Company registration number 06000065 (England and Wales)
ACS ENVIRONMENTAL TESTING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
ACS ENVIRONMENTAL TESTING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ACS ENVIRONMENTAL TESTING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
215,386
253,508
Current assets
Stocks
61,494
42,338
Debtors
6
830,752
572,624
Cash at bank and in hand
23,848
36,375
916,094
651,337
Creditors: amounts falling due within one year
7
(256,259)
(232,277)
Net current assets
659,835
419,060
Total assets less current liabilities
875,221
672,568
Provisions for liabilities
(22,999)
(21,766)
Net assets
852,222
650,802
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
852,221
650,801
Total equity
852,222
650,802
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
24 June 2022
24 June 2022
and are signed on its behalf by:
2022-06-24
Mr M P Drew
Director
Company Registration No. 06000065
ACS ENVIRONMENTAL TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
ACS Environmental Testing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 14 Blackhill Road West, Holton Heath Trading Park, Poole, Dorset, BH16 6LE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Laboratory equipment
15% per annum, reducing balance
Office equipment
3 years straight line
Fixture and fittings
15% per annum, reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ACS ENVIRONMENTAL TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.7
Research and development costs
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
ACS ENVIRONMENTAL TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
2
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 amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,250
4,250
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
16
15
ACS ENVIRONMENTAL TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
437,393
Additions
2,759
Disposals
(7,215)
At 31 December 2021
432,937
Depreciation and impairment
At 1 January 2021
183,885
Depreciation charged in the year
38,186
Eliminated in respect of disposals
(4,520)
At 31 December 2021
217,551
Carrying amount
At 31 December 2021
215,386
At 31 December 2020
253,508
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
32,575
27,472
Amounts owed by group undertakings
784,306
511,520
Other debtors
13,871
33,632
830,752
572,624
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
41,976
36,953
Amounts owed to group undertakings
123,197
123,197
Taxation and social security
82,431
65,385
Other creditors
8,655
6,742
256,259
232,277
ACS ENVIRONMENTAL TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Andrew Botham
Statutory Auditor:
Botham Accounting Limited
9
Events after the reporting date
Since 31 December 2019, the spread of Covid-19 has severely impacted many economies around the world including the UK. Businesses are being forced to cease or limit operations for long periods of time while lockdowns and social distancing measures are in place to contain the spread of the virus. These disruptions have resulted in a global economic slowdown. Despite these restrictions ACS Environmental Testing Limited have been able to continue trading. The duration and impact of the Covid-19 pandemic remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as the impact on the financial position and results of the company for future periods. However the directors have undertaken a review of the business in the current situation and consider it to be appropriate to prepare the financial statements on a going concern basis.
10
Parent company
The immediate parent company is Lab Partnership Limited, a company registered in England and Wales.
The ultimate parent company is Phenna Group Topco Limited, a company registered in in England and Wales.
The results for the period are included in the consolidated financial statements of Phenna Group Topco Limited which can be obtained from it's registered office, 14 Clarendon Street, Nottingham, Nottinghamshire, NG1 5HQ.