Caseware UK (AP4) 2024.0.164 2024.0.164 truetruetruetrue2024-01-01falseNo description of principal activity44truefalse 04757516 2024-01-01 2024-12-31 04757516 2023-01-01 2023-12-31 04757516 2024-12-31 04757516 2023-12-31 04757516 c:Director1 2024-01-01 2024-12-31 04757516 c:Director1 2024-12-31 04757516 c:Director2 2024-01-01 2024-12-31 04757516 c:Director3 2024-01-01 2024-12-31 04757516 c:Director4 2024-01-01 2024-12-31 04757516 c:Director4 2024-12-31 04757516 c:RegisteredOffice 2024-01-01 2024-12-31 04757516 d:OfficeEquipment 2024-01-01 2024-12-31 04757516 d:OfficeEquipment 2024-12-31 04757516 d:OfficeEquipment 2023-12-31 04757516 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04757516 d:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 04757516 d:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 04757516 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 04757516 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-01-01 2024-12-31 04757516 d:IntangibleAssetsOtherThanGoodwill 2024-12-31 04757516 d:IntangibleAssetsOtherThanGoodwill 2023-12-31 04757516 d:Non-currentFinancialInstruments d:ListedExchangeTraded 2024-12-31 04757516 d:Non-currentFinancialInstruments d:ListedExchangeTraded 2023-12-31 04757516 d:CurrentFinancialInstruments 2024-12-31 04757516 d:CurrentFinancialInstruments 2023-12-31 04757516 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 04757516 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04757516 d:ShareCapital 2024-12-31 04757516 d:ShareCapital 2023-12-31 04757516 d:SharePremium 2024-01-01 2024-12-31 04757516 d:SharePremium 2024-12-31 04757516 d:SharePremium 2023-12-31 04757516 d:ForeignCurrencyTranslationReserve 2024-01-01 2024-12-31 04757516 d:ForeignCurrencyTranslationReserve 2024-12-31 04757516 d:ForeignCurrencyTranslationReserve 2023-12-31 04757516 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04757516 d:RetainedEarningsAccumulatedLosses 2024-12-31 04757516 d:RetainedEarningsAccumulatedLosses 2023-12-31 04757516 c:OrdinaryShareClass1 2024-01-01 2024-12-31 04757516 c:OrdinaryShareClass1 2024-12-31 04757516 c:OrdinaryShareClass1 2023-12-31 04757516 c:FRS101 2024-01-01 2024-12-31 04757516 c:Audited 2024-01-01 2024-12-31 04757516 c:FullAccounts 2024-01-01 2024-12-31 04757516 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04757516 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 04757516 d:FinancialInstrumentsFairValueThroughProfitOrLoss 2024-01-01 2024-12-31 04757516 d:FinancialLiabilitiesAmortisedCost 2024-01-01 2024-12-31 04757516 d:FinancialInstrumentsDesignatedFairValueThroughProfitOrLoss 2024-01-01 2024-12-31 04757516 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 04757516 6 2024-01-01 2024-12-31 04757516 d:FinanceLeases d:WithinOneYear 2024-12-31 04757516 d:FinanceLeases d:WithinOneYear 2023-12-31 04757516 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04757516










ABS-CBN EUROPE LIMITED










Financial statements

Information for filing with the registrar

For the year ended 31 December 2024
 
ABS-CBN EUROPE LIMITED
 

Company Information


Directors
L C Bariuan Jr (resigned 31 January 2025)
J A A Garcia 
R L Lopez 
B Bandonell (appointed 21 July 2025)




Registered number
04757516



Registered office
239 Kensington High Street
Suite 344

London

W8 6SN




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

Nottingham

NG1 1PB




 
ABS-CBN EUROPE LIMITED
Registered number: 04757516

Balance sheet
As at 31 December 2024

2024
2023
Note
£
£

  

Fixed assets
  

Intangible assets
 5 
9,359
5,410

Tangible assets
 6 
2,352
926

Investments
 7 
2,661
2,661

  
14,372
8,997

Current assets
  

Debtors: amounts falling due within one year
 8 
4,454,014
4,444,564

Cash at bank and in hand
 9 
375,679
222,164

  
4,829,693
4,666,728

Creditors: amounts falling due within one year
 10 
(1,535,142)
(1,538,254)

Net current assets
  
 
 
3,294,551
 
 
3,128,474

Total assets less current liabilities
  
3,308,923
3,137,471

  

  

  

Net assets
  
3,308,923
3,137,471


Capital and reserves
  

Called up share capital 
 11 
5,050,000
5,050,000

Share premium account
 12 
6,283,499
6,283,499

Foreign exchange reserve
 12 
(959,512)
(959,512)

Profit and loss account
 12 
(7,065,064)
(7,236,516)

  
3,308,923
3,137,471


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

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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



J A A Garcia
Director
Date: 30 September 2025

Page 1
 
ABS-CBN EUROPE LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2024

1.


General information

ABS-CBN Europe Limited is a private company, limited by shares, domiciled and incorporated in England and Wales. The company registration number and the address of the registered office is given in the Company Information page of these financial statements. 

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 Financial Reporting Standard 101 (FRS 101) Reduced Disclosure Framework and the Companies Act 2006.
The financial statements are prepared in sterling which is the functional currency of the Company and are rounded to the nearest £1. 
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company has investments in subsidiary undertakings but is itself a subsidiary company and is exempt from the requirement to prepare group financial statements by virtue of section 401 of the Companies Act 2006. The financial statements therefore present information about the Company as an individual undertaking and not about its group. 
The largest and smallest group of undertakings for which group accounts for the year ended 31 December 2024 have been drawn up is that headed by ABS-CBN Corporation, which is a publicly listed entity in the Philippines. Copies of the group accounts are available from the ABS-CBN Corporation website at www.ABS-CBN.com.
The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of ABS-CBN Corporation as at 31 December 2024 and these financial statements may be obtained from the ABS-CBN Corporation website at www.ABS-CBN.com.

Page 2
 
ABS-CBN EUROPE LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The Directors assess whether the use of the going concern concept is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern for a period of at least one year from the date of approval of the financial statements. 
The Company has restructured operations and reports a profit for the year ended 31 December 2024, together with net current assets. It is the opinion of the Directors that the Company has adequate working capital to meet its liabilities as they fall due, notwithstanding the fact that a substantial part of debt due as at 31 December 2024 includes £3.82m from ABS-CBN Corporation, the Company’s parent undertaking and ABS-CBN Spain SL (a subsiairy undertaking) of £0.2m. At the date of approval of the financial statements, the debt has not been repaid, however, no provision has been made against this debt on the basis that it will be repaid in the longer term.
As reported in the financial statements of ABS-CBN Corporation and its subsidiary undertakings (“the Group”), the Group has incurred net losses for the past three years; has net cumulative reserve deficits and the Group’s current liabilities exceed its current assets. The external audit report (dated 3 April 2025) for the Group states that a material uncertainty exists in respect of the Group’s ability to continue as a going concern. However, Group management continue to implement plans to address positively address the conditions that exist and continue to adopt the going concern basis in preparing the Group financial statements. 
As the Company’s activities are dependent on the wider Group’s ability to supply its products and services, these conditions, in turn, may impact on the Company’s ability to continue as a going concern. 
Notwithstanding the above factors, the Directors are satisfied that following a review of cashflow forecasts there will be adequate working capital available for the Company to continue as a going concern for a minimum of one year from the date of approval of the financial statements. 

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3
 
ABS-CBN EUROPE LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services, excluding amounts collected on behalf of third parties.
Revenue is recognised when the Company satisfies a performance obligation by transferring a promised good or service to the customer, which is when the customer obtains control of the good or service. A performance obligation is satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation.
The Company assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. The Company has concluded that it is acting as a principal in all of its revenue arrangements because it typically controls the services before transferring them to the customers and no adjustments were required upon adoption of IFRS 15.
Subscription revenue is invoiced on either a monthly or annual basis, with a complete months revenue being recognised in the month in which the contract commenced. Revenue invoiced annually is deferred and amortised on a monthly basis.
On contracts to provide services where the Company has partially performed its contractual obligations, it recognises revenue to the extent that it has obtained the right to consideration through its performance.
Advertising revenue is recognised as income at a point in time on the dates the advertisements are aired, net of agency commissions and incentives.
Sale of goods is recognised when delivery has taken place and control has been transferred.
Sponsorship income is recognised at the point in time the sponsorship takes place at the fair value of the sponsorship received or receivable.
Gate receipts are recognised when tickets are used or expired.

 
2.6

Leases

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed

 
2.7

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.

Page 4
 
ABS-CBN EUROPE LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 The estimated useful lives range as follows:

Trademarks
-
10
years

 
2.10

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Computer equipment
-
over 5 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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5
 
ABS-CBN EUROPE LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Fair value through profit or loss

All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. 

Impairment of financial assets

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Financial liabilities

Fair value through profit or loss

Financial liabilities are classified as at fair value through profit or loss, when the financial liability is
Page 6
 
ABS-CBN EUROPE LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no significant judgments (apart from those involving estimates) which have had an effect on the amounts recognised in the financial statements.


4.


Employees

2024
2023
£
£

Wages and salaries
497,273
249,175

Social security costs
27,120
27,138

Cost of defined contribution scheme
18,501
16,907

542,894
293,220


The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 7
 
ABS-CBN EUROPE LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2024

5.


Intangible assets




Trademarks

£



Cost


At 1 January 2024
11,311


Additions
5,522



At 31 December 2024

16,833



Amortisation


At 1 January 2024
5,901


Charge for the year
1,573



At 31 December 2024

7,474



Net book value



At 31 December 2024
9,359



At 31 December 2023
5,410




Page 8
 
ABS-CBN EUROPE LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2024

6.


Tangible fixed assets





Office equipment

£



Cost


At 1 January 2024
20,805


Additions
1,990


Disposals
(1,845)



At 31 December 2024

20,950



Depreciation


At 1 January 2024
19,879


Charge for the year
564


Disposals
(1,845)



At 31 December 2024

18,598



Net book value



At 31 December 2024
2,352



At 31 December 2023
926

Page 9
 
ABS-CBN EUROPE LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2024

7.


Fixed asset investments





Shares in group undertakings

£



Cost


At 1 January 2024
925,607



At 31 December 2024

925,607



Impairment


At 1 January 2024
922,946



At 31 December 2024

922,946



Net book value



At 31 December 2024
2,661



At 31 December 2023
2,661

The Company held the following investments in subsidiary undertakings at the balance sheet date:
ole1037.png

 

8.


Debtors

2024
2023
£
£


Trade debtors
317,587
695,236

Amounts owed by group undertakings
4,101,684
3,734,803

Other debtors
25,679
5,841

Prepayments and accrued income
9,064
8,684

4,454,014
4,444,564


Amounts owed by group undertakings includes £4,030,534 which is not expected to be repaid within one year. See note 2.3 for further detail. 

Page 10
 
ABS-CBN EUROPE LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2024

9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
375,679
222,164



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
29,087
48,278

Amounts owed to group undertakings
962,546
1,059,929

Other taxation and social security
55,679
79,433

Other creditors
249,568
364

Accruals and deferred income
238,262
350,250

1,535,142
1,538,254



11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,050,000 (2023 - 5,050,000) Ordinary shares of £1.0 each
5,050,000
5,050,000



12.


Reserves

Share premium account

The share premium account records the excess paid over the nominal value of shares issued by the Company. 

Foreign exchange reserve

The foreign exchange reserve represents the cumulative movements in foreign exchange.

Profit and loss account

The profit and loss account represents cumulative retained profits and losses net of dividends paid. 


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £18,501 (2023: £16,907). Contributions totalling £nil (2023: £nil) were payable to the fund at the balance sheet date.

Page 11
 
ABS-CBN EUROPE LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2024

14.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
4,268
2,996


15.


Related party transactions

The Company has taken advantage of exemptions to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.


16.


Controlling party

The immediate parent undertaking is ABS-CBN Global Limited, a company registered in the Cayman Islands.
The ultimate parent undertaking and controlling party is Lopez, Inc, a company registered in the Philippines.
The largest and smallest group of undertakings for which group accounts for the year ended 31 December 2024 have been drawn up, is that headed by ABS-CBN Corporation, which is a publicly listed entity in the Philippines. Copies of the group accounts are available from the ABS-CBN Corporation website at www.ABS-CBN.com.


17.


Auditors' information

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

The audit report was signed on 30 September 2025 by Sarah Flear (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.


Page 12