Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsefalse42023-01-01is that of manufacture of office and shop furniture4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03998389 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03998389 d:CurrentFinancialInstruments 2023-12-31 03998389 d:CurrentFinancialInstruments 2022-12-31 03998389 c:Director1 2023-01-01 2023-12-31 03998389 c:FRS102 2023-01-01 2023-12-31 03998389 c:FullAccounts 2023-01-01 2023-12-31 03998389 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03998389 d:OfficeEquipment 2023-01-01 2023-12-31 03998389 d:OfficeEquipment 2023-12-31 03998389 d:OfficeEquipment 2022-12-31 03998389 d:BetweenOneFiveYears 2023-12-31 03998389 d:BetweenOneFiveYears 2022-12-31 03998389 d:WithinOneYear 2023-12-31 03998389 d:WithinOneYear 2022-12-31 03998389 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03998389 c:OrdinaryShareClass1 2023-12-31 03998389 c:OrdinaryShareClass1 2022-12-31 03998389 c:OrdinaryShareClass2 2023-01-01 2023-12-31 03998389 c:OrdinaryShareClass2 2023-12-31 03998389 c:OrdinaryShareClass2 2022-12-31 03998389 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03998389 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 03998389 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 03998389 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 03998389 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03998389 d:PlantMachinery 2023-01-01 2023-12-31 03998389 d:PlantMachinery 2023-12-31 03998389 d:PlantMachinery 2022-12-31 03998389 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03998389 d:RetainedEarningsAccumulatedLosses 2023-12-31 03998389 d:RetainedEarningsAccumulatedLosses 2022-12-31 03998389 d:ShareCapital 2023-12-31 03998389 d:ShareCapital 2022-12-31 03998389 2023-01-01 2023-12-31 03998389 2023-12-31 03998389 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03998389 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03998389 2022-01-01 2022-12-31 03998389 2022-12-31 03998389 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-01-01 2023-12-31 03998389 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Company Registration Number 03998389























ABF EUROPE LIMITED





UNAUDITED
FINANCIAL STATEMENTS





 31 DECEMBER 2023























img4006.png

 
ABF EUROPE LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1
Notes to the Financial Statements
 
 
2 - 9


 
ABF EUROPE LIMITED
REGISTERED NUMBER: 03998389

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
29,622
-

Tangible assets
 5 
3,661
1,439

  
33,283
1,439

Current assets
  

Debtors: amounts falling due within one year
 6 
371,258
693,952

  
371,258
693,952

Creditors: amounts falling due within one year
 7 
(214,272)
(263,908)

Net current assets
  
 
 
156,986
 
 
430,044

Total assets less current liabilities
  
190,269
431,483

  

Net assets
  
190,269
431,483


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Profit and loss account
  
189,269
430,483

  
190,269
431,483


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account 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 L Buttle
Director

Date: 26 March 2025

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
ABF EUROPE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The principal activity of the company during the year was the design and sale of furniture.
The registered office is 17b Hornbeam Park, Harrogate, North Yorkshire, HG2 8RB. 
The company is a private limited company incorporated and domiciled in the United Kingdom. The company is tax resident in the United Kingdom. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors recognise and have considered the business and have concluded that the company remains a going concern.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

 
ABF EUROPE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
ABF EUROPE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 4

 
ABF EUROPE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

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.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Depreciation is provided on the following basis:

Plant and machinery
-
20% reducing balance
Office equipment
-
33% reducing balance

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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
ABF EUROPE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

2023
2022
£
£

Wages and salaries
191,751
240,423

Cost of defined benefit scheme
1,321
1,321

Cost of defined contribution scheme
1,876
2,966

194,948
244,710


The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Intangible assets




Patents

£



Cost


Additions
31,347



At 31 December 2023

31,347



Amortisation


Charge for the year on owned assets
1,725



At 31 December 2023

1,725



Net book value



At 31 December 2023
29,622



At 31 December 2022
-



Page 6

 
ABF EUROPE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
6,539
2,601
9,140


Additions
-
2,899
2,899



At 31 December 2023

6,539
5,500
12,039



Depreciation


At 1 January 2023
6,539
1,161
7,700


Charge for the year on owned assets
-
678
678



At 31 December 2023

6,539
1,839
8,378



Net book value



At 31 December 2023
-
3,661
3,661



At 31 December 2022
-
1,439
1,439

Page 7

 
ABF EUROPE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
273,821
656,033

Other debtors
80,515
19,947

Prepayments and accrued income
16,922
17,972

371,258
693,952



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
19,408
16,671

Trade creditors
71,882
77,424

Amounts owed to group undertakings
94,046
94,046

Corporation tax
-
38,509

Other taxation and social security
20,264
28,286

Other creditors
622
622

Accruals and deferred income
8,050
8,350

214,272
263,908


The bank loans are secured by fixed and floating charges over the assets of the company.


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



900 (2022 - 900) A Ordinary shares of £1.00 each
900
900
100 (2022 - 100) B Ordinary shares of £1.00 each
100
100

1,000

1,000



9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,196. Contributions totaling £622 were payable to the fund at the balance sheet date and are included in creditors.

Page 8

 
ABF EUROPE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
20,000
20,000

Later than 1 year and not later than 5 years
31,031
51,031

51,031
71,031


11.


Transactions with directors

At the year ended 31 December 2023 the company had the following loans due from directors:
D L Buttle - £41,762 (2022:- £1,230),M A Prendergast - £15,658 (2022: -£15,313)
Interest is charged in respect of these amounts and there are no fixed terms for repayment.


12.


Related party transactions

During the year ABF Europe Limited made various payments on behalf of MAD Design Limited and ABF USA Ltd. Both of these companies are under the control of Muzo Works Limited. 
Included in debtors is an amount owing from ABF USA Ltd totalling £273,821 (2022: 656,033) Included in creditors are amounts owed to MAD Design LimitedMuzo Works Limited and ABF USA Ltd totalling £29,465 (2022: £29,465), £60,000 (2022: £60,000) and £4,581 (2022: £4,581) respectively.


13.


Controlling party

The ultimate holding company is Muzo Works Limited, which is under the control of D L Buttle and M A Prendergast.


Page 9