Registration number: 06143642

ABEC Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 10

ABEC Ltd

Company Information

Directors

M Morrall M Litten A Shaw

Registered office

7 Miller Court Severn Drive Tewkesbury Business Park Tewkesbury GL20 8DN

Auditors

Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

ABEC Ltd

(Registration number: 06143642)
Balance Sheet as at 31 March 2025

	Note	2025  £	(As restated) 2024  £
Fixed assets
Tangible assets	6	93,908	75,876
Current assets
Stocks		243,411	40,326
Debtors	7	2,754,415	2,785,776
Cash at bank and in hand		3,036,673	51,720
		6,034,499	2,877,822
Creditors: Amounts falling due within one year	8	(5,443,903)	(2,118,024)
Net current assets		590,596	759,798
Total assets less current liabilities		684,504	835,674
Creditors: Amounts falling due after more than one year	8	(126,197)	(83,802)
Deferred tax liabilities		-	(3,291)
Net assets		558,307	748,581
Capital and reserves
Called up share capital		100	100
Profit and loss account		558,207	748,481
Total equity		558,307	748,581

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 October 2025 and signed on its behalf by:
 

A Shaw
Chief Financial Officer

ABEC Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7 Miller Court
Severn Drive
Tewkesbury Business Park
Tewkesbury
GL20 8DN

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of ABEC (Group) Ltd.

The financial statements of ABEC (Group) Ltd may be obtained from 7 Miller Court Severn Drive, Tewkesbury Business Park, Tewkesbury, Gloucestershire, GL20 8DN.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Prior period errors

During the year the company identified an adjustment in the prior period financial statements. This adjustment was as a result of an error in the application of the company's payroll scheme.

The effect on the financial statements for the year ended 31 March 2024 was to decrease the profit before tax by £57,111. This resulted in a decrease in the tax liability £11,779, resulting in an overall increase in creditors falling due within one year of £45,332 and an overall decrease in net assets of £45,332.

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

- 3 -

ABEC Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Key sources of estimation uncertainty

Contract revenue
Revenue from contracts is assessed on an individual basis with revenue earned being ascertained based on the stage of the completion of the contract which is estimated using a combination of the milestones in the contacts and the revenues invoiced to date compared to the total value of the contract. The assessed stage of completion will then determine the associated costs to accrue or defer in respect of that individual contract. Estimates of the works completed are made on a regular basis and subject to management review.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	15-50% of cost per annum
Furniture and fittings	15-50% of cost per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

ABEC Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stock is valued at the lower of cost and net realisable value and includes work in progress and materials purchased for impending work. Cost includes direct materials and, where applicable, direct labour costs and attributable overheads that have been incurred in bringing the stock to its present location and condition.

At each reporting date, stock is assessed for impairment. If stock is found to be impaired, its carrying value is reduced to its net realisable value. Any impairment loss is recognised immediately in the profit and loss statement.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share capital

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.

Dividends

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.

ABEC Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Derivative financial instruments

Derivatives
The Company uses derivative financial instruments to reduce exposure to foreign exchange risk movements. The Company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately.

Financial instruments

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 47 (2024 - 34).

ABEC Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

4

Exceptional items

	2025  £	(As restated) 2024  £
One-off payroll expense	112,084	57,111
One off professional fees	350,016	-

The one-off payroll expense recognised in the financial statements for the year ending 31 March 2025 and the prior year relate to an error identified in the processing of the companies payroll scheme.

One off professional fees relate to fees incurred in relation to a due diligence exercise to improve business processes.

5

Taxation

Tax charged/(credited) in the profit and loss account

	2025 £	(As restated) 2024 £
Current taxation
UK corporation tax	80,541	3,328
UK corporation tax adjustment to prior periods	(96,850)	(1,219)
	(16,309)	2,109
Deferred taxation
Arising from origination and reversal of timing differences	(6,059)	2,355
Tax (receipt)/expense in the income statement	(22,368)	4,464

ABEC Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

6

Tangible assets

	Fixtures and fittings  £	Office equipment  £	Total £
Cost
At 1 April 2024	25,168	80,972	106,140
Additions	7,593	53,914	61,507
At 31 March 2025	32,761	134,886	167,647
Depreciation
At 1 April 2024	13,411	16,853	30,264
Charge for the year	12,606	30,869	43,475
At 31 March 2025	26,017	47,722	73,739
Carrying amount
At 31 March 2025	6,744	87,164	93,908
At 31 March 2024	11,757	64,119	75,876

7

Debtors

	Note	2025  £	(As restated) 2024  £
Trade debtors		560,330	616,922
Amounts owed by related parties	12	33,550	175,903
Amounts owed by group companies		634,153	722,729
Other debtors		289,927	67,305
Prepayments		368,102	233,692
Gross amount due from customers for contract work		673,693	821,110
Deferred tax assets		2,768	-
Corporation tax asset		191,892	148,115
		2,754,415	2,785,776

8

Creditors

	Note	2025  £	(As restated) 2024  £
Due within one year
Loans and borrowings	9	47,532	30,124
Trade creditors		1,776,403	1,227,863
Social security and other taxes		351,086	152,395
Outstanding defined contribution pension costs		12,639	8,381
Other creditors		31,928	23,103
Accrued expenses		889,809	538,457
Amounts owed to group undertakings		2,334,506	137,701
		5,443,903	2,118,024

ABEC Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025