IRIS Accounts Production v24.3.2.46 10741640 director 1.5.23 30.4.24 30.4.24 true false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh107416402023-04-30107416402024-04-30107416402023-05-012024-04-30107416402022-04-30107416402022-05-012023-04-30107416402023-04-3010741640ns15:EnglandWales2023-05-012024-04-3010741640ns14:PoundSterling2023-05-012024-04-3010741640ns10:Director12023-05-012024-04-3010741640ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3010741640ns10:SmallEntities2023-05-012024-04-3010741640ns10:AuditExempt-NoAccountantsReport2023-05-012024-04-3010741640ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-04-3010741640ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-3010741640ns10:FullAccounts2023-05-012024-04-301074164012023-05-012024-04-3010741640ns10:OrdinaryShareClass12023-05-012024-04-3010741640ns10:RegisteredOffice2023-05-012024-04-3010741640ns5:CurrentFinancialInstruments2024-04-3010741640ns5:CurrentFinancialInstruments2023-04-3010741640ns5:Non-currentFinancialInstruments2024-04-3010741640ns5:Non-currentFinancialInstruments2023-04-3010741640ns5:ShareCapital2024-04-3010741640ns5:ShareCapital2023-04-3010741640ns5:RetainedEarningsAccumulatedLosses2024-04-3010741640ns5:RetainedEarningsAccumulatedLosses2023-04-301074164012023-05-012024-04-3010741640ns5:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3010741640ns5:PatentsTrademarksLicencesConcessionsSimilar2023-05-012024-04-3010741640ns5:ComputerEquipment2023-05-012024-04-3010741640ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-3010741640ns5:PatentsTrademarksLicencesConcessionsSimilar2024-04-3010741640ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-3010741640ns5:FurnitureFittings2023-04-3010741640ns5:MotorVehicles2023-04-3010741640ns5:ComputerEquipment2023-04-3010741640ns5:FurnitureFittings2023-05-012024-04-3010741640ns5:MotorVehicles2023-05-012024-04-3010741640ns5:FurnitureFittings2024-04-3010741640ns5:MotorVehicles2024-04-3010741640ns5:ComputerEquipment2024-04-3010741640ns5:FurnitureFittings2023-04-3010741640ns5:MotorVehicles2023-04-3010741640ns5:ComputerEquipment2023-04-3010741640ns5:AdditionsToInvestments2024-04-3010741640ns5:CostValuation2024-04-3010741640ns5:Subsidiary12023-05-012024-04-30107416401ns5:Subsidiary12023-05-012024-04-3010741640ns5:WithinOneYearns5:CurrentFinancialInstruments2024-04-3010741640ns5:WithinOneYearns5:CurrentFinancialInstruments2023-04-3010741640ns5:DeferredTaxation2023-04-3010741640ns5:DeferredTaxation2023-05-012024-04-3010741640ns5:DeferredTaxation2024-04-3010741640ns10:OrdinaryShareClass12024-04-30
REGISTERED NUMBER: 10741640 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

ABSTRACT TECH LIMITED

ABSTRACT TECH LIMITED (REGISTERED NUMBER: 10741640)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ABSTRACT TECH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: A M Majid





REGISTERED OFFICE: 21 The Calls, The Coachworks
1st Floor, Harcourt House
Leeds
West Yorkshire
LS3 1AB





REGISTERED NUMBER: 10741640 (England and Wales)





ACCOUNTANTS: Shenward (Leeds) Limited
Josephs Well, Suite 2C
Hanover Walk
Leeds
West Yorkshire
LS3 1AB

ABSTRACT TECH LIMITED (REGISTERED NUMBER: 10741640)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 2,472 1,792
Tangible assets 6 487,826 307,919
Investments 7 15 -
490,313 309,711

CURRENT ASSETS
Debtors 8 830,871 786,858
Cash at bank 123,743 1,342,224
954,614 2,129,082
CREDITORS
Amounts falling due within one year 9 307,524 320,164
NET CURRENT ASSETS 647,090 1,808,918
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,137,403

2,118,629

CREDITORS
Amounts falling due after more than one
year

10

(160,768

)

-

PROVISIONS FOR LIABILITIES 11 (57,155 ) (60,394 )
NET ASSETS 919,480 2,058,235

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 919,380 2,058,135
SHAREHOLDERS' FUNDS 919,480 2,058,235

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ABSTRACT TECH LIMITED (REGISTERED NUMBER: 10741640)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 January 2025 and were signed by:





A M Majid - Director


ABSTRACT TECH LIMITED (REGISTERED NUMBER: 10741640)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Abstract Tech Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Details of these judgements can be found in the accounting policies.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

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 credited or charged to the income statement.

Impairment of fixed assets
At each reporting end date, the company 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).

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.

ABSTRACT TECH LIMITED (REGISTERED NUMBER: 10741640)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially recorded 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.

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 company 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,

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 recorded 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.

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 in 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.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


ABSTRACT TECH LIMITED (REGISTERED NUMBER: 10741640)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions for liabilities
Provisions are made when 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 the Income Statement in the year that the company becomes aware of the obligation and are measured at the best estimate at the Statement of Financial Position 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 Statement of Financial Position.

Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 18 ) .

ABSTRACT TECH LIMITED (REGISTERED NUMBER: 10741640)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 May 2023 2,688
Additions 5,932
At 30 April 2024 8,620
AMORTISATION
At 1 May 2023 896
Amortisation for year 5,252
At 30 April 2024 6,148
NET BOOK VALUE
At 30 April 2024 2,472
At 30 April 2023 1,792

6. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2023 319,792 - 57,052 376,844
Additions 2,324 260,884 22,544 285,752
At 30 April 2024 322,116 260,884 79,596 662,596
DEPRECIATION
At 1 May 2023 49,403 - 19,522 68,925
Charge for year 48,411 38,046 19,388 105,845
At 30 April 2024 97,814 38,046 38,910 174,770
NET BOOK VALUE
At 30 April 2024 224,302 222,838 40,686 487,826
At 30 April 2023 270,389 - 37,530 307,919

ABSTRACT TECH LIMITED (REGISTERED NUMBER: 10741640)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
Additions 15
At 30 April 2024 15
NET BOOK VALUE
At 30 April 2024 15

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Abstract Tech Asia Private Limited
Registered office: India
Nature of business: Technology
%
Class of shares: holding
Ordinary 75.00

8. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 614,947 721,260
Other debtors - 10,979
Accrued income 12,811 24,300
Prepayments 121,520 30,319
749,278 786,858

Amounts falling due after more than one year:
Other debtors 81,593 -

Aggregate amounts 830,871 786,858

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 44,275 -
Trade creditors 142,630 93,751
Amounts owed to group undertakings 8,698 8,300
Tax (55,348 ) 55,348
Social security and other taxes 5,844 10,201
VAT 117,670 142,864
Accrued expenses 43,755 9,700
307,524 320,164

ABSTRACT TECH LIMITED (REGISTERED NUMBER: 10741640)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 160,768 -

Amounts falling due in more than five years:

Repayable by instalments
Hire purchase 27,943 -

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 52,155 60,394
Dilapidation 5,000 -
57,155 60,394

Deferred
tax
£   
Balance at 1 May 2023 60,394
Provided during year (8,239 )
Balance at 30 April 2024 52,155

12. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
100 Share capital 1 £1 100 100

13. RELATED PARTY DISCLOSURES

Abstract Group Limited 2024 2023
) )
b/f (8,300 ) 0
Amounts received 2.25 0
Amounts paid to (400 ) (8,300 )
c/f (8,698 ) (8,300 )

14. ULTIMATE CONTROLLING PARTY

By virtue of being the sole shareholder, Abstract Group Limited is the ultimate controlling party.