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Company registration number: 04953500







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024


ABSOLUTE POST LIMITED






































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ABSOLUTE POST LIMITED
 


 
COMPANY INFORMATION


Directors
D Smith 
D Reynolds 
D Cadle 




Registered number
04953500



Registered office
19-21 Mortimer Street

London

W1T 3JE




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


ABSOLUTE POST LIMITED
 



CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9

 


ABSOLUTE POST LIMITED
REGISTERED NUMBER:04953500



BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
As restated
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
162,547
44,453

Tangible assets
 5 
256,959
224,693

  
419,506
269,146

Current assets
  

Debtors: amounts falling due within one year
 6 
2,019,687
2,210,908

Cash at bank and in hand
  
229,391
347,994

  
2,249,078
2,558,902

Creditors: amounts falling due within one year
 7 
(3,047,299)
(3,312,826)

Net current liabilities
  
 
 
(798,221)
 
 
(753,924)

Total assets less current liabilities
  
(378,715)
(484,778)

Provisions for liabilities
  

Other provisions
 8 
(105,653)
(50,000)

  
 
 
(105,653)
 
 
(50,000)

Net liabilities
  
(484,368)
(534,778)


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Profit and loss account
  
(534,368)
(584,778)

  
(484,368)
(534,778)


Page 1

 


ABSOLUTE POST LIMITED
REGISTERED NUMBER:04953500


    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

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 income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Cadle
Director

Date: 25 February 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 


ABSOLUTE POST LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Absolute Post Limited is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is 19-21 Mortimer Street, London, W1T 3JE.
The prior year's reporting period is shorter than a year being a 9 month period from 1 June 2022 to 28 February 2023. The change in the reporting period was made to bring the company's period in line with the group. The current amounts presented in the financial statements are not directly comparable as they are for a 12 month period ended 29 February 2024.

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.

 
2.2

Going concern

The financial statements have been prepared on a going concern basis, which assumes the company will continue to trade in operational existence for the foreseeable future.
The Company incurred a loss before tax in the period and had net liabilities of £484,368 at the period end.
The ultimate parent company, Envy Post Production Limited has confirmed that they shall continue to support the operations of the company and thus the directors continue to prepare the financial statements on a going concern basis.

 
2.3

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

 
2.4

Research and development

Research expenditure is written off in the period in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are
met:
- It is technically feasible to complete the intangible asset so that it will be available for use or sale;
- There is the intention to complete the intangible asset and use or sell it;
- There is the ability to use or sell the intangible asset;
- The use or sale of the intangible asset will generate probable future economic benefits;
- There are adequate technical, financial and other resources available to complete the development and to
use or sell the intangible asset; and
- The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.

Page 3

 


ABSOLUTE POST LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting
period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or
directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. The company has made a charge for the surrender of losses to a fellow group undertaking resulting in a credit to the tax charge in the year in the Income Statement.

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Development costs - 25% straight line basis

 
2.8

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 4

 


ABSOLUTE POST LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the length of the lease
Plant and machinery
-
25% straight line basis

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.

 
2.9

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.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.

  
2.11

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.

  
2.12

Retirement benefits

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


3.


Employees

The average monthly number of employees during the year was 87 (2023 -85).

Page 5

 


ABSOLUTE POST LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Intangible assets






Development expenditure

£



Cost


At 1 March 2023
47,417


Additions
151,678



At 29 February 2024

199,095



Amortisation


At 1 March 2023
2,964


Charge for the year on owned assets
33,584



At 29 February 2024

36,548



Net book value



At 29 February 2024
162,547



At 28 February 2023
44,453



Page 6

 


ABSOLUTE POST LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 March 2023
76,631
446,536
523,167


Additions
-
171,716
171,716


Disposals
(76,631)
(43,627)
(120,258)



At 29 February 2024

-
574,625
574,625



Depreciation


At 1 March 2023
30,453
268,021
298,474


Charge for the year on owned assets
15,056
93,272
108,328


Disposals
(45,509)
(43,627)
(89,136)



At 29 February 2024

-
317,666
317,666



Net book value



At 29 February 2024
-
256,959
256,959



At 28 February 2023
46,178
178,515
224,693


6.


Debtors

29 February
As restated
28 February
2024
2023
£
£


Trade debtors
835,982
714,957

Amounts owed by group undertakings
650,167
900,167

Other debtors
128,868
105,688

Prepayments and accrued income
404,670
490,096

2,019,687
2,210,908



Page 7

 


ABSOLUTE POST LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Creditors: Amounts falling due within one year

29 February
As restated
28 February
2024
2023
£
£

Trade creditors
384,372
269,540

Amounts owed to group undertakings
2,072,973
2,167,182

Other taxation and social security
140,693
150,244

Other creditors
89,827
115,831

Accruals and deferred income
359,434
610,029

3,047,299
3,312,826



8.


Provisions






Dilapidation provision

£





At 1 March 2023
50,000


Charged to profit or loss
63,283


Utilised in year
(7,630)



At 29 February 2024
105,653


9.


Prior year adjustment

The prior year other debtors balance has been restated from £74,426 to £105,688 and the prior year other taxation and social security balance has been restated from £376,217 to £150,244 after the closing VAT balance moved from a liability of £225,973 to a recoverable amount of £31,262 upon recognising the calculated VAT recoverable of £257,235 not claimed on management charges between group entities.
The prior year amounts owed to group undertakings has been restated from £1,909,947 to £2,167,182 after recognising the net VAT recoverable of £257,235 not charged on management charges between group entities. 
Please see note 10 for more information.

Page 8

 


ABSOLUTE POST LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Contingent liabilities

As previously disclosed, Envy Post Production acquired Absolute Investments Limited and its subsidiaries (‘the Absolute Group’), including Absolute Post Limited in November 2022.
It has been identified that, prior to acquisition by the group, VAT was incorrectly not charged on management charges raised between certain of the Absolute Group entities, not having been included in a group VAT registration. The net VAT recoverable by Absolute Post Limited is calculated at £257,235.
The group is currently corresponding with HMRC to correct this matter, with the expectation that a VAT neutral position across the entities will be achieved. Penalties and interest may arise, however, the group is currently unable to assess whether this will be the case or potential quantum thereof.
Should there be a net cost arising to the group in VAT, interest and penalties, the amount payable would be deducted from the deferred consideration liability payable to the Absolute Group vendor as shown in note 23 of the Envy Post Production Limited accounts.


11.


Commitments under operating leases

During the year, the Company moved from its leased premises to a property occupied by a related entity, Envy Post Production Limited. 
At 29 February 2024, the Company had no commitments under non-cancellable operating leases and it contributes to the rent and utilities of an operating lease where the commitment lies with Envy Post Production Limited.

29 February
28 February
2024
2023
£
£


Not later than 1 year
-
208,313

-
208,313


12.


Parent company

The parent company of the smallest group for which consolidated financial statements are drawn up is Envy Post Production Limited, a company registered in the UK. The address of the registered office is 50a Rathbone Place, London, W1T 1JW. 

13.


Auditor's information

The auditor's report on the financial statements for the year ended 29 February 2024 was unqualified.

The audit report was signed on 26 February 2025 by Andrew Cook FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 9