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REGISTERED NUMBER: 04882353 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ABLE2 UK LIMITED

ABLE2 UK LIMITED (REGISTERED NUMBER: 04882353)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


ABLE2 UK LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: I S Reed
M Diaj



REGISTERED OFFICE: Bridge Mill
Moorgate Street
Blackburn
Lancashire
BB2 4PB



REGISTERED NUMBER: 04882353 (England and Wales)



AUDITORS: Fairhurst
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: HSBC
49a Fishergate
Preston
Lancashire
PR1 8BH



SOLICITORS: Brabners LLP
55 King Street
Manchester
M2 4LQ

ABLE2 UK LIMITED (REGISTERED NUMBER: 04882353)

STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 133,269 194,109
Tangible assets 5 567,038 592,282
Investments 6 257,518 257,518
957,825 1,043,909

CURRENT ASSETS
Stocks 634,442 968,395
Debtors 7 3,734,635 3,574,357
Cash at bank and in hand 27,006 2,098
4,396,083 4,544,850
CREDITORS
Amounts falling due within one year 8 1,279,495 1,521,049
NET CURRENT ASSETS 3,116,588 3,023,801
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,074,413

4,067,710

CREDITORS
Amounts falling due after more than one
year

9

542,839

650,263
NET ASSETS 3,531,574 3,417,447

CAPITAL AND RESERVES
Called up share capital 11 1,756,396 1,756,396
Share premium 187,983 187,983
Capital redemption reserve 1,170,264 1,170,264
Retained earnings 416,931 302,804
SHAREHOLDERS' FUNDS 3,531,574 3,417,447

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





M Diaj - Director


ABLE2 UK LIMITED (REGISTERED NUMBER: 04882353)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Able2 UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Able2 UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer, which is usually at the point the customer has signed for the goods. Turnover is measured at the fair value of the consideration received or receivable for goods and services and is shown net of VAT.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of subsidiaries is stated at cost net of amortisation and any impairment. Goodwill is being amortised evenly over its estimated useful life of 10 years in accordance with FRS 102 Section 1A.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation and any impairment.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property- 2% on cost
Fixtures and fittings- 20% on cost
Motor vehicles- 25% on cost
Computer equipment- straight line over 3 years

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised immediately in the profit or loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Stocks
Stocks are measured at the lower of cost and selling price less cost to complete and sell. Cost is measured at the most recent purchase price and other costs incurred in bringing the stocks to their present location and condition.

ABLE2 UK LIMITED (REGISTERED NUMBER: 04882353)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments that are payable or receivable within one year, typically trade creditors and debtors, are measured initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be paid or received less impairment losses for bad and doubtful debts.

Related party loans have no stated interest rate, are payable on demand and are measured at the undiscounted amount due.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. All other leases are classified as operating leases.

Rentals payable under operating leases are charged to the profit or loss on a straight-line basis over the lease term. The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight-line basis.

Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Short term employee benefits are recognised as an expense in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 39 ) .

ABLE2 UK LIMITED (REGISTERED NUMBER: 04882353)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 1,124,474 30,000 1,154,474
AMORTISATION
At 1 January 2023 930,365 30,000 960,365
Amortisation for year 60,840 - 60,840
At 31 December 2023 991,205 30,000 1,021,205
NET BOOK VALUE
At 31 December 2023 133,269 - 133,269
At 31 December 2022 194,109 - 194,109

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 829,045 584,360 69,811 521,513 2,004,729
Additions - - - 10,174 10,174
At 31 December 2023 829,045 584,360 69,811 531,687 2,014,903
DEPRECIATION
At 1 January 2023 286,896 583,722 30,910 510,919 1,412,447
Charge for year 13,587 639 16,466 4,726 35,418
At 31 December 2023 300,483 584,361 47,376 515,645 1,447,865
NET BOOK VALUE
At 31 December 2023 528,562 (1 ) 22,435 16,042 567,038
At 31 December 2022 542,149 638 38,901 10,594 592,282

The net book value of tangible fixed assets includes £ 22,435 (2022 - £ 38,901 ) in respect of assets held under hire purchase contracts.

ABLE2 UK LIMITED (REGISTERED NUMBER: 04882353)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 257,518
NET BOOK VALUE
At 31 December 2023 257,518
At 31 December 2022 257,518

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 538,424 544,690
Directors' loan accounts 167,256 75,061
Tax 32,824 -
Deferred tax asset 5,664 5,110
Prepayments and accrued income 106,514 65,544
850,682 690,405

Amounts falling due after more than one year:
Amounts owed by group undertakings 2,883,953 2,883,952

Aggregate amounts 3,734,635 3,574,357

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 103,597 139,230
Hire purchase contracts 9,558 11,058
Trade creditors 415,877 597,120
Amounts owed to group undertakings 44,222 44,222
Tax 94,356 35,054
Social security and other taxes 98,400 145,535
Other creditors 6,243 10,178
Invoice discounting 410,782 429,557
Accrued expenses 96,460 109,095
1,279,495 1,521,049

ABLE2 UK LIMITED (REGISTERED NUMBER: 04882353)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 1-2 years 104,232 109,162
Bank loans 2-5 years 416,277 509,213
Hire purchase contracts 22,330 31,888
542,839 650,263

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 35,744
Bank loans 624,106 721,861
Hire purchase contracts 31,888 42,946
Invoice discounting 410,782 429,557
1,066,776 1,230,108

There is a debenture and a fixed and floating charge secured over the assets of the company with HSBC UK Bank PLC and Atom Bank PLC. There is also an unlimited intercompany composite guarantee between Able2 UK Limited and ADL Holdings Limited.

Hire purchase contracts are secured on the assets to which they relate.

The invoice discounting facility is secured against certain trade debtors.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,756,396 Ordinary £1 1,756,396 1,756,396

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John B S Fairhurst BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Fairhurst

13. OTHER FINANCIAL COMMITMENTS

The company had total operating lease commitments of £24,588 (2022 - £28,060) at the year end.

ABLE2 UK LIMITED (REGISTERED NUMBER: 04882353)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
I S Reed
Balance outstanding at start of year 75,061 (159,805 )
Amounts advanced 191,235 338,441
Amounts repaid (99,040 ) (103,575 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 167,256 75,061

15. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

16. PARENT COMPANY

The company is a wholly owned subsidiary of ADL Holdings Limited, a company registered in England and Wales whose registered office is Bridge Mill, Moorgate Street, Blackburn, Lancashire, BB2 4PB.