
Creditors: amounts falling due within one year
8
(4,894,727)
(3,887,307)
Net current liabilities
(2,975,342)
(1,955,035)
Net assets
1,729,596
1,710,958
Creditors: amounts falling due after more than one year
9
(224,422)
(236,369)
Net assets
1,505,174
1,474,589
Capital and reserves
Called up share capital
10
12,515
12,515
Share premium account
1,491,985
1,491,985
Profit and loss reserves
674
(29,911)
Total equity
1,505,174
1,474,589
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 24 September 2021 and are signed on its behalf by:
Mr J F Moore
Director
Company Registration No. 07252052
ABBOTS 381 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information
Abbots 381 Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 330, Centennial Park, Elstree, Hertfordshire, WD6 3TJ.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
These financial statements have been prepared on the assumption that the company will continue in operational existence for the foreseeable future.
true
The validity of this assumption depends on the continuing support of the directors
,
creditors
and bankers
.
If the company was unable to continue in existence for the foreseeable future, adjustments would be necessary to reduce the balance sheet value of assets to their recoverable amounts, to reclassify fixed assets and long term liabilities as current assets and current liabilities respectively, and to provide for further liabilities which might arise.
1.3
Turnover
Turnover represents amounts receivable for services
and is recognised in the period to which the service relates.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
ABBOTS 381 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.6
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.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
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.
ABBOTS 381 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
1.9
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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
1.10
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ABBOTS 381 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
3
ABBOTS 381 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2020 and 31 March 2021
373,225
Depreciation and impairment
At 1 April 2020
3,732
Depreciation charged in the year
3,732
At 31 March 2021
7,464
Carrying amount
At 31 March 2021
365,761
At 31 March 2020
369,493
4
Investment property
2021
£
Fair value
At 1 April 2020
Additions
1,042,677
At 31 March 2021
1,042,677
The investment property comprises of two properties located in London.
In the opinion of the directors, the fair value of the investment properties at 31 March 2021 approximates the cost.
5
Fixed asset investments
2021
2020
£
£
Secomak Holdings Limited
3,296,500
3,296,500
ABBOTS 381 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2020 & 31 March 2021
3,296,500
Carrying amount
At 31 March 2021
3,296,500
At 31 March 2020
3,296,500
6
Subsidiaries
Name of undertaking
Address
Class of
% Held
shares held
Direct
Secomak Holdings Limited
1
Ordinary shares
100.00
Secomak Manufacturing Limited
2
Ordinary shares
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Unit 330 Centennial Park, Elstree, Hertfordshire, WD6 3TJ
2
Unit 330 Centennial Park, Elstree, Hertfordshire, WD6 3TJ
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
Profit/(Loss)
£
£
Secomak Holdings Limited
757,134
Secomak Manufacturing Limited
1,430
24,066
Secomak Holdings Limited owns 100% (2020: 100%) of the share capital of Secomak Limited, a company incorporated in England & Wales.
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
11,845
8,847
Other debtors
1,892,344
1,915,387
1,904,189
1,924,234
ABBOTS 381 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
8
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
13,515
8,152
Amounts owed to group undertakings
4,770,572
3,729,764
Taxation and social security
34,513
108,295
Other creditors
76,127
41,096
4,894,727
3,887,307
9
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
224,422
236,369
The bank borrowings of the company of £237,937 (2020: £244,521) are secured by way of fixed and floating charges over the company's assets.
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
149,932
175,326
10
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
Ordinary B shares of £1 each
1,250
1,250
1,250
1,250
Ordinary C shares of £1 each
1,250
1,250
1,250
1,250
Ordinary Preferred shares of 0.001p each
1,492,000
1,492,000
15
15
1,504,500
1,504,500
12,515
12,515
The '
B
' and '
C
' ordinary shares constitute different classes of share
s
for the purposes of Companies Act
2006.
The
'
B
' shares and '
C
' shares rank pari passu
with the existing ordinary shares
in all respects
.
The Ordinary Preferred shares are non-redeemable and non-voting, carry a preferential right to a fixed dividend and return of capital priority sum.
ABBOTS 381 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 9 -
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Management income
Rental income
2021
2020
2021
2020
£
£
£
£
Sub-subsidiary
650,000
400,000
-
-
Subsidiary
-
-
30,000
11,344
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Sub-subsidiary
4,770,571
3,729,764
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due from related parties
£
£
Subsidiary
11,846
8,846
Secomak Manufacturing Limited, a subsidary, has pledged it assets as security for a bank loan in the company. The amount outstanding on the loan at 31 March 2021 was £237,937 (2020: £244,521).
12
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr J F Moore -
2.50
1,395,136
77,137
(100,500)
1,371,773
Mr D S Palmer -
2.50
50,000
150,000
(150,000)
50,000
1,445,136
227,137
(250,500)
1,421,773
2021-03-31
2020-04-01
false
24 September 2021
CCH Software
CCH Accounts Production 2021.200
No description of principal activity
Mr J F Moore
Mr D S Palmer
07252052
2020-04-01
2021-03-31
07252052
2021-03-31
07252052
2020-03-31
07252052
core:LandBuildings
2021-03-31
07252052
core:LandBuildings
2020-03-31
07252052
core:CurrentFinancialInstruments
core:WithinOneYear
2021-03-31
07252052
core:CurrentFinancialInstruments
core:WithinOneYear
2020-03-31
07252052
core:CurrentFinancialInstruments
2021-03-31
07252052
core:CurrentFinancialInstruments
2020-03-31
07252052
core:Non-currentFinancialInstruments
2021-03-31
07252052
core:Non-currentFinancialInstruments
2020-03-31
07252052
core:ShareCapital
2021-03-31
07252052
core:ShareCapital
2020-03-31
07252052
core:SharePremium
2021-03-31
07252052
core:SharePremium
2020-03-31
07252052
core:RetainedEarningsAccumulatedLosses
2021-03-31
07252052
core:RetainedEarningsAccumulatedLosses
2020-03-31
07252052
core:ShareCapitalOrdinaryShares
2021-03-31
07252052
core:ShareCapitalOrdinaryShares
2020-03-31
07252052
bus:Director1
2020-04-01
2021-03-31
07252052
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-04-01
2021-03-31
07252052
2019-04-01
2020-03-31
07252052
core:LandBuildings
2020-03-31
07252052
core:LandBuildings
2020-04-01
2021-03-31
07252052
2020-03-31
07252052
core:Subsidiary1
2020-04-01
2021-03-31
07252052
core:Subsidiary2
2020-04-01
2021-03-31
07252052
core:Subsidiary1
1
2020-04-01
2021-03-31
07252052
core:Subsidiary2
2
2020-04-01
2021-03-31
07252052
core:WithinOneYear
2021-03-31
07252052
core:WithinOneYear
2020-03-31
07252052
bus:PrivateLimitedCompanyLtd
2020-04-01
2021-03-31
07252052
bus:SmallCompaniesRegimeForAccounts
2020-04-01
2021-03-31
07252052
bus:FRS102
2020-04-01
2021-03-31
07252052
bus:AuditExemptWithAccountantsReport
2020-04-01
2021-03-31
07252052
bus:Director2
2020-04-01
2021-03-31
07252052
bus:FullAccounts
2020-04-01
2021-03-31
xbrli:pure
xbrli:shares
iso4217:GBP