Registration number:
Abatec Limited
for the
Year Ended 31 March 2025
Abatec Limited
Contents
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Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Abatec Limited
Company Information
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Directors |
Mr D Warner Mr R A Dyer Mr R J Buchanan |
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Registered office |
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Accountants |
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Abatec Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the supply of temporary staff and permanent staff recruitment.
Fair review of the business
The year has been a strategically important and positive period for the Abatec Group. Despite challenging market conditions across the recruitment sector, Abatec has delivered another strong trading performance, underpinned by disciplined cost control, continued investment in people and systems, and a clear long-term strategic focus.
In 2024, our parent company completed the acquisition of St. David Recruitment Services Ltd. The integration of the business has progressed well and is now fully embedded within the Group’s operations. A number of operational and overhead efficiencies have been realised following the acquisition, resulting in a leaner cost base and improved financial performance. Encouragingly, St. David Recruitment Services Ltd is now demonstrating a clear upward trend in profitability, validating the strategic rationale for the acquisition.
Abatec’s core business has continued to perform robustly, maintaining strong client relationships and market presence despite a more subdued recruitment environment. The Directors remain committed to investing in the business to support sustainable growth, operational resilience and long-term value creation.
Overall, the 2025 financial year represents a positive trading period for the Company and the Group and has further strengthened its position. The business is well-placed for the future and continues to make good progress towards its transition to Employee Ownership via an Employee Ownership Trust (EOT), in late 2025.
The Directors remain confident in the Company and the Group’s strategy and outlook and believe the business is well positioned to deliver continued success for all stakeholders.
Abatec Limited
Directors' Report for the Year Ended 31 March 2025
The Company’s key financial and other performance indicators during the year were as follows:
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2025 |
2024 |
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Turnover |
12,490,124 |
10,555,984 |
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Gross profit |
1,438,040 |
1,426,534 |
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Net profit before tax |
698,550 |
586,336 |
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Net profit before tax - before exceptional pension contributions |
818,550 |
786,336 |
During the year under review a £120,000 (2024 - £200,000) exceptional pension contribution was made on behalf of the directors.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
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Mr R J Buchanan
Director
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Abatec Limited
for the Year Ended 31 March 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Abatec Limited for the year ended 31 March 2025 as set out on pages 5 to 18 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Abatec Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Abatec Limited and state those matters that we have agreed to state to the Board of Directors of Abatec Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abatec Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Abatec Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Abatec Limited. You consider that Abatec Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Abatec Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Weston-super-Mare
North Somerset
BS23 1NF
Abatec Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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(491) |
(561) |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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Retained earnings brought forward |
596,117 |
451,156 |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
847,610 |
596,117 |
Abatec Limited
(Registration number: 08495011)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
847,610 |
596,117 |
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Shareholders' funds |
847,710 |
596,217 |
For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Abatec Limited
(Registration number: 08495011)
Balance Sheet as at 31 March 2025
Approved and authorised by the
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Abatec Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is Pound Sterling (£).
Abatec Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
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.
Provision of temporary labour staff:
Income from the provision of temporary labour staff is recognised in the period in which the service has been provided. Income which is not invoiced until after the year end is accrued accordingly.
Provision of permanent labour staff:
Income from permanent staff placements is recognised when a successful applicant is appointed by the customer.
Associated expenditure is also recognised over the same period with the portion of expenditure incurred in the year but not yet invoiced included within accruals.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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.
Abatec Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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2 |
Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet 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:
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Asset class |
Depreciation method and rate |
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Building improvements |
10% on cost |
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Office equipment |
33% on cost |
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Motor vehicles |
33% on cost |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Abatec Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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2 |
Accounting policies (continued) |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
Straight line over 10 years |
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.
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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.
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 subsequently measured at amortised cost using the effective interest method.
Abatec Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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2 |
Accounting policies (continued) |
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.
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.
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.
Abatec Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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2 |
Accounting policies (continued) |
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of 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 deducting all of its liabilities.
Abatec Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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2 |
Accounting policies (continued) |
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Invoice discounting
The company has debts under invoice discounting arrangements for which the invoice discounting company has a right of recourse to the company in case of non-payment by the debtor. All such debts continue to be shown as a debtor on the company's balance sheet and funds advanced as a creditor until such time as the payment is made by the debtor to the invoice discounting company.
Comparative reclassification
During a review of the financial statements the following adjustments were made which affected the comparative Profit and Loss:
Rent receivable was moved from turnover to other operating income.
Cost of sales advertising costs within General administrative expenses were moved to Cost of sales.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Abatec Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 April 2024 |
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At 31 March 2025 |
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Amortisation |
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At 1 April 2024 |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
- |
- |
Abatec Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Tangible assets |
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Building improvements |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2024 |
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- |
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Additions |
- |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
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- |
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Charge for the year |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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- |
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Included within the net book value of land and buildings above is £3,476 (2024 - £5,312) in respect of short leasehold land and buildings.
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Debtors |
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Current |
2025 |
2024 |
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Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Abatec Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Other creditors include factored debts which are secured of £604,193 (2024 - £1,032,633). These are secured by a fixed and floating charge over the company's assets dated 14/03/2022.
Creditors: amounts falling due after more than one year
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Note |
2025 |
2024 |
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Due after one year |
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Loans and borrowings |
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11,667 |
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £0.10 each |
750 |
75 |
750 |
75 |
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Ordinary B shares of £1 each |
25 |
25 |
25 |
25 |
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Abatec Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Parent and ultimate parent undertaking |
The company's immediate parent is