Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-302022-07-01falseNo description of principal activity2120falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02599961 2022-07-01 2023-06-30 02599961 2021-07-01 2022-06-30 02599961 2023-06-30 02599961 2022-06-30 02599961 c:Director2 2022-07-01 2023-06-30 02599961 d:MotorVehicles 2022-07-01 2023-06-30 02599961 d:MotorVehicles 2023-06-30 02599961 d:MotorVehicles 2022-06-30 02599961 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02599961 d:OfficeEquipment 2022-07-01 2023-06-30 02599961 d:OfficeEquipment 2023-06-30 02599961 d:OfficeEquipment 2022-06-30 02599961 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02599961 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02599961 d:CurrentFinancialInstruments 2023-06-30 02599961 d:CurrentFinancialInstruments 2022-06-30 02599961 d:Non-currentFinancialInstruments 2023-06-30 02599961 d:Non-currentFinancialInstruments 2022-06-30 02599961 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 02599961 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 02599961 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 02599961 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 02599961 d:ShareCapital 2023-06-30 02599961 d:ShareCapital 2022-06-30 02599961 d:CapitalRedemptionReserve 2023-06-30 02599961 d:CapitalRedemptionReserve 2022-06-30 02599961 d:RetainedEarningsAccumulatedLosses 2023-06-30 02599961 d:RetainedEarningsAccumulatedLosses 2022-06-30 02599961 c:FRS102 2022-07-01 2023-06-30 02599961 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 02599961 c:FullAccounts 2022-07-01 2023-06-30 02599961 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 02599961 2 2022-07-01 2023-06-30 02599961 6 2022-07-01 2023-06-30 02599961 e:PoundSterling 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 02599961










ABACUS CARDS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
ABACUS CARDS LIMITED
REGISTERED NUMBER: 02599961

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
104,532
74,655

Investments
 5 
89,050
89,050

  
193,582
163,705

Current assets
  

Stocks
  
1,149,237
1,217,691

Debtors: amounts falling due within one year
 6 
633,380
648,821

Cash at bank and in hand
  
65,985
334,138

  
1,848,602
2,200,650

Creditors: amounts falling due within one year
 7 
(849,762)
(1,190,865)

Net current assets
  
 
 
998,840
 
 
1,009,785

Total assets less current liabilities
  
1,192,422
1,173,490

Creditors: amounts falling due after more than one year
 8 
(424,366)
(279,428)

  

Net assets
  
768,056
894,062


Capital and reserves
  

Called up share capital 
  
2,293
2,293

Capital redemption reserve
  
3,957
3,957

Profit and loss account
  
761,806
887,812

  
768,056
894,062


Page 1

 
ABACUS CARDS LIMITED
REGISTERED NUMBER: 02599961
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr N M Carey
Director

Date: 26 February 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
ABACUS CARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Abacus Cards Limited is a private company limited by shares and incorporated in England and Wales, registration number 02599961.  The registered office is The Studio, Oaks Drive, Newmarket, Suffolk, CB8 7SX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
ABACUS CARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss 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 the Income statement in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
ABACUS CARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.12

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.

Page 5

 
ABACUS CARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight line
Office equipment
-
20%
straight line

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
ABACUS CARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and invetsments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2022 - 20).


4.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 July 2022
49,289
280,849
330,138


Additions
39,238
23,884
63,122


Disposals
(27,239)
-
(27,239)



At 30 June 2023

61,288
304,733
366,021



Depreciation


At 1 July 2022
29,860
225,623
255,483


Charge for the year on owned assets
11,235
18,092
29,327


Disposals
(23,321)
-
(23,321)



At 30 June 2023

17,774
243,715
261,489



Net book value



At 30 June 2023
43,514
61,018
104,532



At 30 June 2022
19,429
55,226
74,655

Page 7

 
ABACUS CARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2022
630,000



At 30 June 2023

630,000



Impairment


At 1 July 2022
540,950



At 30 June 2023

540,950



Net book value



At 30 June 2023
89,050



At 30 June 2022
89,050


6.


Debtors

2023
2022
£
£


Trade debtors
547,200
553,628

Other debtors
31,726
19,235

Prepayments and accrued income
54,454
75,958

633,380
648,821


Page 8

 
ABACUS CARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
10,000
10,000

Trade creditors
518,527
809,555

Amounts owed to other participating interests
89,050
89,050

Corporation tax
-
19,339

Other taxation and social security
14,674
13,830

Obligations under finance lease and hire purchase contracts
11,373
6,045

Other creditors
36,241
18,850

Accruals and deferred income
169,897
224,196

849,762
1,190,865



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
20,000
30,000

Net obligations under finance leases and hire purchase contracts
19,366
4,428

Other creditors
385,000
245,000

424,366
279,428


 
Page 9