Registration number:
A & B Group Limited
for the Year Ended 30 April 2023
A & B Group Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
A & B Group Limited
Company Information
Director |
Mr Barry Taylor |
Registered office |
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Accountants |
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A & B Group Limited
(Registration number: 5343031)
Balance Sheet as at 30 April 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
1,395,470 |
1,215,736 |
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Shareholders' funds |
1,396,470 |
1,216,736 |
For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have 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.
These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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A & B Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
The principal place of business is:
Unit 2
Thundridge Business Park
Thundridge
Ware
Hertfordshire
SG12 0SS
These financial statements were authorised for issue by the
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.
Going concern
The financial statements have been prepared on a going concern basis.
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.
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.
Government grants
Grant income received as government assistance is recognised in the profit and loss account on a systematic basis, over the periods in which the company has incurred the related costs for which the grant is intended to compensate or provide immediate financial support.
A & B Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Tax
The tax expense for the period comprises current 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.
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:
Asset class |
Depreciation method and rate |
Plant and machinery |
Reducing balance 10% |
Motor vehicles |
Reducing balance 25% |
Office equipment |
Reducing balance 25% |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
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.
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:
Asset class |
Amortisation method and rate |
Goodwill |
Straight line 10% |
A & B Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
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.
A & B Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
A & B Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 May 2022 |
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At 30 April 2023 |
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Amortisation |
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At 1 May 2022 |
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Amortisation charge |
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At 30 April 2023 |
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Carrying amount |
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At 30 April 2023 |
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At 30 April 2022 |
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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 May 2022 |
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Additions |
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- |
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Disposals |
( |
( |
- |
( |
At 30 April 2023 |
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Depreciation |
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At 1 May 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
- |
( |
At 30 April 2023 |
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Carrying amount |
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At 30 April 2023 |
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At 30 April 2022 |
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Investments |
2023 |
2022 |
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Investments in subsidiaries |
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A & B Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Subsidiaries |
£ |
Cost or valuation |
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At 1 May 2022 |
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Provision |
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Carrying amount |
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At 30 April 2023 |
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At 30 April 2022 |
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Stocks |
2023 |
2022 |
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Work in progress |
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Other inventories |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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A & B Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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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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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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A & B Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Dividends |
2023 |
2022 |
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£ |
£ |
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Interim dividend of £ |
360,000 |
500,000 |
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Related party transactions |
A & B Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Director's remuneration
The director's remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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Contributions paid to money purchase schemes |
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71,908 |
60,473 |
Dividends paid to the director
2023 |
2022 |
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Mr Barry Taylor |
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Dividends |
400,000 |
500,000 |
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Income and receivables from related parties
2023 |
Entities with joint control or significant influence |
Sale of goods |
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2022 |
Entities with joint control or significant influence |
Sale of goods |
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Expenditure with and payables to related parties
2023 |
Entities with joint control or significant influence |
Rendering of services |
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2022 |
Entities with joint control or significant influence |
Rendering of services |
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Loans to related parties
A & B Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
2023 |
Entities with joint control or significant influence |
Total |
At start of period |
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Advanced |
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At end of period |
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2022 |
Entities with joint control or significant influence |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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Loans from related parties
2023 |
Entities with joint control or significant influence |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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2022 |
Entities with joint control or significant influence |
Total |
Advanced |
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Repaid |
( |
( |
At end of period |
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Terms of loans from related parties
services to the value of £18,333 (2022 £21,671) and owed the company £131,942 (2022 £122,260) at the year
end by way of an intercompany loan.
A & B Response Limited, a company of which Mr B Taylor is also a director, was provided goods and services to
the value of £168,256 (2022 £125,077) and owed the company £nil (2022 £150,092) included in Trade Debtors. The company was owed £103,843 (2022 £201,526) at the year end by way of an intercompany loan.