Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01Supply and install of audio visual equipmentfalsetrue3540The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04572413 2023-01-01 2023-12-31 04572413 2022-01-01 2022-12-31 04572413 2023-12-31 04572413 2022-12-31 04572413 2022-01-01 04572413 c:Director1 2023-01-01 2023-12-31 04572413 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 04572413 d:Buildings d:ShortLeaseholdAssets 2023-12-31 04572413 d:Buildings d:ShortLeaseholdAssets 2022-12-31 04572413 d:PlantMachinery 2023-01-01 2023-12-31 04572413 d:PlantMachinery 2023-12-31 04572413 d:PlantMachinery 2022-12-31 04572413 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04572413 d:MotorVehicles 2023-01-01 2023-12-31 04572413 d:MotorVehicles 2023-12-31 04572413 d:MotorVehicles 2022-12-31 04572413 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04572413 d:ComputerEquipment 2023-01-01 2023-12-31 04572413 d:ComputerEquipment 2023-12-31 04572413 d:ComputerEquipment 2022-12-31 04572413 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04572413 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 04572413 d:OtherPropertyPlantEquipment 2023-12-31 04572413 d:OtherPropertyPlantEquipment 2022-12-31 04572413 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04572413 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04572413 d:CurrentFinancialInstruments 2023-12-31 04572413 d:CurrentFinancialInstruments 2022-12-31 04572413 d:Non-currentFinancialInstruments 2023-12-31 04572413 d:Non-currentFinancialInstruments 2022-12-31 04572413 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04572413 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04572413 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04572413 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04572413 d:ShareCapital 2023-12-31 04572413 d:ShareCapital 2022-12-31 04572413 d:RetainedEarningsAccumulatedLosses 2023-12-31 04572413 d:RetainedEarningsAccumulatedLosses 2022-12-31 04572413 c:FRS102 2023-01-01 2023-12-31 04572413 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04572413 c:FullAccounts 2023-01-01 2023-12-31 04572413 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04572413 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 04572413 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 04572413 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 04572413 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 04572413 6 2023-01-01 2023-12-31 04572413 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04572413 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04572413 d:OtherDeferredTax 2023-12-31 04572413 d:OtherDeferredTax 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 04572413









ABSOLUTE AUDIO VISUAL SOLUTIONS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ABSOLUTE AUDIO VISUAL SOLUTIONS LIMITED
REGISTERED NUMBER: 04572413

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
467,757
463,894

Investments
 6 
2
2

  
467,759
463,896

Current assets
  

Stocks
  
141,260
87,169

Debtors: amounts falling due after more than one year
 7 
3,340,101
2,870,916

Debtors: amounts falling due within one year
 7 
1,747,242
1,462,964

Cash at bank and in hand
  
549,458
624,579

  
5,778,061
5,045,628

Creditors: amounts falling due within one year
 8 
(731,972)
(897,307)

Net current assets
  
 
 
5,046,089
 
 
4,148,321

Total assets less current liabilities
  
5,513,848
4,612,217

Creditors: amounts falling due after more than one year
 9 
(134,841)
(173,004)

Provisions for liabilities
  

Deferred tax
 11 
(100,141)
(94,680)

  
 
 
(100,141)
 
 
(94,680)

Net assets
  
5,278,866
4,344,533


Capital and reserves
  

Called up share capital 
  
51,000
51,000

Profit and loss account
  
5,227,866
4,293,533

  
5,278,866
4,344,533


Page 1

 
ABSOLUTE AUDIO VISUAL SOLUTIONS LIMITED
REGISTERED NUMBER: 04572413
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 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 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 by: 




................................................
A T Parmee
Director

Date: 23 August 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
ABSOLUTE AUDIO VISUAL SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The principal activity of the Company is that of supply, installation and maintenance of audiovisual equipment.
The Company is a private company, limited by shares and is incorporated in England and Wales. 
The registered office address is New Cambridge House, Bassingbourn Road, Litlington, Hertfordshire SG8 0SS.

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

Revenue

Revenue in respect of hire and events is recognised and invoiced on completion of the event. In the event of an exceptionally large event, a deposit may be invoiced in advanced, and the associated revenue deferred until completion.
Revenue from sales and installs is recognised and invoiced on completion of the install.
All revenue is recognised exclusive of VAT.

 
2.3

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.

 
2.4

Borrowing costs

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

Page 3

 
ABSOLUTE AUDIO VISUAL SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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 reporting 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 reporting 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 reporting date.

 
2.7

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

 
ABSOLUTE AUDIO VISUAL SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Short-term leasehold property
-
Straight line 7 years
Plant and machinery
-
Reducing balance 15%
Motor vehicles
-
Reducing balance 25%
Computer equipment
-
Straight line 33%
Other fixed assets
-
Straight line 33%

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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.

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.11

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
 
Page 5

 
ABSOLUTE AUDIO VISUAL SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements required management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amount reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments (apart from those involving estimates) have the most significant effect on amounts recognised in the financial statements.
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 6 for the carrying amount of the property plant and equipment, and note 2.7 for the useful economic lives for each class of assets.
(ii) Stock and work in progress
Stock value included in the balance sheet in 2022 was an estimate. This was calculated as 30% of the value of purchases of hire equipment during the year. From 2023 onwards, the Company has implemented stock management software and the value of stock at the year-end is an accurate representation of the Company's stock position, carried at the lower of cost and net realisable value.
Work in progress represents orders received that have been worked on, but are not completed at the year-end. The value of work in progress at the year-end was £17,522 (2022: £64,409).
 


4.


Employees

The average monthly number of employees, including directors, during the year was 40 (2022 - 35).

Page 6

 


 
ABSOLUTE AUDIO VISUAL SOLUTIONS LIMITED


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


5.


Tangible fixed assets






Short-term leasehold property
Plant and machinery
Motor vehicles
Computer equipment
Event equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
163,654
55,251
291,825
68,414
2,418,645
2,997,789


Additions
23,592
1,774
-
11,723
217,304
254,393


Disposals
-
(1,983)
-
-
(3,066)
(5,049)


Transfers between classes
-
-
-
3,974
(3,974)
-



At 31 December 2023

187,246
55,042
291,825
84,111
2,628,909
3,247,133



Depreciation


At 1 January 2023
94,189
37,615
214,554
66,169
2,121,368
2,533,895


Charge for the year on owned assets
22,515
2,714
19,318
4,378
197,994
246,919


Disposals
-
(961)
-
-
(477)
(1,438)


Transfers between classes
-
-
-
1,104
(1,104)
-



At 31 December 2023

116,704
39,368
233,872
71,651
2,317,781
2,779,376



Net book value



At 31 December 2023
70,542
15,674
57,953
12,460
311,128
467,757
Page 7

 


 
ABSOLUTE AUDIO VISUAL SOLUTIONS LIMITED


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

           5.Tangible fixed assets (continued)




At 31 December 2022
69,465
17,636
77,271
2,245
297,277
463,894


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
2



At 31 December 2023
2




Page 8

 
ABSOLUTE AUDIO VISUAL SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
3,340,101
2,870,916

3,340,101
2,870,916


2023
2022
£
£

Due within one year

Trade debtors
1,045,074
940,744

Amounts owed by group undertakings
353,542
270,502

Other debtors
333,512
240,181

Prepayments and accrued income
15,114
11,537

1,747,242
1,462,964



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
50,000
50,000

Trade creditors
112,369
144,048

Corporation tax
269,223
219,473

Other taxation and social security
158,310
320,818

Obligations under finance lease and hire purchase contracts
58,052
14,388

Other creditors
14,259
12,282

Accruals and deferred income
69,759
136,298

731,972
897,307




Page 9

 
ABSOLUTE AUDIO VISUAL SOLUTIONS 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
£
£

Bank loans
104,167
154,167

Net obligations under finance leases and hire purchase contracts
30,674
18,837

134,841
173,004



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
58,052
14,388

Between 1-5 years
30,674
18,837

88,726
33,225

 The hire purchase liabilities are secured against the assets to which they relate.

Page 10

 
ABSOLUTE AUDIO VISUAL SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023
2022


£

£






At beginning of year
(94,680)
(55,976)


Charged to profit or loss
(5,461)
(38,704)



At end of year
(100,141)
(94,680)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(100,916)
(95,328)

Short term timing differences
775
648

(100,141)
(94,680)


12.


Related party transactions

Included within debtors due in more than one year, are amounts owed to connected companies controlled by the directors. The balance of these loans at the year-end amounted to £3,229,762 (2022: £2,792,634). The balances are unsecured and interest free.


13.


Controlling party

The ultimate controlling party of the Company is A Parmee, by virtue of his shareholding.

 
Page 11