Company registration number 09057644 (England and Wales)
ABBEY CHEMICALS PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
PAGES FOR FILING WITH REGISTRAR
ABBEY CHEMICALS PROPERTIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ABBEY CHEMICALS PROPERTIES LTD
BALANCE SHEET
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
590,286
549,286
Current assets
Debtors
4
69,266
15,852
Cash at bank and in hand
175
572
69,441
16,424
Creditors: amounts falling due within one year
5
(101,755)
(75,695)
Net current liabilities
(32,314)
(59,271)
Total assets less current liabilities
557,972
490,015
Creditors: amounts falling due after more than one year
6
(30,114)
(56,197)
Net assets
527,858
433,818
Capital and reserves
Called up share capital
100
100
Revaluation reserve
7
421,374
421,374
Profit and loss reserves
106,384
12,344
Total equity
527,858
433,818
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 May 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.
ABBEY CHEMICALS PROPERTIES LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 January 2023 and are signed on its behalf by:
Mr TM A Bonham
Director
Company Registration No. 09057644
ABBEY CHEMICALS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
- 3 -
1
Accounting policies
Company information
Abbey Chemicals Properties Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
6 Hall Quay, Great Yarmouth, Norfolk, England, NR30 1HX.
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 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
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.
1.3
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.
1.4
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.
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.
1.5
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.
ABBEY CHEMICALS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 June 2021
549,286
Additions
55,000
Disposals
(14,000)
At 31 May 2022
590,286
Depreciation and impairment
At 1 June 2021 and 31 May 2022
Carrying amount
At 31 May 2022
590,286
At 31 May 2021
549,286
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
69,266
15,852
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
3,815
3,366
Trade creditors
693
Corporation tax
22,170
2,269
Other creditors
75,770
69,367
101,755
75,695
ABBEY CHEMICALS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 5 -
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
30,114
56,197
7
Revaluation reserve
2022
2021
£
£
At the beginning and end of the year
421,374
421,374