REGISTERED NUMBER: 12198999 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 June 2024 |
for |
Abdeva Limited |
REGISTERED NUMBER: 12198999 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 June 2024 |
for |
Abdeva Limited |
Abdeva Limited (Registered number: 12198999) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
Abdeva Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Park House |
37 Clarence Street |
Leicester |
Leicestershire |
LE1 3RW |
Abdeva Limited (Registered number: 12198999) |
Group Strategic Report |
for the Year Ended 30 June 2024 |
The directors present their strategic report of the company and the group for the year ended 30 June 2024. |
The principal activity of the Group is that of a specialist healthcare provider.The group works with hard to place individuals with complex needs. |
REVIEW OF BUSINESS |
The turnover for the Group increased from £1,969,790 in 2023 to £2,961,180 in 2024, gross profit from £962,873 in 2023 to £1,726,811 in 2024, and net profit before tax from £202,495 in 2023 to £908,480 in 2024. The directors are pleased with the increase in the Group's results which arises from the Group's growth plans and investments made in prior years. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors consider that the Group and Company has potential risks and uncertainties similar to those faced by other companies in the sector which remains competitive. |
The Group combines a high standard of care, support and rehabilitation with quality accommodation and services. As such it recognises that risk from employee retention is key. To mitigate this risk the Group continues to offer remuneration packages and training designed to retain key individuals. |
KEY PERFORMANCE INDICATORS |
The Group uses several key performance indicators to track performance which include turnover, gross margin and net profit before tax. Movements in these indicators have been discussed in the business review above. |
ON BEHALF OF THE BOARD: |
Abdeva Limited (Registered number: 12198999) |
Report of the Directors |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 June 2024 will be £ 150,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Abdeva Limited |
Opinion |
We have audited the financial statements of Abdeva Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Abdeva Limited |
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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Abdeva Limited |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Extent to which the audit was considered capable of detecting irregularities, including fraud |
The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
a) Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken: |
- | Understanding the nature of the industry and sector, control environment and business performance; |
- | Consideration of the results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities; |
- | Understanding the company's policies and procedures on compliance with laws and regulations and management of fraud risk, including documentation of instances of non-compliance of laws and regulations and instances of actual, suspected or alleged fraud; |
- | Consideration of matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud; |
- | Understanding the legal and regulatory frameworks that the company operates in through enquiry of management and those charged with governance and understanding the company's industry and sector. The key laws and regulations that were considered to have an effect on material amounts and disclosures in the financial statements included the Companies Act and tax legislation. |
b) Audit response to risks identified |
Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified: |
- | Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations described as having a direct effect on the financial statement; |
- | Enquiring of management, those charged with governance and, where applicable, the company's solicitors concerning actual and potential litigation and claims; |
- | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- | Reviewing minutes of meetings of those charged with governance and, where applicable, correspondence with regulators; |
- | Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business; |
- | Communication of potential fraud risks to all engagement team members and remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Report of the Independent Auditors to the Members of |
Abdeva Limited |
Because of 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 regulation. 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. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Other matters |
In the prior year the directors took advantage of section 477 of the Companies Act 2006 for the financial statements not to be audited. As a result the comparatives shown in these financial statements are not audited. |
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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditor |
Park House |
37 Clarence Street |
Leicester |
Leicestershire |
LE1 3RW |
Abdeva Limited (Registered number: 12198999) |
Consolidated |
Income Statement |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
as | restated |
Notes | £ | £ |
TURNOVER | 3 | 2,961,180 | 1,969,790 |
Cost of sales | (1,234,369 | ) | (1,006,917 | ) |
GROSS PROFIT | 1,726,811 | 962,873 |
Administrative expenses | (1,494,364 | ) | (737,902 | ) |
232,447 | 224,971 |
Other operating income | 799,906 | 114,721 |
OPERATING PROFIT | 5 | 1,032,353 | 339,692 |
Interest receivable and similar income | 4,549 | 598 |
1,036,902 | 340,290 |
Interest payable and similar expenses | 6 | (128,422 | ) | (137,795 | ) |
PROFIT BEFORE TAXATION | 908,480 | 202,495 |
Tax on profit | 7 | (142,230 | ) | 37,175 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 669,825 | 202,914 |
Non-controlling interests | 96,425 | 36,756 |
766,250 | 239,670 |
Abdeva Limited (Registered number: 12198999) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
as | restated |
Notes | £ | £ |
PROFIT FOR THE YEAR | 766,250 | 239,670 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
766,250 |
239,670 |
Note |
Prior year adjustment | 10 | 33,318 |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
799,568 |
Total comprehensive income attributable to: |
Owners of the parent | 703,143 | 202,914 |
Non-controlling interests | 96,425 | 36,756 |
799,568 | 239,670 |
Abdeva Limited (Registered number: 12198999) |
Consolidated Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
as | restated |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 | 8,065,474 | 8,012,925 |
Investments | 12 | - | - |
8,065,474 | 8,012,925 |
CURRENT ASSETS |
Debtors | 13 | 603,569 | 289,301 |
Cash at bank and in hand | 851,874 | 441,451 |
1,455,443 | 730,752 |
CREDITORS |
Amounts falling due within one year | 14 | (2,838,189 | ) | (2,501,673 | ) |
NET CURRENT LIABILITIES | (1,382,746 | ) | (1,770,921 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,682,728 |
6,242,004 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(2,206,608 |
) |
(2,382,276 |
) |
PROVISIONS FOR LIABILITIES | 18 | (978 | ) | (835 | ) |
NET ASSETS | 4,475,142 | 3,858,893 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 250 | 250 |
Share premium | 20 | 16,998 | 16,998 |
Merger relief reserve | 20 | 549,053 | 549,053 |
Retained earnings | 20 | 3,223,031 | 2,703,206 |
SHAREHOLDERS' FUNDS | 3,789,332 | 3,269,507 |
NON-CONTROLLING INTERESTS | 21 | 685,810 | 589,386 |
TOTAL EQUITY | 4,475,142 | 3,858,893 |
The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2025 and were signed on its behalf by: |
M N Abdullah - Director |
Abdeva Limited (Registered number: 12198999) |
Company Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
as | restated |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium |
Merger relief reserve |
Fair value reserve |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 150,000 | 150,000 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Abdeva Limited (Registered number: 12198999) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 July 2022 | 250 | 2,650,292 | 16,998 |
Changes in equity |
Dividends | - | (150,000 | ) | - |
Total comprehensive income | - | 169,596 | - |
Balance at 30 June 2023 | 250 | 2,669,888 | 16,998 |
Prior year adjustment | - | 33,318 | - |
As restated | 250 | 2,703,206 | 16,998 |
Changes in equity |
Dividends | - | (150,000 | ) | - |
Total comprehensive income | - | 669,825 | - |
Balance at 30 June 2024 | 250 | 3,223,031 | 16,998 |
Merger |
relief | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 | 549,053 | 3,216,593 | 552,630 | 3,769,223 |
Changes in equity |
Dividends | - | (150,000 | ) | - | (150,000 | ) |
Total comprehensive income | - | 169,596 | 36,756 | 206,352 |
Balance at 30 June 2023 | 549,053 | 3,236,189 | 589,386 | 3,825,575 |
Prior year adjustment | - | 33,318 | - | 33,318 |
As restated | 549,053 | 3,269,507 | 589,386 | 3,858,893 |
Changes in equity |
Dividends | - | (150,000 | ) | - | (150,000 | ) |
Total comprehensive income | - | 669,825 | 96,425 | 766,250 |
Balance at 30 June 2024 | 549,053 | 3,789,332 | 685,811 | 4,475,143 |
Abdeva Limited (Registered number: 12198999) |
Company Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - | - |
Balance at 30 June 2024 |
Merger | Fair |
relief | value | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | - | ( |
) |
Total comprehensive income |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | - | ( |
) |
Total comprehensive income |
Balance at 30 June 2024 |
Abdeva Limited (Registered number: 12198999) |
Consolidated Cash Flow Statement |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
as | restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,063,608 | 509,161 |
Interest paid | (128,422 | ) | (137,795 | ) |
Tax paid | (17,187 | ) | (26,348 | ) |
Net cash from operating activities | 917,999 | 345,018 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (236,429 | ) | (885,160 | ) |
Interest received | 4,549 | 598 |
Net cash from investing activities | (231,880 | ) | (884,562 | ) |
Cash flows from financing activities |
New loans in year | - | 450,000 |
Loan repayments in year | (175,668 | ) | (169,673 | ) |
Other loans in year | - | 250,000 |
Amount introduced by directors | 49,972 | 100,000 |
Equity dividends paid | (150,000 | ) | (150,000 | ) |
Net cash from financing activities | (275,696 | ) | 480,327 |
Increase/(decrease) in cash and cash equivalents | 410,423 | (59,217 | ) |
Cash and cash equivalents at beginning of year |
2 |
441,451 |
500,668 |
Cash and cash equivalents at end of year |
2 |
851,874 |
441,451 |
Abdeva Limited (Registered number: 12198999) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 June 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Profit before taxation | 908,480 | 202,495 |
Depreciation charges | 183,879 | 109,655 |
Finance costs | 128,422 | 137,795 |
Finance income | (4,549 | ) | (598 | ) |
1,216,232 | 449,347 |
Increase in trade and other debtors | (314,268 | ) | (95,083 | ) |
Increase in trade and other creditors | 161,644 | 154,897 |
Cash generated from operations | 1,063,608 | 509,161 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 851,874 | 441,451 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
as restated |
£ | £ |
Cash and cash equivalents | 441,451 | 500,668 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 441,451 | 410,423 | 851,874 |
441,451 | 410,423 | 851,874 |
Debt |
Debts falling due within 1 year | (643,634 | ) | - | (643,634 | ) |
Debts falling due after 1 year | (2,382,276 | ) | 175,668 | (2,206,608 | ) |
(3,025,910 | ) | 175,668 | (2,850,242 | ) |
Total | (2,584,459 | ) | 586,091 | (1,998,368 | ) |
Abdeva Limited (Registered number: 12198999) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Abdeva Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The Group and company have net current liabilities at the year end. They are dependent on the continued support of the directors for the continuance of trade. The directors intend to continue with such support. On that basis the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of that support. |
Basis of consolidation |
The consolidated financial statements present the results of the company and its subsidiaries (the "Group") as it they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated accounts have been prepared using merger accounting principles, due to a group reconstruction occurring when the parent company of Maplyn Care Services Ltd and EAO Property Ltd was introduced via a share for share exchange in March 2020. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The group and company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: |
i) Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the economic useful lives and residual values of assets. The useful economic lives and residual values are reviewed annually. |
Abdeva Limited (Registered number: 12198999) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Revenue is recognised to the extent that it is probable that economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is estimates as the fair value of the consideration received and receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Rendering of services |
Revenue form a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied. |
i) the amount of revenue can be reliably measured |
ii) it is probable that the Group will receive the consideration due under the contract; |
iii) the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
iv) the costs incurred and the costs to complete the contract can be measured reliably. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost included 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. |
Financial instruments |
The company and group only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date. |
Abdeva Limited (Registered number: 12198999) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
4. | EMPLOYEES AND DIRECTORS |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Wages and salaries | 1,186,462 | 999,726 |
Social security costs | 93,024 | 72,958 |
Other pension costs | 20,635 | 14,445 |
1,300,121 | 1,087,129 |
The average number of employees during the year was as follows: |
30.6.24 | 30.6.23 |
as | restated |
Care workers | 50 | 51 |
Directors | 5 | 5 |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Directors' remuneration | 60,000 | 60,000 |
Directors' pension contributions to money purchase schemes | 1,239 | 413 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 1 |
Abdeva Limited (Registered number: 12198999) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Other operating leases | 132,786 | 111,938 |
Depreciation - owned assets | 183,880 | 109,079 |
Auditors' remuneration | 20,000 | - |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Bank loan interest | 128,032 | 123,970 |
Loan interest | - | 13,825 |
Corporation tax interest | 390 | - |
128,422 | 137,795 |
7. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Current tax: |
UK corporation tax | 165,232 | 40,332 |
CT under/over provision | (23,145 | ) | (78,191 | ) |
Total current tax | 142,087 | (37,859 | ) |
Deferred tax | 143 | 684 |
Tax on profit | 142,230 | (37,175 | ) |
Abdeva Limited (Registered number: 12198999) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Profit before tax | 908,480 | 202,495 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
227,120 |
38,474 |
Effects of: |
Expenses not deductible for tax purposes | 36,959 | 9,874 |
Income not taxable for tax purposes | (47 | ) | - |
Adjustments to tax charge in respect of previous periods | (14,815 | ) | (78,191 | ) |
Deferred tax asset not recognised | (106,987 | ) | (7,332 | ) |
Total tax charge/(credit) | 142,230 | (37,175 | ) |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Ordinary shares of 1p each |
Interim | 50,000 | 50,000 |
Ordinary 'B' shares of 1p each |
Interim | 50,000 | 50,000 |
Ordinary 'D' shares of 1p each |
Interim | 50,000 | 50,000 |
150,000 | 150,000 |
Abdeva Limited (Registered number: 12198999) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
10. | PRIOR YEAR ADJUSTMENT |
A prior year adjustment has been made to correct the group income cut off between the year ended 30 June 2023 and year ended 30 June 2024. |
Below is a summary of the impact of the adjustment on the group figures in the prior year. |
Year ended 30 June 2023 |
£ |
Increase in accrued income | 36,071 |
Increase in deferred income | (2,753 | ) |
Total increase in Net Assets | 33,318 |
Increase in turnover | 33,318 |
Total increase/(decrease) in profit for the Financial Period | 33,318 |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 July 2023 | 8,832,331 | 18,606 | 35,075 |
Additions | 233,291 | - | - |
At 30 June 2024 | 9,065,622 | 18,606 | 35,075 |
DEPRECIATION |
At 1 July 2023 | 822,747 | 18,606 | 34,509 |
Charge for year | 181,313 | - | 142 |
At 30 June 2024 | 1,004,060 | 18,606 | 34,651 |
NET BOOK VALUE |
At 30 June 2024 | 8,061,562 | - | 424 |
At 30 June 2023 | 8,009,584 | - | 566 |
Abdeva Limited (Registered number: 12198999) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 | 1,000 | 15,160 | 8,902,172 |
Additions | - | 3,138 | 236,429 |
At 30 June 2024 | 1,000 | 18,298 | 9,138,601 |
DEPRECIATION |
At 1 July 2023 | 968 | 12,417 | 889,247 |
Charge for year | 8 | 2,417 | 183,880 |
At 30 June 2024 | 976 | 14,834 | 1,073,127 |
NET BOOK VALUE |
At 30 June 2024 | 24 | 3,464 | 8,065,474 |
At 30 June 2023 | 32 | 2,743 | 8,012,925 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaking |
£ |
COST OR VALUATION |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Cost or valuation at 30 June 2024 is represented by: |
Shares in |
group |
undertaking |
£ |
Valuation in 2023 | 2,610,095 |
Abdeva Limited (Registered number: 12198999) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Unit 13 Babbage House, Northampton Science Park, Kings Park Road, Northampton, NN3 6LG |
Nature of business: |
% |
Class of shares: | holding |
30.6.24 | 30.6.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Unit 13 Babbage House, Northampton Science Park, Kings Park Road, Northampton, NN3 6LG |
Nature of business: |
% |
Class of shares: | holding |
30.6.24 | 30.6.23 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Trade debtors | 229,713 | 177,162 |
Other debtors | 232,938 | 61,023 |
Prepayments and accrued income | 140,522 | 36,071 |
Prepayments | 396 | 15,045 |
603,569 | 289,301 |
Abdeva Limited (Registered number: 12198999) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
as restated |
as restated |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 293,634 | 293,634 |
Other loans (see note 16) | 350,000 | 350,000 |
Trade creditors | 44,761 | 126,939 |
Corporation tax | 165,232 | 40,332 |
Social security and other taxes | 24,722 | 23,318 |
Other creditors | 210,938 | 3,665 |
Directors' current accounts | 1,590,268 | 1,540,296 | - | - |
Accruals and deferred income | 158,634 | 123,489 |
2,838,189 | 2,501,673 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Bank loans (see note 16) | 2,206,608 | 2,382,276 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 293,634 | 293,634 |
Other loans | 350,000 | 350,000 |
643,634 | 643,634 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 293,634 | 293,634 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 880,901 | 880,901 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more than 5 years | 1,032,073 | 1,207,741 |
Abdeva Limited (Registered number: 12198999) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
16. | LOANS - continued |
Bank loans are repayable monthly until maturity in 2031 and 2032 at interest rates of 1.9% to 2.5% per annum over the Bank of England Base Rate. |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Bank loans | 2,500,242 | 2,675,910 |
Bank loans are secured over the freehold property of the group. |
18. | PROVISIONS FOR LIABILITIES |
Group |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Deferred tax |
Accelerated capital allowances | 978 | 835 |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2023 | 835 |
Charge to Income Statement during year | 143 |
Balance at 30 June 2024 | 978 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | as restated |
£ | £ |
Ordinary 'A' | 1p | 51 | 51 |
Ordinary 'B' | 1p | 51 | 51 |
Ordinary 'C' | 1p | 51 | 51 |
Ordinary 'D' | 1p | 51 | 51 |
4,600 | Ordinary 'F' | 1p | 46 | 46 |
250 | 250 |
All share classes carry full voting rights with no restrictions and have no restrictions on the repayment of capital. The directors are entitled to vote an individual dividend on one class of share without the same dividend being voted to any other type of share. |
Abdeva Limited (Registered number: 12198999) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
20. | RESERVES |
Called up share capital |
This represents the nominal value of shares that have been issued. |
Share premium account |
The reserve records the amount above the nominal value received for shares sold, less transaction costs. |
Fair value reserve |
The reserve recognises all gains arising from the revaluation of investments. |
Retained earnings |
This includes all current and prior period retained profits and losses. |
Merger relief reserve |
This represents the premium realised on group reorganisation for which merger relief applied. |
21. | NON-CONTROLLING INTERESTS |
The movement in non-controlling interests was as follows: |
£ |
At 1 July 2022 | 552,630 |
Total comprehensive income attributable to non-controlling interests | 36,756 |
At 30 June 2023 | 589,386 |
At 1 July 2023 | 589,386 |
Total comprehensive income attributable to non-controlling interests | 96,425 |
At 30 June 2024 | 685,810 |
22. | RELATED PARTY DISCLOSURES |
Key management personnel of the entity or its parent (in the aggregate) |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Dividends | 150,000 | 150,000 |
Amount due to related party | 1,590,268 | 1,540,296 |
Other related parties |
At 30 June 2024 an amount of £350,000 (2023 - £350,000) was owed by the Group to a related party company of which certain directors are also the directors. |
The key management personnel of the entity are considered to be the directors of the company and group. Their remuneration is stated in Note 4. |