Company registration number 13160660 (England and Wales)
ABR PARTNERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Richard Anthony
Chartered Accountants and Registered Auditors
ABR PARTNERS LIMITED
COMPANY INFORMATION
Directors
Mr I Alexander
Mr A K Bhopal
Mr A Riaz
Company number
13160660
Registered office
Ground Floor Cooper House
316 Regents Park Road
London
United Kingdom
N3 2JX
Auditor
Richard Anthony
Ground Floor Cooper House
316 Regents Park Road
London
United Kingdom
N3 2JX
ABR PARTNERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 33
ABR PARTNERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The directors present the strategic report for the year ended 29 February 2024.

Principal activities

The principal activity of the business is to provide professional services, human resources services including search and selection, advisory, managed services, technology, and compliance services to the organisations to enhance their operations.

Review of the business

We remain confident about the outlook having achieved a good set of results during a challenging year. The company will continue to build on the principles that enabled a strong performance in 2023-2024. The management focus in the year was continuing to develop UK and overseas business in economic uncertainty, whilst establishing new opportunities in the new territories and revenue streams to broaden the scope of services. There has been significant investment in organisational improvements, recruitment of staff and investment in technology & services partners for our businesses. We see positive signs that broadening the scope of 'professional services' and growing the international group, which will lead to improvements in business performance in 2024-2025 and beyond.

 

In 2023-2024 group revenue decreased by 0.13% and gross profit increased by 8.2%, with an increased operating profit due to higher margin on overseas operations. We have continued to worked hard to ensure that we maintain our margins, grow the business and operate more cost effectively.

Principal risks and uncertainties

The principal risks and uncertainties faced by the company are those faced by many businesses of our size and structure within the Professional Services market. The company is exposed to the usual margin pressures with client relationships moving to managed service and outsourced models, volume discounts and overall competition in our markets.

 

We operate strong internal credit control procedures and as a result the company shows healthy debtor day ratios and operational cash flows. With these risks and uncertainties considered, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.

 

Other key risk factors are:

 

Both line items above are on our internal risk register and are regularly reviewed to make sure we mitigate risk and create opportunities that occur from these imposed changes.

Development and performance

The business' principal financial instruments comprise of bank balances, confidential invoice discount facility, trade debtors, trade creditors, development loans and finance lease agreements. The main purpose of these instruments is to finance the business' operations. After review of availability and pricing of working capital funding in the UK, we concluded that the mix of financial instruments is correct but regular review of the suppliers of banking arrangements and confidential invoice discount facilities is undertaken. During 2024 the group expanded credit facilities in the UK to support further business expansion.

 

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers, prior to supply of services and the regular monitoring of amounts outstanding for both time, (expressed as customers' payment terms) and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

 

Trade creditors' liquidity risk is managed by ensuring enough funds are available to meet amounts due. Payment runs are produced bi-weekly and controls are in place to ensure invoices are settled within payment terms.

ABR PARTNERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
Key performance indicators

Over the years, the group has worked hard to increase and diversify its customer base and is continuing to execute a rolling 3-year strategy. It now supplies a wide range of customers in terms of size across the UK with increasing diversification across the UAE and Kingdom of Saudi Arabia.

 

The company will continue to invest heavily in staff, internal opportunities, development, training and quality to drive the productivity in order to support its core deliverables. More significantly the group will continue to invest in and manage transformation programmes supporting implement ccontinuous iimprovement and qquality of services.

 

The above approach will allow us to widen and deepen our customer base within our specialty markets, broaden the scope of our services and achieve scalable growth.

 

We manage cash and costs very closely and as of the date of this review, we expect to achieve another above market "satisfactory " performance for the year 2024-25. Overall, we remain very confident in the short, medium and longer term prospects for our businesses.

Other performance indicators

Productivity in our business units, is the primary measure of performance and we measure productivity weekly through the top 70% of our sales force and experienced staff. The company also benchmarks its performance (retrospectively) against a set of competitive organisations for year on year including Net fee income, income per consultant, overall operating profit. Key internal KPIs include net fee income and overall internal staff costs, staff utilisation and productivity.

On behalf of the board

Mr I Alexander
Director
28 November 2024
ABR PARTNERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 29 February 2024.

Results and dividends

The results for the year are set out on page 9.

No interim dividends were paid in the year and the directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr I Alexander
Mr A K Bhopal
Mr A Riaz
Auditor

The auditor, Richard Anthony is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

 

 

 

 

 

 

 

ABR PARTNERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr I Alexander
Director
28 November 2024
ABR PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ABR PARTNERS LIMITED
- 5 -
Opinion

We have audited the financial statements of ABR Partners Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ABR PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ABR PARTNERS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Risk identified:

 

The following risks were identified during the course of audit:

 

 

Audit response:

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

ABR PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ABR PARTNERS LIMITED
- 7 -

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:

 

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

We understood how the company is complying with those legal and regulatory frameworks by making inquiries of management and those responsible for legal and compliance procedures.

 

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with these laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

 

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential existed within the recording and recognition of revenue.

 

Our procedures in this respect were focused on the origination of revenue and directed towards ensuring the accuracy and completeness of the same by undertaking testing on a sample basis of the revenue items to ensure that sales had been recorded correctly and in the appropriate accounting period. We consider that the work we undertook in this regard was considered capable of detecting irregularities and fraud within the sales cycle.

 

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. The risk is also greater regarding irregularities occurring to fraud other than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

 

 

 

 

 

ABR PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ABR PARTNERS LIMITED
- 8 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Barnett BA FCA
For and on behalf of
28 November 2024
Richard Anthony
Chartered Accountants
Statutory Auditor
Ground Floor Cooper House
316 Regents Park Road
London
United Kingdom
N3 2JX
ABR PARTNERS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
25,206,379
25,239,874
Cost of sales
(20,102,643)
(20,524,739)
Gross profit
5,103,736
4,715,135
Administrative expenses
(4,330,815)
(4,211,159)
Operating profit
4
772,921
503,976
Interest receivable and similar income
8
72,350
72,033
Interest payable and similar expenses
9
(64,665)
(41,099)
Amounts written off investments
10
(45,000)
(90,000)
Profit before taxation
735,606
444,910
Tax on profit
11
(171,474)
(79,913)
Profit for the financial year
26
564,132
364,997
Profit for the financial year is all attributable to the owners of the parent company.
ABR PARTNERS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 10 -
2024
2023
£
£
Profit for the year
564,132
364,997
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
564,132
364,997
Total comprehensive income for the year is all attributable to the owners of the parent company.
ABR PARTNERS LIMITED
GROUP BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 11 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Negative goodwill
13
(442,086)
(663,129)
Other intangible assets
13
-
0
17,646
Total intangible assets
(442,086)
(645,483)
Tangible assets
14
115,362
148,177
Investments
15
1,665,000
1,710,000
1,338,276
1,212,694
Current assets
Debtors
18
4,873,017
5,460,188
Cash at bank and in hand
665,893
244,925
5,538,910
5,705,113
Creditors: amounts falling due within one year
19
(5,119,801)
(5,664,997)
Net current assets
419,109
40,116
Total assets less current liabilities
1,757,385
1,252,810
Creditors: amounts falling due after more than one year
20
(290,954)
(350,511)
Net assets
1,466,431
902,299
Capital and reserves
Called up share capital
24
200
200
Share premium account
25
9,900
9,900
Profit and loss reserves
26
1,456,331
892,199
Total equity
1,466,431
902,299

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
28 November 2024
Mr I Alexander
Director
Company registration number 13160660 (England and Wales)
ABR PARTNERS LIMITED
COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 12 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Investments
15
10,100
10,100
Current assets
Debtors
18
25,000
25,000
Creditors: amounts falling due within one year
19
(25,000)
(25,000)
Net current assets
-
-
Net assets
10,100
10,100
Capital and reserves
Called up share capital
24
200
200
Share premium account
25
9,900
9,900
Total equity
10,100
10,100

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £107,000 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
28 November 2024
Mr I Alexander
Director
Company registration number 13160660 (England and Wales)
ABR PARTNERS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2022
200
9,900
634,202
644,302
Year ended 28 February 2023:
Profit and total comprehensive income
-
-
364,997
364,997
Dividends
12
-
-
(107,000)
(107,000)
Balance at 28 February 2023
200
9,900
892,199
902,299
Year ended 29 February 2024:
Profit and total comprehensive income
-
-
564,132
564,132
Balance at 29 February 2024
200
9,900
1,456,331
1,466,431
ABR PARTNERS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2022
200
9,900
-
0
10,100
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
107,000
107,000
Dividends
12
-
-
(107,000)
(107,000)
Balance at 28 February 2023
200
9,900
-
0
10,100
Year ended 29 February 2024:
Profit and total comprehensive income
-
-
-
-
0
Balance at 29 February 2024
200
9,900
-
0
10,100
ABR PARTNERS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
814,393
302,145
Interest paid
(64,665)
(41,099)
Income taxes paid
(79,913)
(44,465)
Net cash inflow from operating activities
669,815
216,581
Investing activities
Purchase of tangible fixed assets
(4,923)
(42,208)
Proceeds from disposal of tangible fixed assets
-
1,481
Repayment of loans
(107,591)
(43,393)
Interest received
350
33
Other income received from investments
72,000
72,000
Net cash used in investing activities
(40,164)
(12,087)
Financing activities
Repayment of borrowings
-
(367,894)
Repayment of bank loans
(186,536)
356,947
Payment of finance leases obligations
(22,147)
-
Dividends paid to equity shareholders
-
0
(107,000)
Net cash used in financing activities
(208,683)
(117,947)
Net increase in cash and cash equivalents
420,968
86,547
Cash and cash equivalents at beginning of year
244,925
158,378
Cash and cash equivalents at end of year
665,893
244,925
ABR PARTNERS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Dividends received
-
0
107,000
Net cash (used in)/generated from investing activities
-
107,000
Financing activities
Dividends paid to equity shareholders
-
(107,000)
Net cash used in financing activities
-
(107,000)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
ABR PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 17 -
1
Accounting policies
Company information

ABR Partners Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Ground Floor Cooper House, 316 Regents Park Road, London, United Kingdom, N3 2JX. .

 

The group consists of ABR Partners Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company ABR Partners Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 29 February 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

ABR PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 18 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
25% Straight Line Method

The intangible asset has been fully amortised in the year.

1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Reducing Balance Method
Computers
25% Reducing Balance Method
Motor vehicles
25% Reducing Balance Method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

ABR PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 19 -
1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

ABR PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 20 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

ABR PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ABR PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 22 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

ABR PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Alexander Ash Consulting Limited uses the future estimated Retail Price Index (RPI) when calculating the valuation of the annuity. Reliable third party information has been used to carry out this calculation.

 

 

 

 

 

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Contractors and services
25,206,379
25,239,874
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
20,900,172
24,153,874
United Arab Emirates
4,306,207
1,086,000
25,206,379
25,239,874
2024
2023
£
£
Other revenue
Interest income
350
33
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
18,555
19,717
Depreciation of owned tangible fixed assets
37,738
42,733
Profit on disposal of tangible fixed assets
-
(97)
Amortisation of intangible assets
(203,397)
(203,398)
Operating lease charges
247,221
104,627
ABR PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 24 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,000
5,000
Audit of the financial statements of the company's subsidiaries
36,000
30,000
41,000
35,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
117
118
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
14,860,923
15,005,459
-
0
-
0
Social security costs
1,533,652
1,938,296
-
-
Pension costs
118,783
147,259
-
0
-
0
16,513,358
17,091,014
-
0
-
0
7
Directors' remuneration
2024
£
Remuneration for qualifying services
369,293
369,293
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
£
Remuneration for qualifying services
196,417
Company pension contributions to defined contribution schemes
14,416
ABR PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 25 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
350
33
Income from fixed asset investments
Income from other fixed asset investments
72,000
72,000
Total income
72,350
72,033
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
350
33
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
36,121
34,093
Other finance costs:
Interest on finance leases and hire purchase contracts
6,372
6,106
Other interest
22,172
900
Total finance costs
64,665
41,099
10
Amounts written off investments
2024
2023
£
£
Amounts written off investments held at fair value
(45,000)
(90,000)
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
171,474
79,913
ABR PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
11
Taxation
(Continued)
- 26 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
735,606
444,910
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
183,902
84,533
Tax effect of expenses that are not deductible in determining taxable profit
48,812
39,528
Tax effect of income not taxable in determining taxable profit
(18,088)
-
0
Gains not taxable
-
0
(18)
Effect of change in corporation tax rate
3,905
-
Permanent capital allowances in excess of depreciation
8,204
(2,132)
Amortisation on assets not qualifying for tax allowances
(55,261)
(41,998)
Taxation charge
171,474
79,913
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
107,000
13
Intangible fixed assets
Group
Negative goodwill
Software
Total
£
£
£
Cost
At 1 March 2023 and 29 February 2024
(1,105,215)
52,936
(1,052,279)
Amortisation and impairment
At 1 March 2023
(442,086)
35,290
(406,796)
Amortisation charged for the year
(221,043)
17,646
(203,397)
At 29 February 2024
(663,129)
52,936
(610,193)
Carrying amount
At 29 February 2024
(442,086)
-
0
(442,086)
At 28 February 2023
(663,129)
17,646
(645,483)
The company had no intangible fixed assets at 29 February 2024 or 28 February 2023.
ABR PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 27 -
14
Tangible fixed assets
Group
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
76,966
53,996
104,226
235,188
Additions
1,939
2,984
-
0
4,923
At 29 February 2024
78,905
56,980
104,226
240,111
Depreciation and impairment
At 1 March 2023
26,466
14,947
45,598
87,011
Depreciation charged in the year
13,082
9,999
14,657
37,738
At 29 February 2024
39,548
24,946
60,255
124,749
Carrying amount
At 29 February 2024
39,357
32,034
43,971
115,362
At 28 February 2023
50,500
39,049
58,628
148,177
The company had no tangible fixed assets at 29 February 2024 or 28 February 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
43,971
58,628
-
0
-
0
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
10,100
10,100
Unlisted investments
1,665,000
1,710,000
-
0
-
0
1,665,000
1,710,000
10,100
10,100
ABR PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
15
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 March 2023
1,710,000
Valuation changes
(45,000)
At 29 February 2024
1,665,000
Carrying amount
At 29 February 2024
1,665,000
At 28 February 2023
1,710,000

 

 

 

 

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023 and 29 February 2024
10,100
Carrying amount
At 29 February 2024
10,100
At 28 February 2023
10,100
16
Subsidiaries

Details of the company's subsidiaries at 29 February 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Consulting Professionals Limited
UK
Management consultancy services
Ordinary shares
100.00
Alexander Ash Consulting Limited
UK
Temporary recruitment services
Ordinary shares
100.00

Companies under common control

 

Alexander Ash Consulting LLC is an UAE incorporated company under common control and directorship as ABR Partners Ltd.

ABR PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 29 -
17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
1,665,000
1,710,000
-
-
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,215,378
3,219,031
-
0
-
0
Amounts owed by group undertakings
-
950,931
25,000
25,000
Other debtors
185,074
(816,358)
-
0
-
0
Prepayments and accrued income
2,472,565
2,106,584
-
0
-
0
4,873,017
5,460,188
25,000
25,000
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
113,539
262,665
-
0
-
0
Obligations under finance leases
22
22,146
22,146
-
0
-
0
Trade creditors
200,360
193,492
-
0
-
0
Amounts owed to group undertakings
-
0
950,931
-
0
-
0
Corporation tax payable
171,474
79,913
-
0
-
0
Other taxation and social security
842,852
1,248,908
-
-
Other creditors
2,845,193
2,194,006
25,000
25,000
Accruals and deferred income
924,237
712,936
-
0
-
0
5,119,801
5,664,997
25,000
25,000

Included in above is an amount of £1,932,196 (2023: £2,411,253) due to HSBC Invoice Finance (UK) Ltd which is secured by way of fixed and floating charge over the purchased debts.

20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
211,946
249,356
-
0
-
0
Obligations under finance leases
22
79,008
101,155
-
0
-
0
290,954
350,511
-
-
ABR PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 30 -
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
325,485
512,021
-
0
-
0
Payable within one year
113,539
262,665
-
0
-
0
Payable after one year
211,946
249,356
-
0
-
0

The bank loans facility is supported by the UK Government Bounce Back Loan Scheme guarantee and interest is charged at 2.5% per annum.

The bank loans are secured by way of fixed and floating charge over all the assets or undertakings of the company.

 

22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
22,146
22,146
-
0
-
0
In two to five years
79,008
101,155
-
0
-
0
101,154
123,301
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
118,783
147,259

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
ABR PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 31 -
25
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
9,900
9,900
9,900
9,900
26
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
892,199
634,202
-
-
Profit for the year
564,132
364,997
-
0
107,000
Dividends
-
(107,000)
-
(107,000)
At the end of the year
1,456,331
892,199
-
0
-
27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
432,600
211,223
-
-
Between two and five years
343,103
382,109
-
-
775,703
593,332
-
-

Current year balance included future minimum lease commitments related to office premises in London and in Dubai. Both leases are due to expire in 2025-26.

28
Related party transactions

Group owed an amount of £134,400 (2023: £Nil) to Alexander Ash Consulting LLC, a connected company by virtue of common control.

ABR PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 32 -
29
Directors' transactions

Dividends totalling £0 (2023 - £107,000) were paid in the year in respect of shares held by the company's directors.

As at the balance sheet date, Mr A K Bhopal owed £91,030 (2023 - £47,111) and Mr I Alexander owed £75,479 (2023 - £18,435) to the company, both directors of the company repaid their loans within nine months of the balance sheet date.

 

Also, at the balance sheet date, an amount of £25,000 (2023 - £25,000) was due to a director, Mr A Riaz.

 

Included in creditors are bonus accruals which were processed in August 2024 payroll. Messrs Bhopal and Alexander each received £91,200 net bonus which they used to repay any outstanding balance on their respective loan accounts, as mentioned above.

 

 

30
Controlling party

Mr I Alexander and Mr A K Bhopal are the ultimate controlling parties by virtue of their shareholding in ABR Partners Limited, a company incorporated in England and Wales.

31
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
564,132
364,997
Adjustments for:
Taxation charged
171,474
79,913
Finance costs
64,665
41,099
Investment income
(72,350)
(72,033)
Gain on disposal of tangible fixed assets
-
(97)
Amortisation and impairment of intangible assets
(203,397)
(203,398)
Depreciation and impairment of tangible fixed assets
37,738
42,733
Other gains and losses
45,000
90,000
Movements in working capital:
Decrease/(increase) in debtors
694,762
(919,515)
(Decrease)/increase in creditors
(487,631)
878,446
Cash generated from operations
814,393
302,145
ABR PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 33 -
32
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
-
107,000
Adjustments for:
Investment income
-
0
(107,000)
Movements in working capital:
Increase in debtors
-
(7,000)
Increase in creditors
-
7,000
Cash absorbed by operations
-
-
33
Analysis of changes in net funds/(debt) - group
1 March 2023
Cash flows
29 February 2024
£
£
£
Cash at bank and in hand
244,925
420,968
665,893
Borrowings excluding overdrafts
(512,021)
186,536
(325,485)
Obligations under finance leases
(123,301)
22,147
(101,154)
(390,397)
629,651
239,254
2024-02-292023-03-01falsefalseCCH SoftwareCCH Accounts Production 2024.301Mr I AlexanderMr A K BhopalMr A 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