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REGISTERED NUMBER: 07764543 (England and Wales)
























REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ABAX UK LIMITED

ABAX UK LIMITED (REGISTERED NUMBER: 07764543)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Report of the Directors 2

Directors' Responsibilities Statement 3

Report of the Independent Auditors 4

Income Statement 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


ABAX UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: J Meakin
J Moe





REGISTERED OFFICE: Allia Business Centre
Peterborough United Football Club
London Road
Peterborough
PE2 8AN





REGISTERED NUMBER: 07764543 (England and Wales)





AUDITORS: Price Bailey LLP Chartered Accountants
& Statutory Auditors
Tennyson House
Cambridge Business Park
Cambridge
Cambridgeshire
CB4 0WZ

ABAX UK LIMITED (REGISTERED NUMBER: 07764543)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the supply of triplog equipment and software for vehicle management purposes.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J Meakin
J Moe

SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

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 company'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 company's auditors are aware of that information.

AUDITORS
The auditors, Price Bailey LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





J Moe - Director


28 May 2025

ABAX UK LIMITED (REGISTERED NUMBER: 07764543)

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors are responsible for preparing 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;
-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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ABAX UK LIMITED


Opinion
We have audited the financial statements of Abax UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and 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 company's affairs as at 31 December 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.

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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors and the Directors' Responsibilities Statement, 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ABAX UK LIMITED


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 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, 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ABAX UK 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits and industry regulations including GDPR, employment law and health and safety.

We communicated the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified.

These included the following:
- agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiries of management including those responsible for key regulations;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business.

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 https://www.frc.org.uk/auditors/audit-assurance-ethics/auditors-responsibilities This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ABAX UK LIMITED


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.




Paul Cullen FCCA (Senior Statutory Auditor)
for and on behalf of Price Bailey LLP Chartered Accountants
& Statutory Auditors
Tennyson House
Cambridge Business Park
Cambridge
Cambridgeshire
CB4 0WZ

28 May 2025

ABAX UK LIMITED (REGISTERED NUMBER: 07764543)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

TURNOVER 5,534,425 5,905,880

Cost of sales 87,767 100,516
GROSS PROFIT 5,446,658 5,805,364

Administrative expenses 5,012,648 5,354,050
434,010 451,314

Interest receivable and similar income 28,103 25,916
462,113 477,230
Gain/loss on revaluation of investments (20,000 ) -
442,113 477,230

Interest payable and similar expenses 4 187,721 182,227
PROFIT BEFORE TAXATION 5 254,392 295,003

Tax on profit 7 - -
PROFIT FOR THE FINANCIAL YEAR 254,392 295,003

ABAX UK LIMITED (REGISTERED NUMBER: 07764543)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 1,632,596 2,068,472
Investments 9 4,000,000 4,020,000
5,632,596 6,088,472

CURRENT ASSETS
Stocks 10 105,786 160,292
Debtors 11 1,251,511 1,306,598
Prepayments and accrued income 7,498 9,274
Cash at bank 91,759 370,060
1,456,554 1,846,224
CREDITORS
Amounts falling due within one year 12 6,721,951 7,704,283
NET CURRENT LIABILITIES (5,265,397 ) (5,858,059 )
TOTAL ASSETS LESS CURRENT LIABILITIES 367,199 230,413

ACCRUALS AND DEFERRED INCOME 263,413 381,019
NET ASSETS/(LIABILITIES) 103,786 (150,606 )

CAPITAL AND RESERVES
Called up share capital 100,001 100,001
Share premium 14 3,904,681 3,904,681
Retained earnings 14 (3,900,896 ) (4,155,288 )
103,786 (150,606 )

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

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:





J Moe - Director


ABAX UK LIMITED (REGISTERED NUMBER: 07764543)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2023 100,000 (4,450,291 ) - (4,350,291 )

Changes in equity
Issue of share capital 1 - 3,904,681 3,904,682
Total comprehensive income - 295,003 - 295,003
Balance at 31 December 2023 100,001 (4,155,288 ) 3,904,681 (150,606 )

Changes in equity
Total comprehensive income - 254,392 - 254,392
Balance at 31 December 2024 100,001 (3,900,896 ) 3,904,681 103,786

ABAX UK LIMITED (REGISTERED NUMBER: 07764543)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Abax UK 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements were prepared in accordance with Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102 1A") as issued in August 2014. The amendments to FRS 102 issued in July 2015 have been applied. The presentation currency of these financial statements is sterling.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

The directors have considered the factors that impact the company future development, performance and cash flows and financial position along with the company current liquidity, including managing its day to day working capital through support from group companies, in forming their opinion of the going concern basis.

Preparation of consolidated financial statements
The Company is exempt by virtue of s401 the Companies Act 2006 from the requirement to prepare group financial statements. These financial statements present information about the Company as an individual undertaking and not about its group.

The Company's immediate parent undertaking, ABAX Group AS, includes the Company in its consolidated financial statements. The consolidated financial statements of ABAX Group AS are prepared in accordance with International Financial Reporting Standards and are available to the public and may be obtained from its website at www.abax.com.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

ABAX UK LIMITED (REGISTERED NUMBER: 07764543)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Revenue recognition
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. Abax UK recognises revenue when it transfers control over a product or service to a customer.

Abax UK principally generates revenue from providing vehicle-tracking systems for vans, digital mileage claim for cars, protection technology for equipment and tools, as well as project management sofware. Products and services may be sold separately or in bundled packages. The typical length of a contract is 36 months. No significant financing component exists within the customer contracts.

For bundled packages, Abax UK accounts as performance obligations each promise to transfer to the customer either products and services that are distinct, or a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer.

A product or service is distinct from other items in the bundled package and if a customer can benefit from it either on its own or together with other resources that are readily available to the customer. The consideration is allocated between performance obligations in a bundle based on their stand-alone selling prices.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 20% on cost
Fixtures fitting and equipment - 15% on reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

ABAX UK LIMITED (REGISTERED NUMBER: 07764543)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Taxation
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted.

Foreign currencies
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.

Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

ABAX UK LIMITED (REGISTERED NUMBER: 07764543)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are initially measured at transaction price less attributable costs and then subsequently measured at amortised costs using EIR. 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.

Creditors
Short term trade creditors are initially measured at transaction price less attributable costs. 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.

Interest
Interest receivable and Interest payable
Interest payable and similar charges include bank interest payable.
Other interest receivable and similar income include interest receivable on funds invested.

Going concern
Notwithstanding a net liability position of £150,606 at 31st December 2023, the financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons.

The Directors have prepared cash flow forecasts for a period of 20 months from the date of approval of these financial statements which indicate that the company will have sufficient funds to meet its liability as they fall due for that period.

These forecasts are dependent on the company's immediate parent company, ABAX AS, providing financial support during that period in the form of additional funding, if required, as well as a guarantee not to request excessive repayment of their intercompany debt owed by the UK to ABAX AS, to the point that ABAX UK is no longer solvent. The parent company has seen an increase in top-line revenue growth, both organically and via acquisition in 2020 despite the global pandemic. In 2020, the group undertook a Nordic bond issue on the Oslo Exchange, and should they require additional funding, they have the option of making a further issue. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the directors are confident that the company will have sufficient funds to continue to meets its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

ABAX UK LIMITED (REGISTERED NUMBER: 07764543)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Accrued income
Recognition of revenues is generally at the time of delivery for goods and services sold. Income from sales of goods and services sold. Income from sale of goods and services are recognised at fair value of the consideration, net after deduction of VAT, returns, discounts and reductions. At the time of the purchase of an electronic travel log, the customer enters into an agreement of a payment plan that covers both a unit/start-up element and a service element. The distribution of the compensation between the unit/start-up and the service is based on best estimate. The price of the service element is dependent on the extent of additional services. Estimate for the compensation on the unit/start-up element is based on assessing the incremental revenue when comparing total contract value on new contracts compared to total contract value on renewals.

Deferred income
Deferred income on sales of contract services comprises amounts relating to services that will be delivered in the future, which are billed to a customer in advance but not yet due. These amounts for customer are accumulated and retained on the balance sheet, in the deferred revenue account, until such time that the contracted service is performed.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,293,240 1,216,692
Social security costs 185,244 143,599
Other pension costs 48,379 37,804
1,526,863 1,398,095

The average number of employees during the year was as follows:
2024 2023

Employees 30 24

2024 2023
£    £   
Directors' remuneration 81,277 -
Directors' pension contributions to money purchase schemes 4,770 -

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest on amounts due to
group undertakings 187,721 182,227
187,721 182,227

ABAX UK LIMITED (REGISTERED NUMBER: 07764543)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. PROFIT BEFORE TAXATION

The profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 719,664 633,758

6. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

21,501

19,054

7. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

8. TANGIBLE FIXED ASSETS
Fixtures
fitting
Freehold Plant and and
property machinery equipment Totals
£    £    £    £   
COST
At 1 January 2024 117,796 3,259,200 243,896 3,620,892
Additions - 404,261 - 404,261
Disposals - (203,083 ) - (203,083 )
At 31 December 2024 117,796 3,460,378 243,896 3,822,070
DEPRECIATION
At 1 January 2024 117,796 1,248,158 186,466 1,552,420
Charge for year - 697,456 22,208 719,664
Eliminated on disposal - (82,610 ) - (82,610 )
At 31 December 2024 117,796 1,863,004 208,674 2,189,474
NET BOOK VALUE
At 31 December 2024 - 1,597,374 35,222 1,632,596
At 31 December 2023 - 2,011,042 57,430 2,068,472

ABAX UK LIMITED (REGISTERED NUMBER: 07764543)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST OR VALUATION
At 1 January 2024 4,020,000
Revaluations (20,000 )
At 31 December 2024 4,000,000
NET BOOK VALUE
At 31 December 2024 4,000,000
At 31 December 2023 4,020,000

Cost or valuation at 31 December 2024 is represented by:

Shares in
group
undertakings
£

Cost 4,020,000
Valuation in 2024 (20,000 )
4,000,000

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2024 2023
£ £
Cost 4,020,000 4,020,000

Fixed asset investments were valued on an open market basis on 31 December 2024 by the directors.

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:


Name

Registered office
Class of
shares

Holding

Movolytics Group Holdings Ltd Suite 1, Ground Floor, Lancaster House,
Meadow Lane, St Ives, Cambridgeshire,
PE27 4LG
Ordinary 100%

ABAX UK LIMITED (REGISTERED NUMBER: 07764543)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


10. STOCKS
2024 2023
£    £   
Stocks 105,786 160,292

Stock of £105,786 (2023 - £160,292) includes hardware boxes which are held ready to be fitted to customer vehicles as part of a subscription contract. Under FRS102, as the company retains ownership of the boxes during and after the subscription period, such items should be classified as fixed assets but managements view is that they should be treated as stock and transferred to fixed assets once allocated to a contract.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 981,334 1,042,689
Other debtors 270,177 263,909
1,251,511 1,306,598

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 52,879 243,319
Amounts owed to group undertakings 5,838,961 6,891,532
Social security and other taxes 92,133 81,148
VAT 237,445 149,857
Other creditors 485,034 332,364
Pension 15,499 6,063
6,721,951 7,704,283

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 174,660 173,156
Between one and five years 289,970 443,700
464,630 616,856

ABAX UK LIMITED (REGISTERED NUMBER: 07764543)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


14. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2024 (4,155,288 ) 3,904,681 (250,607 )
Profit for the year 254,392 254,392
At 31 December 2024 (3,900,896 ) 3,904,681 3,785

15. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption from the requirement to disclose transactions with other group companies as consolidated financial statements are publicly available.

16. PARENT COMPANY

The immediate parent undertaking is ABAX AS, a company incorporated in Norway.

The ultimate parent undertaking and controlling party is Apollo Limited, a company incorporated in the Cayman Islands. It is considered that no individual party has control of Apollo Ltd.

17. SUBSEQUENT EVENTS

There have been no material post balance sheet events.