Company Registration No. 07327710 (England and Wales)
AABAN PARTNERSHIP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2022
31 March 2022
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
AABAN PARTNERSHIP LIMITED
COMPANY INFORMATION
Directors
N Iqbal
A Hussain
S Beaumont
(Appointed 27 July 2022)
J Beaumont
(Appointed 27 July 2022)
Company number
07327710
Registered office
296 Union Road
Oswaldtwistle
Accrington
BB5 3JD
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
AABAN PARTNERSHIP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AABAN PARTNERSHIP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,890,805
2,392,785
Current assets
Stocks
500
500
Debtors
4
214,605
92,946
Cash at bank and in hand
451,205
3,800
666,310
97,246
Creditors: amounts falling due within one year
5
(4,018,088)
(2,118,619)
Net current liabilities
(3,351,778)
(2,021,373)
Total assets less current liabilities
539,027
371,412
Creditors: amounts falling due after more than one year
6
(1,467,292)
Net assets/(liabilities)
539,027
(1,095,880)
Capital and reserves
Called up share capital
360
360
Revaluation reserve
1,229,210
Profit and loss reserves
(690,543)
(1,096,240)
Total equity
539,027
(1,095,880)
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 2022 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.
AABAN PARTNERSHIP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 October 2022 and are signed on its behalf by:
N Iqbal
A Hussain
Director
Director
Company Registration No. 07327710
AABAN PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
Aaban Partnership Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
296 Union Road, Oswaldtwistle, Accrington, BB5 3JD.
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.
1.2
Turnover
Turnover represents income receivable from health and care provision services rendered. Turnover is recognised
in the accounting period in which the company obtains the right to consideration in exchange for its
performance.
1.3
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:
Freehold land and buildings
2% on cost
Fixtures and fittings
15% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
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
.
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.
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.
AABAN PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Government grants
Grants are accounted under the accruals model. Grants relating to expenditure on tangible fixed assets are
credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant
relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in profit or loss in the same period as the related expenditure. Grants
of a revenue nature for which there are no future performance-related conditions and costs are recognised as
income in the period in which they become receivable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
54
32
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2021
2,436,938
60,571
4,472
2,501,981
Additions
267,677
36,149
2,447
15,392
321,665
Revaluation
1,095,385
1,095,385
At 31 March 2022
3,800,000
96,720
6,919
15,392
3,919,031
Depreciation and impairment
At 1 April 2021
92,201
15,797
1,198
109,196
Depreciation charged in the year
41,624
8,801
1,020
1,410
52,855
Revaluation
(133,825)
(133,825)
At 31 March 2022
24,598
2,218
1,410
28,226
Carrying amount
At 31 March 2022
3,800,000
72,122
4,701
13,982
3,890,805
At 31 March 2021
2,344,737
44,774
3,274
2,392,785
Land and buildings were revalued
on the 31st March 2022 by the directors.
AABAN PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
3
Tangible fixed assets
(Continued)
- 5 -
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Buildings
2022
2021
£
£
Cost
2,704,615
2,436,938
Accumulated depreciation
(133,825)
(92,201)
Carrying value
2,570,790
2,344,737
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
206,284
87,317
Other debtors
8,321
5,629
214,605
92,946
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
291
376,139
Trade creditors
33,707
47,063
Taxation and social security
23,444
18,516
Other creditors
3,960,646
1,676,901
4,018,088
2,118,619
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,467,292
7
Events after the reporting date
After the year end, the company sold the land and buildings held in the business to a connected party at its carrying value of £3.8m.
8
Related party transactions
AABAN PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
8
Related party transactions
(Continued)
- 6 -
Included in other creditors are loans owed to companies controlled by the directors of £
134,000
(202
1
-
£1,428,840 ).
Also included in other creditors are loans owed to the directors of £
3,777,448
(202
1
- £276,753).
There is no interest payable on these loans
.