Abbott Capital (Europe), Ltd
Financial Statements
For Filing with Registrar
For the year ended 31 December 2020
Company Registration No. 07506871 (England and Wales)
Abbott Capital (Europe), Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Abbott Capital (Europe), Ltd
Balance Sheet
As at 31 December 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,515
4,186
Current assets
Debtors
4
250,069
59,472
Cash at bank and in hand
193,069
242,346
443,138
301,818
Creditors: amounts falling due within one year
5
(186,740)
(88,038)
Net current assets
256,398
213,780
Total assets less current liabilities
259,913
217,966
Capital and reserves
Called up share capital
50,001
50,001
Profit and loss reserves
209,912
167,965
Total equity
259,913
217,966
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 19 April 2021 and are signed on its behalf by:
P Parziale
Director
Company Registration No. 07506871
Abbott Capital (Europe), Ltd
Notes to the Financial Statements
For the year ended 31 December 2020
Page 2
1
Accounting policies
Company information
Abbott Capital (Europe), Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Devonshire House, 60 Goswell Road, London, England, EC1M 7AD. The principal place of business is
53 Davies Street
, London,
W1K 5JH
.
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 pound.
The financial statements, which are those of Abbott Capital (Europe), Ltd as an individual entity, have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Due to the nature of the company’s activities there has been no significant impact on the company from the departure of the UK from the European Union (“Brexit”).
The directors continue to monitor the risk posed by the ongoing COVID 19 pandemic. Contingency planning put in place to help protect staff and to manage the ability to continue business under a range of circumstances has been successful in mitigating the effects of COVID 19. The directors are satisfied that any ongoing adverse impacts can continue to be managed and will not affect the longer term prosperity of the business. An adequate financial buffer remains in place to address any potential continuing financial shock.
1.3
Turnover
Turnover
represents the fair value of services provided during the period. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable and is based on services provided and expenses incurred, but excludes VAT.
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:
Fixtures, fittings and equipment
straight line over 4 to 8 years at 12.5% to 25% per annum
Abbott Capital (Europe), Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 3
1.5
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.
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.
1.6
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
, if any,
are shown within borrowings in current liabilities.
1.7
Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors and other current creditors payable on demand are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Abbott Capital (Europe), Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 4
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.
1.10
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases
are charged to income on a straight line basis over the term of the relevant lease
.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2019 - 3
).
Abbott Capital (Europe), Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2020 and 31 December 2020
6,272
Depreciation and impairment
At 1 January 2020
2,086
Depreciation charged in the year
671
At 31 December 2020
2,757
Carrying amount
At 31 December 2020
3,515
At 31 December 2019
4,186
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts due from group undertakings
227,581
27,573
Other debtors
22,488
31,899
250,069
59,472
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
8,247
18,423
Corporation tax
9,839
12,630
Other taxation and social security
99,106
-
Other creditors
69,548
56,985
186,740
88,038
Abbott Capital (Europe), Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
Page 6
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
76,236
143,584
7
Related party transactions
Transactions with related parties
The company has taken advantage of the exemption from disclosing transactions with members within a wholly owned group.
8
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 Andrew Grieve.
The auditor was Moore Kingston Smith LLP.