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Unaudited Financial Statements for the Year Ended 28 February 2021 |
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ABHEES HOUSING LTD |
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Unaudited Financial Statements for the Year Ended 28 February 2021 |
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for |
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ABHEES HOUSING LTD |
ABHEES HOUSING LTD (Registered number: 11199875) |
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Contents of the Financial Statements |
for the Year Ended 28 February 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ABHEES HOUSING LTD |
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Company Information |
for the Year Ended 28 February 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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CHARTERED CERTIFIED ACCOUNTANTS |
5TH FLOOR |
26-28 HAMMERSMITH GROVE |
LONDON |
W6 7BA |
ABHEES HOUSING LTD (Registered number: 11199875) |
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Balance Sheet |
28 February 2021 |
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28.2.21 | 28.2.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Retained earnings | 7 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their 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. |
ABHEES HOUSING LTD (Registered number: 11199875) |
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Balance Sheet - continued |
28 February 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ABHEES HOUSING LTD (Registered number: 11199875) |
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Notes to the Financial Statements |
for the Year Ended 28 February 2021 |
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1. | STATUTORY INFORMATION |
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ABHEES HOUSING LTD is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated |
depreciation and any accumulated impairment losses. Historical cost includes expenditure that is |
directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their |
estimated useful lives. |
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Land and buildings are still at a development stage hence the directors do not consider depreciation is appropriate at this time. The value is under the cost model as stated per above. |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted |
prospectively if appropriate, or if there is an indication of a significant change since the last reporting |
date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount |
and are recognised in profit or loss. |
Page |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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ABHEES HOUSING LTD (Registered number: 11199875) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Going concern |
The company is reliant upon the continued support of the directors who has financed the business by way of a loan. |
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The directors has indicated that the whole of the balance at the year-end will remain on loan to the company for a period of at least twelve months from the date of the approval of these accounts. |
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While the impact of the Covid-19 virus has been assessed by the directors, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company's trade, its customers and suppliers. However, taking into consideration the UK Government's response and the company's planning, the director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. |
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Furthermore, the directors has considered the trading position for a period of twelve months from the date of the approval of these accounts and considers that the company will either generate cashflows sufficient for it to be able to trade for the foreseeable future or the directors will introduce such funds to enable the company to continue. On this basis the director considers it appropriate to prepare the financial statements on the going concern basis. |
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These financial statements do not, therefore, include any adjustments that would result from either cashflow resources failing to meet requirements nor a withdrawal of the directors loan." |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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ABHEES HOUSING LTD (Registered number: 11199875) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
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COST |
At 29 February 2020 |
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Additions |
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At 28 February 2021 |
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NET BOOK VALUE |
At 28 February 2021 |
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At 28 February 2020 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.21 | 28.2.20 |
£ | £ |
Other creditors |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.2.21 | 28.2.20 |
value: | £ | £ |
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ORDINARY | 1 | 100 | 100 |
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7. | RESERVES |
Retained |
earnings |
£ |
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At 29 February 2020 | ( |
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Deficit for the year | ( |
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At 28 February 2021 | ( |
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8. | RELATED PARTY DISCLOSURES |
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The company operates a current account with its Directors. The loan is interest free with no fixed repayment terms and are included in other creditors. The balance owed to the directors at the year end was £750,356 (2020 - £186,807) and the maximum balance during the year was £750,356. |
ABHEES HOUSING LTD (Registered number: 11199875) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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9. | POST BALANCE SHEET EVENTS |
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At the time of signing the accounts the director is aware of the potential economic and social effects of the Covid-19 virus outbreak. The full impact of the pandemic on the UK economy is yet to be seen, but the company will continue to seek to mitigate this risk by following the UK Government's guidelines and adapting/developing its own internal strategy. |