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Registration number: 06155196

Advoco Solutions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Advoco Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Advoco Solutions Ltd

Company Information

Directors

Mr D Papworth

Mr K Smith

Mr P Hampson

Registered office

Unit 4 Easter Park
Benyon Road
Silchester
Reading
Berkshire
RG7 2PQ

Accountants

E J Business Consultants Limited
No 2 Toomers Wharf
Canal Walk
Newbury
RG14 1DY

 

Advoco Solutions Ltd

(Registration number: 06155196)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

3

57,567

20,267

Tangible assets

4

287,237

13,832

 

344,804

34,099

Current assets

 

Stocks

1,275

1,275

Debtors

315,841

211,106

Cash at bank and in hand

 

388,794

520,784

 

705,910

733,165

Creditors: Amounts falling due within one year

(230,988)

(197,828)

Net current assets

 

474,922

535,337

Total assets less current liabilities

 

819,726

569,436

Creditors: Amounts falling due after more than one year

(115,822)

-

Net assets

 

703,904

569,436

Capital and reserves

 

Called up share capital

5

102

102

Retained earnings

703,802

569,334

Shareholders' funds

 

703,904

569,436

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

Approved and authorised by the Board on 7 November 2023 and signed on its behalf by:
 

.........................................
Mr D Papworth
Director

 

Advoco Solutions Ltd

(Registration number: 06155196)
Balance Sheet as at 31 March 2023

.........................................
Mr K Smith
Director

.........................................
Mr P Hampson
Director

 

Advoco Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

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.

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.

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

Office refurbishment

20% straight line basis

Fixtures and fittings

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Computer equipment

33% reducing balance basis

Plant & Machinery

25% reducing balance basis

 

Advoco Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 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.

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

 

Advoco Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Advoco Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

68,000

68,000

Additions acquired separately

49,000

49,000

At 31 March 2023

117,000

117,000

Amortisation

At 1 April 2022

47,733

47,733

Amortisation charge

11,700

11,700

At 31 March 2023

59,433

59,433

Carrying amount

At 31 March 2023

57,567

57,567

At 31 March 2022

20,267

20,267

 

Advoco Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

80,021

43,244

28,696

-

151,961

Additions

60,000

13,701

214,705

6,394

294,800

At 31 March 2023

140,021

56,945

243,401

6,394

446,761

Depreciation

At 1 April 2022

79,282

42,530

16,590

-

138,402

Charge for the year

246

3,465

17,411

1,599

22,721

Eliminated on disposal

-

-

-

(1,599)

(1,599)

At 31 March 2023

79,528

45,995

34,001

-

159,524

Carrying amount

At 31 March 2023

60,493

10,950

209,400

6,394

287,237

At 31 March 2022

739

987

12,106

-

13,832

Included within the net book value of land and buildings above is £60,000 (2022 - £Nil) in respect of freehold land and buildings and £493 (2022 - £740) in respect of short leasehold land and buildings.
 

 

Advoco Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

102

102

102

102