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Company registration number: 05581756

Abellum Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2017

 

Abellum Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Abellum Limited

(Registration number: 05581756)
Balance Sheet as at 31 July 2017

Note

2017
 £

2016
 £

Fixed assets

 

Investment property

4

187,354

187,354

Investments

5

1,252

1,252

 

188,606

188,606

Current assets

 

Debtors

6

378,088

295,873

Cash at bank and in hand

 

47,661

16,345

 

425,749

312,218

Creditors: Amounts falling due within one year

7

(3,904)

(2,652)

Net current assets

 

421,845

309,566

Total assets less current liabilities

 

610,451

498,172

Creditors: Amounts falling due after more than one year

7

(71,802)

(74,073)

Net assets

 

538,649

424,099

Capital and reserves

 

Called up share capital

750

750

Profit and loss reserve

537,899

423,349

Total equity

 

538,649

424,099

Page 1

 

Abellum Limited

(Registration number: 05581756)
Balance Sheet as at 31 July 2017

For the financial year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the director on 16 April 2018 .
 


V Piscopo
Director

   

Page 2

 

Abellum Limited

Notes to the Financial Statements
for the Year Ended 31 July 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lupins Business Centre
1-3 Greenhill
Weymouth
Dorset
DT4 7SP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

This is the first year in which the financial statements have been prepared under FRS 102 Section 1A. No restatements were required to the prior year as a result of transition to FRS 102 Section 1A.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemptions provided by Section 398 of the Companies Act 2006 and has not prepared group accounts..

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Page 3

 

Abellum Limited

Notes to the Financial Statements
for the Year Ended 31 July 2017

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due fror rental income in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 4

 

Abellum Limited

Notes to the Financial Statements
for the Year Ended 31 July 2017

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2016 - 1).

4

Investment properties

2017
 £

At 1 August 2016

187,354

At 31 July 2017

187,354

The investment property was valued at 31 July 2017 by the director on open market basis. The fair value of the investment property has not materially changed since 31 July 2016 and therefore no revaluation is required.

There has been no valuation of investment property by an independent valuer.

Page 5

 

Abellum Limited

Notes to the Financial Statements
for the Year Ended 31 July 2017

5

Investments

2017
£

2016
£

Investments in subsidiaries

252

252

Investments in associates

1,000

1,000

1,252

1,252

Subsidiaries

£

Cost or valuation

At 1 August 2016

252

Provision

Carrying amount

At 31 July 2017

252

At 31 July 2016

252

Associates

£

Cost

At 1 August 2016

1,000

Provision

Carrying amount

At 31 July 2017

1,000

At 31 July 2016

1,000

Page 6

 

Abellum Limited

Notes to the Financial Statements
for the Year Ended 31 July 2017

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2017

2016

Subsidiary undertakings

Enzo Ristorante Limited

Lupins Business Centre
1-3 Greenhill
Weymouth
Dorset
DT4 7SP

Ordinary £1 shares

100%

100%

 

England and Wales

     

Associates

Gladio Limited

Lupins Business Centre
1-3 Greenhil
Weymouth
Dorset
DT$ 7SP

'A' ordinary £1 shares

50%

50%

 

England and Wales

     

The principal activity of Enzo Ristorante Limited is restauranteurs

The principal activity of Gladio Limited is holding company

 

The profit for the financial period of Enzo Ristorante Limited was £119,920 and the aggregate amount of capital and reserves at the end of the period was £1,167.

The loss for the financial period of Gladio Limited was £50,186 and the aggregate amount of capital and reserves at the end of the period was £(65,146).

6

Debtors

Note

2017
 £

2016
 £

Amounts owed by group undertakings and undertakings in which the company has a participating interest

359,839

215,373

Other debtors

 

18,249

80,500

Total current trade and other debtors

 

378,088

295,873

Page 7

 

Abellum Limited

Notes to the Financial Statements
for the Year Ended 31 July 2017

7

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Loans and borrowings

8

2,040

1,679

Corporation tax

 

1,114

223

Other creditors

 

750

750

 

3,904

2,652

Due after one year

 

Loans and borrowings

8

71,802

74,073

8

Loans and borrowings

2017
£

2016
£

Current loans and borrowings

Bank borrowings

2,040

1,679

2017
£

2016
£

Non-current loans and borrowings

Bank borrowings

71,702

73,973

Other borrowings

100

100

71,802

74,073

Bank borrowings

The company's bank borrowings are secured by charges on its property and other assets.

Page 8