ACCOUNTS - Final Accounts

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:

Company Registration Number: 03998389

ABF EUROPE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

ABF EUROPE LIMITED

CONTENTS

	Page
Balance Sheet	1
Notes to the Financial Statements	2 - 7

ABF EUROPE LIMITED

REGISTERED NUMBER: 03998389

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	4		28,792		29,621
Tangible assets	5		6,303		3,660
			35,095		33,281
Current assets
Debtors: amounts falling due within one year	6	131,383		371,258
		131,383		371,258
Creditors: amounts falling due within one year	7	(158,387)		(214,270)
Net current (liabilities)/assets			(27,004)		156,988
Total assets less current liabilities			8,091		190,269

Net assets			8,091		190,269

Capital and reserves
Called up share capital	8	1,000	1,000
Profit and loss account		7,091	189,269
		8,091	190,269

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account 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:

................................................

D L Buttle

Director

Date: 17 December 2025

The notes on pages 2 to 7 form part of these financial statements.

Page 1

ABF EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

The principal activity of the company during the year was the design and sale of furniture.

The registered office is 17b Hornbeam Park, Harrogate, North Yorkshire, HG2 8RB.

The company is a private limited company incorporated and domiciled in England & Wales. The company is tax resident in the United Kingdom.

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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. 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 following principal accounting policies have been applied:

2.2

Going concern

The directors recognise and have considered the business and have concluded that the company remains a going concern.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

ABF EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

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.

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.6

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 options.

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

2.7

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.

2.8

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Plant and machinery	-	20% reducing balance
				Office equipment	-	33% reducing balance

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.

2.9

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.

Page 3

ABF EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

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.

Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 4).

4.	Intangible assets

		Patents
		£
	Cost
	At 1 January 2024	31,347
	Additions	2,660
	At 31 December 2024	34,007
	Amortisation
	At 1 January 2024	1,725
	Charge for the year on owned assets	3,490
	At 31 December 2024	5,215
	Net book value
	At 31 December 2024	28,792
	At 31 December 2023	29,621

Page 4

ABF EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

	Plant and machinery	Office equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	6,539	5,500	12,039
Additions	-	4,655	4,655
At 31 December 2024	6,539	10,155	16,694
Depreciation
At 1 January 2024	6,539	1,839	8,378
Charge for the year on owned assets	-	2,013	2,013
At 31 December 2024	6,539	3,852	10,391
Net book value
At 31 December 2024	-	6,303	6,303
At 31 December 2023	-	3,660	3,660

Page 5

ABF EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Amounts owed by group undertakings	60,821	273,821
Other debtors	58,713	80,515
Prepayments and accrued income	11,849	16,922
	131,383	371,258

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank overdrafts	17,744	19,408
Trade creditors	6,066	71,882
Amounts owed to group undertakings	94,046	94,046
Other taxation and social security	32,992	20,262
Other creditors	789	622
Accruals and deferred income	6,750	8,050
	158,387	214,270

The bank overdraft is secured by a fixed and floating charge over the assets of the company.

8.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

900 (2023 - 900) A Ordinary shares of £1.00 each	900	900
100 (2023 - 100) B Ordinary shares of £1.00 each	100	100

	1,000	1,000

9.	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 £3,628. Contributions totaling £789 were payable to the fund at the balance sheet date and are included in creditors.

Page 6

ABF EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Not later than 1 year	20,000	20,000
Later than 1 year and not later than 5 years	29,348	31,031
	49,348	51,031

11.	Transactions with directors

At the year ended 31 December 2024 the company had the following loans due from directors:

D L Buttle - £42,702 (2023:- £41,762),M A Prendergast - £16,011 (2023: -£15,658)

Interest is charged in respect of these amounts and there are no fixed terms for repayment.

12.	Related party transactions
	Included in debtors is an amount owing from ABF USA Ltd totalling £60,821 (2023:£273,821) Included in creditors are amounts owed to MAD Design Limited, Muzo Works Limited and ABF USA Ltd totalling £29,465 (2023: £29,465), £60,000 (2023: £60,000) and £4,581 (2023: £4,581) respectively.

13.	Controlling party

The ultimate holding company is Muzo Works Limited, which is under the control of D L Buttle and M A Prendergast.

Page 7