Company registration number 06294877 (England and Wales)
ABCA SYSTEMS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
ABCA SYSTEMS LIMITED
COMPANY INFORMATION
Directors
P J Miller
C L Scott
P A Batson
A Khanbhai
Secretary
P A Batson
Company number
06294877
Registered office
Cobalt 8
14 Silver Fox Way
Cobalt Business Park
Newcastle upon Tyne
England
NE27 0QJ
Auditor
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
ABCA SYSTEMS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Income statement
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 26
ABCA SYSTEMS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present their strategic report for the year ended 30 September 2024.
Principal activities
The principal activity of the company continued to be that of fire and security system maintenance and installation across both active and passive fire systems.
Review of the Business
The board are pleased with the continued top line sales growth achieved this year. During this period of growth, the business has continued to invest in people, systems, and processes to ensure the right structure and resources are in place to support current and future growth.
Operating profits have improved over the reporting period, following a response to inflationary pressures over recent years, which has also been helped by the effective management of costs.
Acquisitions made during the year from the parent company have created opportunities for revenue growth, investment in the group infrastructure but also cost synergies from support functions.
ABCA remain focused on delivering the highest level of service to existing and new customers, whilst aiming to deliver sustainable profit growth in the years ahead.
The order book is very strong for the coming year with both existing and new customers alike.
With all the above taken into account and this year's solid performance, the board are very optimistic for the future.
The company's key financial and other performance indicators during the year were as follows:
Unit 2024 2023
Turnover £ 39,867,602 37,002,596
Operating Profit £ 4,753,096 2,922,037
Principal risks and uncertainties
The directors and senior management review risks on a regular basis and have policies, procedures, and internal controls in place to monitor and mitigate risks. Compliance with regulation and industry accreditations is of upmost priority.
From a macroeconomic perspective, the business is exposed to uncertainties related to the broader trading environment, such as inflationary pressures and government led changes to employment related costs, and the competitive industry in which it operates. The directors believe the company is well positioned to respond to potential risks.
Approved and authorised for issues by the Board on ................. and signed on its behalf by:
P J Miller
Director
23 May 2025
ABCA SYSTEMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P J Miller
C L Scott
P A Batson
A Khanbhai
Financial instruments
Objectives and policies
The company finances its activities with a combination of bank loans, finance leases and hire
purchase contracts, cash and short term deposits. Overdrafts are used to satisfy short term cash flow requirements. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the Company's operating activities.
Price risk, credit risk, liquidity risk and cash flow risk
Interest rate risk - The company invests surplus cash in a floating rate interest yielding bank deposit account. Term loans are entered into at floating interest rates. The company's interest income and expenses are therefore affected by movements in interest rates. The company does not undertake any hedging activity.
Credit risk - The company undertakes assessments of its customers in order to manage credit risk where there is a likelihood of default.
Liquidity risk - The company aims to mitigate risk by managing cash generated by its operations.
ABCA SYSTEMS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Going concern
As at 30th September 2024 the company had net current assets of £16,755,132 and net assets of £15,827,059. The financial statements have been prepared on a going concern basis.
ABCA Systems Limited is part of the ABCA Topco Limited group and the group is effectively ran and financed as one group and forecasts are prepared for the group as a whole. The group meets its day to day working capital requirements through a combination of cash generated from operations, funding from directors and owners and external bank funding. During the year, a revised lending agreement has been put in place which includes revised covenants for the upcoming year which the directors consider to be more appropriate and achievable for the group going forward. The group’s forecasts and projections for the next twelve months show that the group should be able to continue in operational existence for that period and achieve the revised covenants, taking into account reasonable possible changes in trading performance. Following considerable investment in systems and processes, and a general improvement in market conditions, the company is already benefitting from meaningful growth in revenue and profitability in the current financial year.
In the directors, assessment of possible changes, they have considered a fall in demand and potential cost savings which are reflective of their business continuity plan.
Although the forecast was prepared taking account the matters above, it supports the ability of the group to remain a going concern and to be able to trade and meet its debts as they fall due. The underlying trading assumptions used in forecasting are judgemental and difficult to predict and could be subject to potential variation. The directors are confident that these uncertainties do not cast significant doubt over the group’s ability to continue as a going concern.
Based on the factors set out above, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
Auditor
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Azets Audit Services as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Energy and carbon report
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
108,441
99,889
ABCA SYSTEMS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
18.23
18.31
- Fuel consumed for owned transport
-
-
18.23
18.31
Scope 2 - indirect emissions
- Electricity purchased
22.38
22.38
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
23.62
16.19
Total gross emissions
64.23
56.88
Intensity ratio
Tonnes CO2 per full-time employee
0.24
0.24
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes Tonnes CO2 per full-time employee, the recommended ratio for the sector.
Measures taken to improve energy efficiency
At ABCA, we are committed to reduce our carbon footprint to achieve Net Zero carbon emissions by 2050, in line with the Government’s Net Zero Strategy. This commitment will be achieved by introducing more environmental measures in addition to the ones already adopted. |
Emissions Reduction Targets In order to continue our progress to achieve Net Zero, we have adopted the following carbon reduction targets. Scope 1, Direct Energy Use With a more structured Fleet Management in place, we have adopted a flexi-contract to allow us to change our fleet accordingly; with this is mind, we were able to decrease the number of light & medium vehicles to hybrid and invest in fully electric vehicles, with an increase of hybrid/electric cars from 11 in 2023 to 28 in 2024 – an increase from 7% to 18% of our fleet. Scope 2, Indirect Energy Use Indirect energy use at offices during 2024 remained the same as reported for 2023; however, for 2024, we are reporting for an additional office and one of our locations moved to different premises in June 2024. Therefore, there has been a decrease per office. Scope 3, Indirect Energy Use (Hotel Stays & Homeworking) This has increased, which is related to an increase in staff working remotely, from 7% in 2023 to 10 employees in 2024. Based on current figures (152 vehicles included in our fleet), we project that carbon emissions will decrease over the next 5 years with the aim to reduce it to 6.7t CO2e by 2035 on fleet alone. This is related to an increase in hybrid and electric vehicles. This will represent a CO2e reduction of 66% compared to current figures. |
ABCA SYSTEMS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
Carbon Reduction Projects The following environmental management measures and projects have been implemented since the first carbon reduction plan was completed in 2024: Our environmental management system is UKAS certified to ISO 14001. We have invested in a scheduling tool for planning site work and travel routes which will allow us not only to improve efficiency but also minimize travelling and, consequently, CO2 emissions. Introduction of EV Scheme accessible for all employees. All diesel vehicles within our fleet are Euro 6 Diesel, and all drivers are required to use AdBlue diesel exhaust fluid to break down harmful Nox emissions into harmless natural nitrogen and oxygen gases. All lighting situated across all offices have been replaced with LED fittings, with majority installed with sensors and timers, reducing usage. We have increased communications with customers via phone/email instead of letters, significantly reducing paper, printer and courier usage.
Consumables are sent to a centralised location, taking into account engineers’ location, to reduce unnecessary travels to our offices. 75% of materials removed from site are returned to our stores for recycling. Car sharing is adopted whenever possible, both when commuting to an office or site. When practical, use public transport, especially when commuting longer distances. We reduce, whenever possible, face to face meetings and conduct more online meetings. By using platforms such as Microsoft Teams, we are able to reduce paper waste, meetings can be recorded and documents can be shared electronically. We have adopted and increased work from home practices, whenever practical, or hybrid opportunities. We also have a desk rotation plan in place, allowing teams that are able to do so, to work from home at least 1 day per week – an increase of 3% to the same period in 2023. We have increased the number of recycling bins, encouraging staff to be conscious of and actively reduce their carbon footprint.
| In the future, in addition to the changes implemented above, we hope to implement further measures such as: We will be increasing the number of hybrid/electrical vehicles in our fleet. Focusing on employees in managerial roles that require vehicle access – this represents a replacement of 15% of the current fleet with lower carbon footprint vehicles. Increasing non-driver roles for field staff, where possible. Our current figures show that 29% of future vacancies will not require a vehicle. We aim to increase the percentage of packaging that is recyclable to 100%. We aim to increase the percentage of waste collected from site for recycling to 85%.
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Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
P J Miller
Director
23 May 2025
ABCA SYSTEMS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
The directors are responsible for preparing the annual report 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 of the profit or loss of the company 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;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ABCA SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ABCA SYSTEMS LIMITED
- 7 -
Opinion
We have audited the financial statements of ABCA Systems Limited (the 'company') for the year ended 30 September 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 company's affairs as at 30 September 2024 and of its 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ABCA SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ABCA SYSTEMS LIMITED
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
ABCA SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ABCA SYSTEMS LIMITED
- 9 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias;
Challenging assumptions and judgements made by management in their significant estimates.
Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: Health and safety; employment law (including the Working Time Directive); and compliance with the UK Companies Act.
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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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 an auditor's report 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.
Simon Brown BA ACA DChA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
23 May 2025
Chartered Accountants
Statutory Auditor
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
ABCA SYSTEMS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
39,867,602
37,002,596
Cost of sales
(25,142,351)
(26,159,630)
Gross profit
14,725,251
10,842,966
Administrative expenses
(10,092,155)
(8,040,929)
Other operating income
120,000
120,000
Operating profit
4
4,753,096
2,922,037
Interest payable and similar expenses
8
(211,553)
(175,242)
Profit before taxation
4,541,543
2,746,795
Tax on profit
9
(1,129,551)
(409,625)
Profit for the financial year
3,411,992
2,337,170
The income statement has been prepared on the basis that all operations are continuing operations.
The company has no recognised gains or losses for the year other than the results above.
The notes on pages 13 to 26 form part of these financial statements.
ABCA SYSTEMS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
Tangible assets
11
287,708
301,696
287,708
301,696
Current assets
Stocks
12
1,918,181
1,874,073
Debtors
13
20,754,964
17,423,529
Cash at bank and in hand
1,820,315
3,239,374
24,493,460
22,536,976
Creditors: amounts falling due within one year
14
(7,738,328)
(8,493,513)
Net current assets
16,755,132
14,043,463
Total assets less current liabilities
17,042,840
14,345,159
Creditors: amounts falling due after more than one year
15
(1,215,781)
(1,930,092)
Net assets
15,827,059
12,415,067
Capital and reserves
Called up share capital
18
100
100
Distributable profit and loss reserves
15,826,959
12,414,967
Total equity
15,827,059
12,415,067
The notes on pages 13 to 26 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
P J Miller
Director
Company Registration No. 06294877
ABCA SYSTEMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
100
10,077,797
10,077,897
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
2,337,170
2,337,170
Balance at 30 September 2023
100
12,414,967
12,415,067
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
3,411,992
3,411,992
Balance at 30 September 2024
100
15,826,959
15,827,059
The notes on pages 13 to 26 form part of these financial statements.
ABCA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
1
Accounting policies
10
Company information
ABCA Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cobalt 8, 14 Silver Fox Way, Cobalt Business Park, Newcastle upon Tyne, England, NE27 0QJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
Name of parent of group
The financial statements of the company are consolidated in the financial statements of ABCA Topco Limited. These consolidated financial statements are available from its registered office, Cobalt 8 14 Silver Fox Way, Cobalt Business Park, Newcastle Upon Tyne, Tyne And Wear, England, NE27 0QJ.
ABCA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.2
Going concern
As at 30th September 202true4 the company had net current assets of £16,755,132 and net assets of £15,827,059. The financial statements have been prepared on a going concern basis.
ABCA Systems Limited is part of the ABCA Topco Limited group and the group is effectively ran and financed as one group and forecasts are prepared for the group as a whole. The group meets its day to day working capital requirements through a combination of cash generated from operations, funding from directors and owners and external bank funding. During the year, a revised lending agreement has been put in place which includes revised covenants for the upcoming year which the directors consider to be more appropriate and achievable for the group going forward. The group’s forecasts and projections for the next twelve months show that the group should be able to continue in operational existence for that period and achieve the revised covenants, taking into account reasonable possible changes in trading performance. Following considerable investment in systems and processes, and a general improvement in market conditions, the company is already benefitting from meaningful growth in revenue and profitability in the current financial year.
In the directors, assessment of possible changes, they have considered a fall in demand and potential cost savings which are reflective of their business continuity plan.
Although the forecast was prepared taking account the matters above, it supports the ability of the group to remain a going concern and to be able to trade and meet its debts as they fall due. The underlying trading assumptions used in forecasting are judgemental and difficult to predict and could be subject to potential variation. The directors are confident that these uncertainties do not cast significant doubt over the group’s ability to continue as a going concern.
Based on the factors set out above, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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.
ABCA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Asset Class Amortisation method and rate
Goodwill 10% Straight Line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% Straight Line
Fixtures and fittings
25% Straight Line
Motor vehicles
25% Straight Line
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 profit or loss.
1.6
Impairment of fixed assets
At each reporting period 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
ABCA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
ABCA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 recognised 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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 if 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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
ABCA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
ABCA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.15
Foreign exchange
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
1.16
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
1.17
Dividend distribution to the Company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairment identified during the current financial year.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Bad debt provision
This is a specific provision made against specific customers based on the directors best belief of recoverability. The carrying amount is £39,935 (2023 - £126,155).
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value over the useful economic life of that asset. An estimate of the useful life of assets is detailed in the depreciation accounting policy. The value of the depreciation charged to the income statement during the year was £13,988 (2023 - £32,133)
ABCA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Service and maintenance sales
14,333,927
15,466,488
Installation sales
25,533,675
21,536,108
39,867,602
37,002,596
2024
2023
£
£
Turnover analysed by geographical market
UK
39,867,602
37,002,596
Other operating income in the period comprised of managment charges of £120,000 (2023 - £120,000).
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(445)
(689)
Depreciation of owned tangible fixed assets
13,988
32,133
Operating lease charges
598,983
553,601
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
36,400
35,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production
110
104
Administration and support
142
119
Management
11
10
Total
263
233
ABCA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Employees
(Continued)
- 21 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
9,474,745
8,209,894
Social security costs
808,462
679,499
Pension costs
168,768
152,822
10,451,975
9,042,215
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
12,825
24,368
Company pension contributions to defined contribution schemes
-
377
12,825
24,745
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2023 - 1).
8
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
187,366
175,242
Interest on finance leases and hire purchase contracts
754
-
Interest on overdue taxation
23,433
211,553
175,242
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
557,234
417,653
Adjustments in respect of prior periods
37,798
Group tax relief
530,818
Total current tax
1,125,850
417,653
ABCA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
52,432
(7,067)
Changes in tax rates
(961)
Previously unrecognised tax loss, tax credit or timing difference
(48,731)
Total deferred tax
3,701
(8,028)
Total tax charge
1,129,551
409,625
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
4,541,543
2,746,795
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
1,135,386
604,521
Tax effect of expenses that are not deductible in determining taxable profit
2,518
7,878
Tax effect of income not taxable in determining taxable profit
(32)
Adjustments in respect of prior years
(10,933)
Group relief
(205,818)
Other permanent differences
2,580
2,376
Deferred tax credit relating to changes in tax rates or laws
(961)
Deferred tax not provided
1,661
Taxation charge for the year
1,129,551
409,625
ABCA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
10
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
721,509
Amortisation and impairment
At 1 October 2023 and 30 September 2024
721,509
Carrying amount
At 30 September 2024
At 30 September 2023
11
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023 and 30 September 2024
445,283
263,606
15,920
724,809
Depreciation and impairment
At 1 October 2023
151,707
255,486
15,920
423,113
Depreciation charged in the year
10,324
3,664
13,988
At 30 September 2024
162,031
259,150
15,920
437,101
Carrying amount
At 30 September 2024
283,252
4,456
287,708
At 30 September 2023
293,576
8,120
301,696
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,918,181
1,874,073
ABCA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,444,770
6,432,423
Amounts owed by group undertakings
10,513,473
7,192,199
Other debtors
483,778
541,941
Prepayments and accrued income
4,294,471
3,234,793
20,736,492
17,401,356
Deferred tax asset (note 16)
18,472
22,173
20,754,964
17,423,529
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,756,957
4,803,727
Amounts owed to group undertakings
810,330
166,399
Corporation tax
369,406
544,475
Other taxation and social security
918,583
1,492,241
Other creditors
609,309
62,494
Accruals and deferred income
1,273,743
1,424,177
7,738,328
8,493,513
15
Creditors: amounts falling due after more than one year
2024
2023
£
£
Directors loan accounts
1,215,781
1,930,092
There is 1 outstanding unsecured directors loan.
The first loan is for £1,200,000 (2023 - £1,200,000) and attracts interest at a rate of 7% above the Bank of England's base rate per annum. The loan and upaid interest is repayable in one lump sum by October 2026.
A second loan was repaid in the year (2023 - £500,000) and attracted interest at a rate of 9% above the Bank of England's base rate per annum.
During the period, £888,490 was repaid to P Miller in relation to the above loans which consisted of both capital and accrued interest amounts.
ABCA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
Fixed asset timing differences
(4,480)
(5,267)
Short term timing differences - trading
3,362
7,850
Losses
19,590
19,590
18,472
22,173
2024
Movements in the year:
£
Asset at 1 October 2023
(22,173)
Charge to profit or loss
3,701
Asset at 30 September 2024
(18,472)
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
168,768
152,822
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £35,661 (2023 - £31,400) were payable to the scheme at the end of the year and are included in creditors.
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,000
10,000
100
100
ABCA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
19
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
495,170
251,440
Between two and five years
701,071
203,811
In over five years
504,000
1,700,241
455,251
20
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The company has taken advantage of the exemptions contained in section 33 of FRS 102 not to dislcose transactions and balances with wholly owned members of the same group.
4Way Recruitment Limited is a related party by virtue of having common key management personnel. During the year the company made purchases totalling £33,039 (2023 - £32,623). At the year-end £5,040 (2023 - £22,873) is owed to 4Way Recruitment Limited and is included within other creditors.
4Way Property Limited is a related party by virtue of having common directors. At the year-end £nil (2023 - £8,600) is owed by 4Way Property Limited and is included within other debtors.
Eachwick Property Investments Limited is a related party by virtue of having common directors. During the year the company made sales of £nil (2023 - £40). At the year end £nil (2023 - £48) is owed by Eachwick Property Investments Limited and is included within trade debtors.
21
Ultimate controlling party
The company's immediate parent in ABCA Systems Group Limited, incorporated in England & Wales.
The ultimate parent is ABCA Topco Limited, incorporated in England & Wales.
The most senior parent entity producing publicly available financial statements is ABCA Topco Limited. These financial statements are available upon request from Cobalt 8 14 Silver Fox Way, Cobalt Business Park, Newcastle Upon Tyne, Tyne And Wear, England, NE27 0QJ.
The ultimate controlling party is P J Miller.
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