Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01true27falseNo description of principal activity27trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00957040 2023-04-01 2024-03-31 00957040 2022-04-01 2023-03-31 00957040 2024-03-31 00957040 2023-03-31 00957040 2022-04-01 00957040 c:Director5 2023-04-01 2024-03-31 00957040 c:Director6 2023-04-01 2024-03-31 00957040 d:PlantMachinery 2023-04-01 2024-03-31 00957040 d:PlantMachinery 2024-03-31 00957040 d:PlantMachinery 2023-03-31 00957040 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00957040 d:MotorVehicles 2023-04-01 2024-03-31 00957040 d:MotorVehicles 2024-03-31 00957040 d:MotorVehicles 2023-03-31 00957040 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00957040 d:FurnitureFittings 2023-04-01 2024-03-31 00957040 d:FurnitureFittings 2024-03-31 00957040 d:FurnitureFittings 2023-03-31 00957040 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00957040 d:ComputerEquipment 2023-04-01 2024-03-31 00957040 d:ComputerEquipment 2024-03-31 00957040 d:ComputerEquipment 2023-03-31 00957040 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00957040 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00957040 d:ComputerSoftware 2024-03-31 00957040 d:ComputerSoftware 2023-03-31 00957040 d:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 00957040 d:CurrentFinancialInstruments 2024-03-31 00957040 d:CurrentFinancialInstruments 2023-03-31 00957040 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00957040 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00957040 d:ShareCapital 2024-03-31 00957040 d:ShareCapital 2023-03-31 00957040 d:RetainedEarningsAccumulatedLosses 2024-03-31 00957040 d:RetainedEarningsAccumulatedLosses 2023-03-31 00957040 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 00957040 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00957040 d:OtherDeferredTax 2024-03-31 00957040 d:OtherDeferredTax 2023-03-31 00957040 c:OrdinaryShareClass1 2023-04-01 2024-03-31 00957040 c:OrdinaryShareClass1 2024-03-31 00957040 c:OrdinaryShareClass1 2023-03-31 00957040 c:FRS102 2023-04-01 2024-03-31 00957040 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00957040 c:FullAccounts 2023-04-01 2024-03-31 00957040 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00957040 2 2023-04-01 2024-03-31 00957040 d:ComputerSoftware d:OwnedIntangibleAssets 2023-04-01 2024-03-31 00957040 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 00957040










ADHESIVE SPECIALITIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
ADHESIVE SPECIALITIES LIMITED
REGISTERED NUMBER: 00957040

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
2,920
14,599

Tangible assets
 5 
292,671
324,895

  
295,591
339,494

Current assets
  

Stocks
 6 
924,828
886,505

Debtors: amounts falling due within one year
 7 
3,353,879
3,032,796

Cash at bank and in hand
 8 
19,659
20,335

  
4,298,366
3,939,636

Creditors: amounts falling due within one year
 9 
(1,606,364)
(1,622,747)

Net current assets
  
 
 
2,692,002
 
 
2,316,889

Total assets less current liabilities
  
2,987,593
2,656,383

Provisions for liabilities
  

Deferred tax
 10 
(63,562)
(62,521)

  
 
 
(63,562)
 
 
(62,521)

Net assets
  
2,924,031
2,593,862


Capital and reserves
  

Called up share capital 
 11 
1,200,000
1,200,000

Profit and loss account
  
1,724,031
1,393,862

  
2,924,031
2,593,862


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.

Page 1

 
ADHESIVE SPECIALITIES LIMITED
REGISTERED NUMBER: 00957040

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The Company has opted not to file the statement of comprehensive income 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 S Bacchus
................................................
Mr S Benton
Director
Director


Date: 6 September 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
ADHESIVE SPECIALITIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Adhesive Specialities Limited is a private Company, limited by share capital and incorporated in England and Wales. 
The Company's registered office address and principal place of business is Tickitape House, 31 Bone Lane, Newbury, Berkshire RG14 5SH.

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

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.

 
2.3

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.

Page 3

 
ADHESIVE SPECIALITIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Operating leases

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

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

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.

Page 4

 
ADHESIVE SPECIALITIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 The estimated useful lives range as follows:

Computer software
-
5
years

 
2.11

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

 
ADHESIVE SPECIALITIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
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:

Plant and machinery
-
10% - 20%
Motor vehicles
-
25%
Fixtures and fittings
-
10%
Computer equipment
-
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.

 
2.12

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 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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

Page 6

 
ADHESIVE SPECIALITIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.16

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 balance sheet 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 Balance Sheet.

 
2.17

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 investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 27 (2023 - 27).

Page 7

 
ADHESIVE SPECIALITIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Computer software

£



Cost


At 1 April 2023
58,395



At 31 March 2024

58,395



Amortisation


At 1 April 2023
43,796


Charge for the year on owned assets
11,679



At 31 March 2024

55,475



Net book value



At 31 March 2024
2,920



At 31 March 2023
14,599



Page 8

 
ADHESIVE SPECIALITIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
904,019
167,732
266,749
151,010
1,489,510


Additions
10,854
5,029
7,630
8,205
31,718


Disposals
(222,948)
(4,359)
(8,013)
(99,910)
(335,230)



At 31 March 2024

691,925
168,402
266,366
59,305
1,185,998



Depreciation


At 1 April 2023
726,545
113,497
185,967
138,606
1,164,615


Charge for the year on owned assets
8,002
35,636
14,634
5,671
63,943


Disposals
(222,948)
(4,359)
(8,014)
(99,910)
(335,231)



At 31 March 2024

511,599
144,774
192,587
44,367
893,327



Net book value



At 31 March 2024
180,326
23,628
73,779
14,938
292,671



At 31 March 2023
177,474
54,235
80,782
12,404
324,895


6.


Stocks

2024
2023
£
£

Raw materials and consumables
917,097
883,076

Work in progress
7,731
3,429

924,828
886,505


Page 9

 
ADHESIVE SPECIALITIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£

Trade debtors
892,840
930,278

Amounts owed by group undertakings
2,448,391
2,090,391

Prepayments and accrued income
12,648
12,127

3,353,879
3,032,796


Included within debtors are amounts of £2,448,391 (2023: £2,090,391) which are due from the parent Company. Whilst these amounts are repayable on demand the directors do not consider the amounts to be recoverable in the immediate short term and that the balances will be repaid over a number of years. The directors believe that in the long term the balance is recoverable in full and therefore no provision has been made against these amounts owed by the parent Company.


8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
19,659
20,335

Less: bank overdrafts
(10,343)
-

9,316
20,335



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
10,343
-

Bank loans
-
37,000

Trade creditors
556,323
588,252

Corporation tax
123,727
69,782

Other taxation and social security
97,900
83,651

Obligations under finance lease and hire purchase contracts
-
11,376

Other creditors
720,139
727,925

Accruals and deferred income
97,932
104,761

1,606,364
1,622,747


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

Page 10

 
ADHESIVE SPECIALITIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
(62,521)
(66,446)


Charged to profit or loss
(1,041)
3,925



At end of year
(63,562)
(62,521)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(65,693)
(64,598)

Short term timing differences
2,131
2,077

(63,562)
(62,521)


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,200,000 (2023 - 1,200,000) Ordinary shares shares of £1 each
1,200,000
1,200,000



12.


Pension commitments

The Company operates a defined contributions 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 £71,954 (2023 - £70,092). Contributions totalling £8,023 (2023 - £7,601) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

The directors have elected to take advantage of the exemption available to them under FRS 102 section 1A in respect of the disclosure of transactions with other group companies, where 100% of the shareholding resides within the group.

Page 11

 
ADHESIVE SPECIALITIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Controlling party

At the balance sheet date, the ultimate parent Company is AS (Tapes) Limited. From 16 May 2024, the immediate parent Company is AS (Tapes) Limited and the ultimate parent Company is Sb & Sb Holdings Limited. The ultimate controlling parties are Mr S J Bacchus and Mr S M Benton, by virtue of their shareholdings in that Company.
AS (Tapes) Limited is not required to prepare consolidated accounts. 


Page 12