4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC394840 2023-04-01 2024-03-31 SC394840 2024-03-31 SC394840 2023-03-31 SC394840 2022-04-01 2023-03-31 SC394840 2023-03-31 SC394840 2022-03-31 SC394840 core:PlantMachinery 2023-04-01 2024-03-31 SC394840 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC394840 bus:Director1 2023-04-01 2024-03-31 SC394840 core:PlantMachinery 2023-03-31 SC394840 core:PlantMachinery 2024-03-31 SC394840 core:WithinOneYear 2024-03-31 SC394840 core:WithinOneYear 2023-03-31 SC394840 core:AfterOneYear 2024-03-31 SC394840 core:AfterOneYear 2023-03-31 SC394840 core:ShareCapital 2024-03-31 SC394840 core:ShareCapital 2023-03-31 SC394840 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC394840 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC394840 core:BetweenOneFiveYears 2024-03-31 SC394840 core:BetweenOneFiveYears 2023-03-31 SC394840 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 SC394840 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 SC394840 core:PlantMachinery 2023-03-31 SC394840 bus:SmallEntities 2023-04-01 2024-03-31 SC394840 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC394840 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC394840 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC394840 bus:FullAccounts 2023-04-01 2024-03-31 SC394840 bus:OrdinaryShareClass1 2024-03-31 SC394840 bus:OrdinaryShareClass1 2023-03-31 SC394840 core:OfficeEquipment 2023-04-01 2024-03-31 SC394840 core:OfficeEquipment 2024-03-31 SC394840 core:OfficeEquipment 2023-03-31 SC394840 core:AllAssociates 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: SC394840
ABF Workspace Limited
Filleted Unaudited Financial Statements
31 March 2024
ABF Workspace Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
3,486
4,102
Current assets
Debtors
6
35,486
46,296
Cash at bank and in hand
1,720
4,768
--------
--------
37,206
51,064
Creditors: amounts falling due within one year
7
21,788
28,431
--------
--------
Net current assets
15,418
22,633
--------
--------
Total assets less current liabilities
18,904
26,735
Creditors: amounts falling due after more than one year
8
13,000
22,500
Provisions
871
1,025
--------
--------
Net assets
5,033
3,210
--------
--------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
4,933
3,110
-------
-------
Shareholders funds
5,033
3,210
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ABF Workspace Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 4 November 2024 , and are signed on behalf of the board by:
Mr A Stewart
Director
Company registration number: SC394840
ABF Workspace Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2 Osborne Place, Dundee, DD2 1BD, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed that the company has adequate resources to meet the ongoing costs of the business for the foreseeable future. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation & deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Equipment
-
15% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 3 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
17,350
3,740
21,090
--------
-------
--------
Depreciation
At 1 April 2023
14,809
2,179
16,988
Charge for the year
381
235
616
--------
-------
--------
At 31 March 2024
15,190
2,414
17,604
--------
-------
--------
Carrying amount
At 31 March 2024
2,160
1,326
3,486
--------
-------
--------
At 31 March 2023
2,541
1,561
4,102
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
1,405
9,966
Other debtors
34,081
36,330
--------
--------
35,486
46,296
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,750
10,000
Trade creditors
1,831
8,123
Corporation tax
536
883
Social security and other taxes
5,213
6,942
Other creditors
4,458
2,483
--------
--------
21,788
28,431
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,000
22,500
--------
--------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
871
1,025
----
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
871
1,025
----
-------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
17,973
17,740
Later than 1 year and not later than 5 years
22,011
8,728
--------
--------
39,984
26,468
--------
--------
12. Transactions with directors
The company was under the control of the directors throughout the current and previous year.
13. Related party transactions
During the year the company made management charges of £115,000 (2023 - £70,000) to LD Seating Limited, a company under common control. At the year end LD Seating Limited was due to repay the company £32,101 (2023 - £34,787).