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Registration number: 08495011

Abatec Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Abatec Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

Abatec Limited

Company Information

Directors

Mr R A Dyer

Mr R J Buchanan

Registered office

Abatec House
Oldmixon Crescent
Weston-super-Mare
North Somerset
BS24 9AX

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

Abatec Limited

(Registration number: 08495011)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

7,708

16,958

Tangible assets

5

13,842

17,714

 

21,550

34,672

Current assets

 

Debtors

6

1,621,837

2,890,421

Cash at bank and in hand

 

49,341

255,636

 

1,671,178

3,146,057

Creditors: Amounts falling due within one year

7

(1,219,945)

(2,791,264)

Net current assets

 

451,233

354,793

Total assets less current liabilities

 

472,783

389,465

Creditors: Amounts falling due after more than one year

7

(21,667)

(31,667)

Net assets

 

451,116

357,798

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

451,016

357,698

Shareholders' funds

 

451,116

357,798

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Abatec Limited

(Registration number: 08495011)
Balance Sheet as at 31 March 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2023 and signed on its behalf by:
 

.........................................
Mr R J Buchanan
Director

 

Abatec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
Abatec House
Oldmixon Crescent
Weston-super-Mare
North Somerset
BS24 9AX

These financial statements were authorised for issue by the Board on 17 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The presentation currency of the financial statements is Pound Sterling (£).

 

Abatec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Provision of temporary labour staff:
Income from the provision of temporary labour staff is recognised in the period in which the service has been provided. Income which is not invoiced until after the year end is accrued accordingly.

Provision of permanent labour staff:
Income from permanent staff placements is recognised when a successful applicant is appointed by the customer.

Associated expenditure is also recognised over the same period with the portion of expenditure incurred in the year but not yet invoiced included within accruals.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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 income 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.

 

Abatec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Building improvements

10% on cost

Office equipment

33% on cost

Motor vehicles

33% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

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.

 

Abatec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed 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.

Trade 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.

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.

 

Abatec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments· and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Abatec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2

Accounting policies (continued)

Basic financial instruments

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Invoice discounting

The company has debts under invoice discounting arrangements for which the invoice discounting company has a right of recourse to the company in case of non-payment by the debtor. All such debts continue to be shown as a debtor on the company's balance sheet and funds advanced as a creditor until such time as the payment is made by the debtor to the invoice discounting company.

 

Abatec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 221 (2022 - 297).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

92,500

92,500

At 31 March 2023

92,500

92,500

Amortisation

At 1 April 2022

75,542

75,542

Amortisation charge

9,250

9,250

At 31 March 2023

84,792

84,792

Carrying amount

At 31 March 2023

7,708

7,708

At 31 March 2022

16,958

16,958

 

Abatec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Building improvements
£

Office equipment
 £

Total
£

Cost or valuation

At 1 April 2022

17,027

70,831

87,858

Additions

1,334

2,854

4,188

At 31 March 2023

18,361

73,685

92,046

Depreciation

At 1 April 2022

9,477

60,667

70,144

Charge for the year

1,736

6,324

8,060

At 31 March 2023

11,213

66,991

78,204

Carrying amount

At 31 March 2023

7,148

6,694

13,842

At 31 March 2022

7,550

10,164

17,714

Included within the net book value of land and buildings above is £7,148 (2022 - £7,550) in respect of short leasehold land and buildings.
 

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,565,106

2,343,896

Amounts owed by related parties

10

36,862

36,362

Prepayments

 

14,869

18,881

Other debtors

 

5,000

491,282

   

1,621,837

2,890,421

 

Abatec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,000

10,000

Trade creditors

 

7,806

29,012

Taxation and social security

 

520,858

1,111,842

Accruals and deferred income

 

111,632

160,648

Other creditors

 

569,649

1,479,762

 

1,219,945

2,791,264

Other creditors include factored debts which are secured of £420,197 (2022 - £1,096,756). These are secured by a fixed and floating charge over property of the company dated 14/03/2022.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

21,667

31,667

 

Abatec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.10 each

750

75

750

75

Ordinary B shares of £1 each

25

25

25

25

 

775

100

775

100

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,667

31,667

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

 

Abatec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

At 31 March 2023
£

Mr R J Buchanan

Directors loan

1,668

1,668

     
   

 

2022

At 1 April 2021
£

At 31 March 2022
£

Mr R J Buchanan

Directors loan

1,668

1,668

     
   

 

11

Parent and ultimate parent undertaking

The company's immediate parent is Abatec Holdings Limited, incorporated in England and Wales.