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Registered number: 00132142









ASSOCIATION FOR CONSULTANCY AND ENGINEERING
(A company limited by guarantee)









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
ASSOCIATION FOR CONSULTANCY AND ENGINEERING
 
(A company limited by guarantee)
REGISTERED NUMBER: 00132142

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
                                                                        Note
£

Fixed assets
  

Intangible assets
 4 
36,755
50,441

Tangible assets
 5 
4,900
2,684

Investments
 6 
175,000
175,000

  
216,655
228,125

Current assets
  

Debtors: amounts falling due within one year
 7 
240,139
212,673

Cash at bank and in hand
 8 
407,816
523,402

  
647,955
736,075

Creditors: amounts falling due within one year
 9 
(394,405)
(384,982)

Net current assets
  
 
 
253,550
 
 
351,093

Total assets less current liabilities
  
470,205
579,218

  

Net assets
  
470,205
579,218


Capital and reserves
  

Profit and loss account
  
470,205
579,218

  
470,205
579,218


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

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 June 2025.


K M Jennings
Director

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

Page 1

 
ASSOCIATION FOR CONSULTANCY AND ENGINEERING

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Association for Consultancy and Engineering is a limited liability company incorporated in England and Wales. The registered office is Barnes Roffe LLP, Hanbury Drive, Leytonstone House, London, England, E11 1GA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The company is a parent company that is exempt from the requirement to prepare consolidated financial statements under Section 399 of the Companies Act 2006, as it qualifies as a small group within the meaning of the Act and FRS 102.
As a result, the company has not prepared consolidated financial statements for the year ended 31 December 2024 and instead has prepared individual financial statements in accordance with FRS 102.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. They have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. With this in mind, they believe that the Going concern basis is still appropriate for the preparation of the financial statements.

  
2.3

Income

Income comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of value added tax and trade discounts.
Subscription income
Subscription income represents the proportion of the annualised revenue due and arising in the financial year in respect of members. Amounts received in advance are included in creditors as deferred income.
Other income
Other income is recognised in the period when services are rendered. Amounts received in advance are carried forward in creditors as deferred income.

In respect of the Technical Apprenticeship Consortium, the revenues are matched with expenditure in the year and any surplus or deficit arising on activities will be recognised at the conclusion of the programme.

Page 2

 
ASSOCIATION FOR CONSULTANCY AND ENGINEERING

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

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

 
2.6

Pensions

Defined contribution pension plan

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

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

 
2.7

Taxation

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

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


 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

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

Page 3

 
ASSOCIATION FOR CONSULTANCY AND ENGINEERING

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
Straight line over 5 years
Office equipment
-
Straight line over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Debtors

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

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

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

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Page 4

 
ASSOCIATION FOR CONSULTANCY AND ENGINEERING

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2023 - 16).

Page 5

 
ASSOCIATION FOR CONSULTANCY AND ENGINEERING

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Intangible assets




Website

£



Cost


At 1 January 2024
93,726



At 31 December 2024

93,726



Amortisation


At 1 January 2024
43,285


Charge for the year on owned assets
13,686



At 31 December 2024

56,971



Net book value



At 31 December 2024
36,755



At 31 December 2023
50,441



Page 6

 
ASSOCIATION FOR CONSULTANCY AND ENGINEERING

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
43,646
20,945
64,591


Additions
-
5,564
5,564


Disposals
(43,646)
-
(43,646)



At 31 December 2024

-
26,509
26,509



Depreciation


At 1 January 2024
43,646
18,261
61,907


Charge for the year on owned assets
-
3,348
3,348


Disposals
(43,646)
-
(43,646)



At 31 December 2024

-
21,609
21,609



Net book value



At 31 December 2024
-
4,900
4,900



At 31 December 2023
-
2,684
2,684

Page 7

 
ASSOCIATION FOR CONSULTANCY AND ENGINEERING

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
1,881,516



At 31 December 2024

1,881,516



Impairment


At 1 January 2024
1,706,516



At 31 December 2024

1,706,516



Net book value



At 31 December 2024
175,000



At 31 December 2023
175,000


7.


Debtors

2024
2023
£
£


Trade debtors
10,655
20,057

Amounts owed by group undertakings
156,718
137,046

Other debtors
34,554
29,381

Prepayments and accrued income
38,212
26,189

240,139
212,673



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
407,816
523,402


Page 8

 
ASSOCIATION FOR CONSULTANCY AND ENGINEERING

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
39,305
33,676

Corporation tax
-
7,154

Other taxation and social security
34,728
24,694

Other creditors
6,670
4,356

Accruals and deferred income
313,702
315,102

394,405
384,982




10.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding the equivalent of their annual subscription towards the assets of the company in the event of liquidation.


11.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £38,711 (2023 - £40,893) Contributions totalling £6,670 (2023 - £4,356) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

Advantage has been taken of the exemption available under section 33.1A of FRS 102 not to disclose transactions with the subsidiary companies.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 4 June 2025 by Simon Liggins (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 9