REGISTERED NUMBER: 07325388 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2024

for

Abstract Solutions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I T Wilkie

C H Raistrick

SECRETARY:

K A Saunders

REGISTERED OFFICE:

Fairview

22 Ottershaw Park

Ottershaw

Chertsey

Surrey

KT16 0QG

REGISTERED NUMBER:

07325388 (England and Wales)

ACCOUNTANTS:

Keith Saunders FCA ATII

Fairview

22 Ottershaw Park

Ottershaw

Chertsey

Surrey

KT16 0QG

FIXED ASSETS

Tangible assets

4

1,276

1,146

CURRENT ASSETS

Debtors

5

45,817

1,307

Cash at bank

241,421

348,907

287,238

350,214

CREDITORS

Amounts falling due within one year

6

93,729

160,710

NET CURRENT ASSETS

193,509

189,504

TOTAL ASSETS LESS CURRENT LIABILITIES

194,785

190,650

PROVISIONS FOR LIABILITIES

8

243

218

NET ASSETS

194,542

190,432

CAPITAL AND RESERVES

Called up share capital

9

828

1,200

Capital redemption reserve

10

372

-

Retained earnings

10

193,342

189,232

SHAREHOLDERS' FUNDS

194,542

190,432

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

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

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 19 May 2025 and were signed on its behalf by:

I T Wilkie - Director

1.	STATUTORY INFORMATION

Abstract Solutions 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

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 balance sheet date.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Deferred revenue

Turnover attributable to licence fees is taken to the profit and loss account over the term of the respective licence. Amounts received in respect of licence fees covering future periods are held as deferred income prior to release in the appropriate period. All other turnover is recognised on invoicing and is recognised net of value added tax and trade discounts. In the year to 30th September 2024 - 10.66% (2023 - 10.22%) of the company's turnover was to markets outside the United Kingdom.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2023

5,430

Additions

999

Disposals

(2,106

)

At 30 September 2024

4,323

DEPRECIATION

At 1 October 2023

4,284

Charge for year

432

Eliminated on disposal

(1,669

)

At 30 September 2024

3,047

NET BOOK VALUE

At 30 September 2024

1,276

At 30 September 2023

1,146

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Trade debtors

44,508

-

Prepayments

1,309

1,307

45,817

1,307

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Trade creditors

174

221

Tax

18,149

12,621

VAT

15,398

1,602

Other creditors

25,318

22,666

Accruals and deferred income

34,690

123,600

93,729

160,710

7.	LEASING AGREEMENTS

Rentals payable under operating leases are charged against income on a straight line basis over the term of the lease.

8.	PROVISIONS FOR LIABILITIES

30.9.24

30.9.23

£

£

Deferred tax

243

218

Deferred

tax

£

Balance at 1 October 2023

218

Charge to Income Statement during year

25

Balance at 30 September 2024

243

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.24

30.9.23

value:

£

£

828

Ordinary

£1

828

1,200

(30.9.23 - 1,200 )

10.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 October 2023

189,232

-

189,232

Profit for the year

29,110

29,110

Purchase of own shares

(25,000

)

372

(24,628

)

At 30 September 2024

193,342

372

193,714

On 2nd April 2024, the Company repurchased 372 Ordinary Shares from Mark Slater, a director who had previously been made redundant, for £25,000.

11.	CONTINGENT LIABILITIES

There were no Contingent Liabilities outstanding on the Company at the Balance Sheet date.

12.	CAPITAL COMMITMENTS

There were no capital commitments at the balance sheet date.

13.	OTHER FINANCIAL COMMITMENTS

As at 30th September 2024, the Company had no annual commitments under non-cancellable operating leases.

14.	RELATED PARTY DISCLOSURES

As at 30th September 2024 Ian Turner Wilkie, director and shareholder, £9 (2023 - £46), Jeff Terrell, shareholder, £NIL (2023 - £NIL) and Christopher Howard Raistrick, director and shareholder, £106 (2023 - £6) in respect of loans and expenses incurred on behalf of the company in the normal course of business. Accrued commissions due to the directors at 30th September 2024 amounted to £3,813 (2023 - £2,987) due to Ian Turner Wilkie and £23,971 (2023 - £2,987) due to Christopher Howard Raistrick. These amounts have been paid to the directors since the year end.

During the year, total dividends of £NIL (2023 - £13,392) were paid to the directors.

15.	POST BALANCE SHEET EVENTS

There have been no events since the date of the Balance Sheet which could materially affect the value of the assets and liabilities shown in the Financial Statements.

16.	ULTIMATE CONTROLLING PARTY

For the period up to 2nd April 2024 in the current year and throughout the previous year, the company was controlled equally by Mr. I. T. Wilkie, Mr. M. Slater and Mr. C. H. Raistrick, all directors of the company and who each held 31% of the issued ordinary share capital. On 2nd April 2024 the company repurchased 372 ordinary shares owned by Mr. M. Slater and duly cancelled them. Mr. M. Slater also resigned as a director on that date. From 2nd April 2024 the company has been controlled by Mr. I. T. Wilkie and Mr. C. H. Raistrick, both directors of the company and who each held 44.93% of the issued ordinary share capital at the balance sheet date.