Caseware UK (AP4) 2023.0.135 2023.0.135 No description of principal activity132023-01-01false13truetrue 02646095 2023-01-01 2023-12-31 02646095 2022-01-01 2022-12-31 02646095 2023-12-31 02646095 2022-12-31 02646095 c:Director1 2023-01-01 2023-12-31 02646095 d:Buildings 2023-01-01 2023-12-31 02646095 d:Buildings 2023-12-31 02646095 d:Buildings 2022-12-31 02646095 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02646095 d:FurnitureFittings 2023-01-01 2023-12-31 02646095 d:FurnitureFittings 2023-12-31 02646095 d:FurnitureFittings 2022-12-31 02646095 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02646095 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02646095 d:Goodwill 2023-01-01 2023-12-31 02646095 d:Goodwill 2023-12-31 02646095 d:Goodwill 2022-12-31 02646095 d:ComputerSoftware 2023-01-01 2023-12-31 02646095 d:ComputerSoftware 2023-12-31 02646095 d:ComputerSoftware 2022-12-31 02646095 d:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 02646095 d:CurrentFinancialInstruments 2023-12-31 02646095 d:CurrentFinancialInstruments 2022-12-31 02646095 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02646095 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02646095 d:ShareCapital 2023-12-31 02646095 d:ShareCapital 2022-12-31 02646095 d:CapitalRedemptionReserve 2023-12-31 02646095 d:CapitalRedemptionReserve 2022-12-31 02646095 d:RetainedEarningsAccumulatedLosses 2023-12-31 02646095 d:RetainedEarningsAccumulatedLosses 2022-12-31 02646095 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02646095 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02646095 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 02646095 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 02646095 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 02646095 c:OrdinaryShareClass1 2023-01-01 2023-12-31 02646095 c:OrdinaryShareClass1 2023-12-31 02646095 c:OrdinaryShareClass1 2022-12-31 02646095 c:FRS102 2023-01-01 2023-12-31 02646095 c:Audited 2023-01-01 2023-12-31 02646095 c:FullAccounts 2023-01-01 2023-12-31 02646095 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02646095 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02646095 6 2023-01-01 2023-12-31 02646095 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 02646095 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 02646095 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02646095










The Avec Corporation Limited










Financial statements

Information for filing with the registrar

For the year ended 31 December 2023

 
The Avec Corporation Limited
Registered number: 02646095

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
4,538
13,615

Tangible assets
 6 
17,277
12,418

Investments
 7 
1
1

  
21,816
26,034

Current assets
  

Stocks
 8 
2,091,458
2,276,721

Debtors: amounts falling due within one year
 9 
1,415,893
867,934

Cash at bank and in hand
  
1,125,962
1,933,482

  
4,633,313
5,078,137

Creditors: amounts falling due within one year
 10 
(1,161,209)
(1,081,272)

Net current assets
  
 
 
3,472,104
 
 
3,996,865

Total assets less current liabilities
  
3,493,920
4,022,899

Provisions for liabilities
  

Deferred tax
 11 
(5,454)
(6,508)

Other provisions
 12 
(128,000)
(104,000)

  
 
 
(133,454)
 
 
(110,508)

Net assets
  
3,360,466
3,912,391


Capital and reserves
  

Called up share capital 
 13 
80,320
80,320

Capital redemption reserve
  
40,260
40,260

Profit and loss account
  
3,239,886
3,791,811

  
3,360,466
3,912,391


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 30 August 2024.



O J M Fincher
Director

The notes on pages 3 to 11 form part of these financial statements.
Page 1

 
The Avec Corporation Limited
Registered number: 02646095

Balance sheet (continued)
As at 31 December 2023


Page 2

 
The Avec Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

The Avec Corporation Limited is a private company limited by share capital incorporated in England. The address of its registered office is listed on the company information page.
The address of its principal place of business is:
Unit E1, Block B
Air Cargo Centre
Arran Avenue
Glasgow Airport
Paisley
PA3 2AY

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 financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis as the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. 

 
2.3

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

Page 3

 
The Avec Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.4

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.

Where the Company acts as an agent, the Company does not recognise the sale of goods as revenue. Instead, the handling fee that it receives in return for acting as an agent is included in revenue.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of three years.

 The estimated useful lives range as follows:

Goodwill
-
3
years
Computer software
-
5
years

 
2.6

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

 
The Avec Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.6
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:

Improvements to leasehold property
-
10%
Fixtures and fittings
-
20%

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.

 
2.7

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.

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.

 
2.8

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.

 
2.9

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 to related parties and investments in ordinary shares.

 
2.10

Creditors

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

Page 5

 
The Avec Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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 6

 
The Avec Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.15

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.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

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.


Judgements in applying accounting policies and key sources of estimation uncertainty

The Company sells goods as a principal and as an agent. For any sale of goods, the directors assess the criteria set out in Section 23 of FRS 102 to determine whether the Company retains the risks and rewards associated with the sale. In circumstances where the Company is exposed to the risks and rewards associated with a sale, the goods sold are recognised as revenue. For all other sales, the Company is deemed to act as an agent with the sale of the goods being netted off against the cost of goods sold. Where the Company acts as an agent, it is entitled to receive a handing fee.


4.


Employees

The average monthly number of employees, including directors, during the year was 13 (2022 - 13).

Page 7

 
The Avec Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

5.


Intangible assets




Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
45,384
85,000
130,384


Disposals
-
(85,000)
(85,000)



At 31 December 2023

45,384
-
45,384



Amortisation


At 1 January 2023
31,769
85,000
116,769


Charge for the year on owned assets
9,077
-
9,077


On disposals
-
(85,000)
(85,000)



At 31 December 2023

40,846
-
40,846



Net book value



At 31 December 2023
4,538
-
4,538



At 31 December 2022
13,615
-
13,615



Page 8

 
The Avec Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

6.


Tangible fixed assets





Improvements to leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
14,355
101,904
116,259


Additions
-
10,142
10,142



At 31 December 2023

14,355
112,046
126,401



Depreciation


At 1 January 2023
8,613
95,228
103,841


Charge for the year on owned assets
1,436
3,847
5,283



At 31 December 2023

10,049
99,075
109,124



Net book value



At 31 December 2023
4,306
12,971
17,277



At 31 December 2022
5,742
6,676
12,418


7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1





8.


Stocks

2023
2022
£
£

Finished goods and goods for resale
2,091,458
2,276,721


Page 9

 
The Avec Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

9.


Debtors

2023
2022
£
£


Trade debtors
104,205
86,385

Amounts owed by related companies
947,371
613,131

Other debtors
78,650
55,860

Prepayments and accrued income
285,667
112,558

1,415,893
867,934



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
702,002
655,600

Corporation tax
138,775
141,364

Other taxation and social security
154,054
133,159

Accruals and deferred income
166,378
151,149

1,161,209
1,081,272



11.


Deferred taxation




2023


£






At beginning of year
(6,508)


Charged to profit or loss
1,054



At end of year
(5,454)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(5,454)
(6,508)

(5,454)
(6,508)

Page 10

 
The Avec Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

12.


Provisions




Dilapidations

£





At 1 January 2023
104,000


Charged to profit or loss
24,000



At 31 December 2023
128,000


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



80,320 (2022 - 80,320) Ordinary shares of £1.00 each
80,320
80,320



14.


Controlling party

The company is jointly owned by Aston & Fincher Limited (registered address: Pavilion Drive off Holford Drive, Birmingham, England, B6 7BB) and Capital (Hair and Beauty) Limited (registered address:  Crowhurst Corner, Crowhurst Road, Brighton, East Sussex, England, BN1 8AP).


15.


Auditors' information

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

The audit report was signed on 23 September 2024 by Graham Hunt BA FCA (Senior statutory auditor) on behalf of Kreston Reeves LLP.

Page 11