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Registered number: 02992616














ABACUS PLAYGROUNDS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
ABACUS PLAYGROUNDS LIMITED
REGISTERED NUMBER:02992616

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Tangible assets
 4 
911,905
1,029,653

Current assets
  

Stocks
 5 
426,067
442,671

Debtors: amounts falling due within one year
 6 
2,655,415
2,705,711

Cash at bank and in hand
 7 
39,802
100,745

  
3,121,284
3,249,127

Creditors: amounts falling due within one year
 8 
(1,243,184)
(1,381,597)

Net current assets
  
 
 
1,878,100
 
 
1,867,530

Total assets less current liabilities
  
2,790,005
2,897,183

Creditors: amounts falling due after more than one year
 9 
(172,770)
(275,117)

Provisions for liabilities
  

Deferred tax
 11 
(226,737)
(248,096)

Net assets
  
£2,390,498
£2,373,970


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
2,389,498
2,372,970

  
£2,390,498
£2,373,970


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 statement of income and retained earnings 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 on 17 September 2024.



___________________________
G W Rodwell
Director

The notes on pages 2 to 9 form part of these financial statements.
Page 1

 
ABACUS PLAYGROUNDS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Abacus Playgrounds Limited is a private company limited by shares and incorporated in England and Wales under company number 02992616.
The registered office of the Company is Unit 1 Orbital One Trading Estate, Green Street, Green Road, Dartford, Kent, DA1 1QG.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Abacus Lawrence Group Limited as at 31 December 2022 and these financial statements may be obtained from Companies House.

Page 2

 
ABACUS PLAYGROUNDS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract 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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

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.

 
2.6

Borrowing costs

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

Page 3

 
ABACUS PLAYGROUNDS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

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 4

 
ABACUS PLAYGROUNDS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.


Plant and machinery
-
20% reducing balance basis
Motor vehicles
-
12.5% straight line basis

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.

 
2.10

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
ABACUS PLAYGROUNDS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 41 (2022 - 53).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total



Cost or valuation


At 1 January 2023
328,789
1,530,381
1,859,170


Additions
48,590
126,543
175,133


Disposals
(71,716)
(165,941)
(237,657)



At 31 December 2023

305,663
1,490,983
1,796,646



Depreciation


At 1 January 2023
232,733
596,784
829,517


Charge for the year on owned assets
21,116
56,556
77,672


Charge for the year on financed assets
6,818
113,200
120,018


Disposals
(72,963)
(69,503)
(142,466)



At 31 December 2023

187,704
697,037
884,741



Net book value



At 31 December 2023
£117,959
£793,946
£911,905



At 31 December 2022
£96,056
£933,597
£1,029,653

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022



Plant and machinery
30,283
32,045

Motor vehicles
743,445
791,897

£773,728
£823,942

Page 6

 
ABACUS PLAYGROUNDS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Stocks

2023
2022

Raw materials and consumables
£426,067
£442,671



6.


Debtors

2023
2022


Trade debtors
685,487
655,809

Amounts owed by group undertakings
1,763,490
1,707,457

Other debtors
160,780
149,813

Prepayments and accrued income
45,658
192,632

£2,655,415
£2,705,711



7.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
39,802
100,745

Less: bank overdrafts
-
(109)

£39,802
£100,636



8.


Creditors: Amounts falling due within one year

2023
2022

Bank overdrafts
-
109

Trade creditors
539,739
823,325

Corporation tax
20,165
44,698

Other taxation and social security
74,410
79,637

Obligations under finance lease and hire purchase contracts
217,879
230,061

Other creditors
317,230
163,968

Accruals and deferred income
73,761
39,799

£1,243,184
£1,381,597


Finanace leases and hire purchase contracts are secured, by a fixed charge, on the assets concerned

Page 7

 
ABACUS PLAYGROUNDS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022

Net obligations under finance leases and hire purchase contracts
£172,770
£275,117


Finanace leases and hire purchase contracts are secured, by a fixed charge, on the assets concerned.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022


Within one year
371,692
230,061

Between 1-5 years
-
275,117

£371,692
£505,178


11.


Deferred taxation




2023





At beginning of year
248,096


Charged to profit or loss
(21,359)



At end of year
£226,737

The provision for deferred taxation is made up as follows:

2023
2022


Accelerated capital allowances
226,737
248,096

£226,737
£248,096


12.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £34,432 (2022 - £39,306). Contributions totalling £4,427 (2022 - £3,176) were payable to the fund at the balance sheet date and are included in creditors.


13.
Controlling party / Ultimate parent undertaking and controlling party

At the balance sheet date, the immediate parent undertaking is Abacus Lawrence Group Limited, a company incorporated in England and Wales. 
 
Page 8

 
ABACUS PLAYGROUNDS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.Controlling party / Ultimate parent undertaking and controlling party (continued)

Abacus Lawrence Group Limited is the controlling party of the company.
The parent undertaking of the largest group to consolidate these financial statements is Abacus Lawrence Group Limited, a company incorporated in England and Wales. The registered address of the company is Unit 1 Orbital One Trading Estate, Green Street, Green Road, Dartford, Kent, DA1 1QG.
The ultimate parent undertaking is Abacus Lawrence Group Limited, a company incorporated in England and Wales.
Abacus Lawrence Group Limited is also the most senior parent entity producing publicly available financial statements.
Abacus Lawrence Group Limited is the ultimate controlling party of the company.
The company is exempt from the requirement of preparing consolidated financial statements as it is a subsidiary undertaking included in consolidated financial statements for a larger group, by a parent undertaking established under the law of any part of the United Kingdom.
Abacus Lawrence Group Limited has prepared consolidated financial statements which include this company and are publicly available.



14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 17 September 2024 by Joshua Conlon FCCA (Senior statutory auditor) on behalf of Magee Gammon Corporate Limited.

Page 9