Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-312023-06-01falsedealers in office equipment98truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 2392341 2023-06-01 2024-05-31 2392341 2022-06-01 2023-05-31 2392341 2024-05-31 2392341 2023-05-31 2392341 2022-06-01 2392341 c:Director4 2023-06-01 2024-05-31 2392341 c:Director5 2023-06-01 2024-05-31 2392341 d:Buildings d:LongLeaseholdAssets 2023-06-01 2024-05-31 2392341 d:Buildings d:LongLeaseholdAssets 2024-05-31 2392341 d:Buildings d:LongLeaseholdAssets 2023-05-31 2392341 d:PlantMachinery 2023-06-01 2024-05-31 2392341 d:PlantMachinery 2024-05-31 2392341 d:PlantMachinery 2023-05-31 2392341 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 2392341 d:MotorVehicles 2023-06-01 2024-05-31 2392341 d:MotorVehicles 2024-05-31 2392341 d:MotorVehicles 2023-05-31 2392341 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 2392341 d:FurnitureFittings 2023-06-01 2024-05-31 2392341 d:FurnitureFittings 2024-05-31 2392341 d:FurnitureFittings 2023-05-31 2392341 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 2392341 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 2392341 d:CurrentFinancialInstruments 2024-05-31 2392341 d:CurrentFinancialInstruments 2023-05-31 2392341 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 2392341 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 2392341 d:ShareCapital 2024-05-31 2392341 d:ShareCapital 2023-05-31 2392341 d:CapitalRedemptionReserve 2024-05-31 2392341 d:CapitalRedemptionReserve 2023-05-31 2392341 d:RetainedEarningsAccumulatedLosses 2024-05-31 2392341 d:RetainedEarningsAccumulatedLosses 2023-05-31 2392341 c:OrdinaryShareClass2 2023-06-01 2024-05-31 2392341 c:OrdinaryShareClass2 2024-05-31 2392341 c:OrdinaryShareClass3 2023-06-01 2024-05-31 2392341 c:OrdinaryShareClass3 2024-05-31 2392341 c:OrdinaryShareClass4 2023-06-01 2024-05-31 2392341 c:OrdinaryShareClass4 2024-05-31 2392341 c:OrdinaryShareClass4 2023-05-31 2392341 c:OrdinaryShareClass5 2023-06-01 2024-05-31 2392341 c:OrdinaryShareClass5 2024-05-31 2392341 c:OrdinaryShareClass5 2023-05-31 2392341 c:FRS102 2023-06-01 2024-05-31 2392341 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 2392341 c:FullAccounts 2023-06-01 2024-05-31 2392341 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 2392341 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 2392341 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 2392341 2 2023-06-01 2024-05-31 2392341 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 2392341









ADDWELL BUSINESS EQUIPMENT LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
ADDWELL BUSINESS EQUIPMENT LIMITED
REGISTERED NUMBER: 2392341

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
79,195
96,046

Current assets
  

Stocks
 5 
4,000
4,200

Debtors: amounts falling due within one year
 6 
44,068
38,579

Cash at bank and in hand
 7 
250,299
204,455

  
298,367
247,234

Creditors: amounts falling due within one year
 8 
(168,243)
(114,179)

Net current assets
  
 
 
130,124
 
 
133,055

Total assets less current liabilities
  
209,319
229,101

Provisions for liabilities
  

Deferred tax
 9 
-
(1,969)

Net assets
  
209,319
227,132


Capital and reserves
  

Called up share capital 
 10 
100
100

Capital redemption reserve
  
90
90

Profit and loss account
  
209,129
226,942

  
209,319
227,132

Page 1

 
ADDWELL BUSINESS EQUIPMENT LIMITED
REGISTERED NUMBER: 2392341
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

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 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 on 21 November 2024.





Mr M R Miles
Mr B J Miles
Director
Director

Page 2

 
ADDWELL BUSINESS EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Addwell Business Equipment Limited is a company limited by shares, incorporated in England, United Kingdom. The address of the registered office is 82 Brentwood Road, Romford, Essex, RM1 2EL. The principal place of business is the same as the registered office. The principal activity of the company was that of dealers in office equipment. 

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

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.

 
2.3

Interest income

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

Page 3

 
ADDWELL BUSINESS EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

Page 4

 
ADDWELL BUSINESS EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
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.

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

Depreciation is provided on the following basis:

Leasehold property
-
2% straight line
Plant and machinery
-
33%
Motor vehicles
-
25%
Furniture, fittings and equipment
-
25%

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 valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.  

 
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

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.

 
2.10

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 5

 
ADDWELL BUSINESS EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

 
2.13

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 9 (2023 -8).

Page 6

 
ADDWELL BUSINESS EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Leasehold property
Plant and machinery
Motor vehicles
Furniture, fittings and equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2023
58,801
15,283
146,738
10,314
231,136



At 31 May 2024

58,801
15,283
146,738
10,314
231,136



Depreciation


At 1 June 2023
26,120
15,282
85,824
7,864
135,090


Charge for the year on owned assets
1,008
-
15,229
614
16,851



At 31 May 2024

27,128
15,282
101,053
8,478
151,941



Net book value



At 31 May 2024
31,673
1
45,685
1,836
79,195



At 31 May 2023
32,681
1
60,914
2,450
96,046


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
4,000
4,200


Page 7

 
ADDWELL BUSINESS EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Debtors

2024
2023
£
£


Trade debtors
18,089
26,093

Amounts owed by group undertakings
17,736
-

Other debtors
1,565
6,410

Prepayments and accrued income
6,678
6,076

44,068
38,579



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
250,299
204,455



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
5,079
38,995

Corporation tax
46,335
17,753

Other taxation and social security
26,643
11,903

Other creditors
49,916
252

Accruals and deferred income
40,270
45,276

168,243
114,179


Page 8

 
ADDWELL BUSINESS EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Deferred taxation




2024
2023


£

£






At beginning of year
(1,969)
(1,512)


Released/(charged) to profit or loss
1,969
(457)



At end of year
-
(1,969)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
(1,969)


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



25 (2023 - 25) Ordinary A shares of £1.00 each
25
25
25 (2023 - 25) Ordinary B shares of £1.00 each
25
25
25 (2023 -25) Ordinary C shares of £1.00 each
25
25
25 (2023 -25) Ordinary D shares of £1.00 each
25
25

100

100


Each class of shares shall rank pari passu with the exception of dividend rights. Each class of shares shall have independent dividend rights.



11.


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 £4,887 
(2023 - £4,862). The amount outstanding at the year end was £254 (2023 - £252).


12.


Controlling party

The parent company is Addwell Holdings Limited incorporated in England and Wales, registered office 82 Brentwood Road, Romford, Essex, United Kingdom, RM1 2EL.
 
Page 9