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COMPANY REGISTRATION NUMBER: 08318653
ACS ASBESTOS REMOVAL SERVICES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2023
ACS ASBESTOS REMOVAL SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
3,687
3,723
CURRENT ASSETS
Stocks
500
500
Debtors
6
184,417
89,067
Cash at bank and in hand
50
18,206
----------
----------
184,967
107,773
CREDITORS: amounts falling due within one year
7
113,138
70,939
----------
----------
NET CURRENT ASSETS
71,829
36,834
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
75,516
40,557
PROVISIONS
Taxation including deferred tax
8
701
707
---------
---------
NET ASSETS
74,815
39,850
---------
---------
ACS ASBESTOS REMOVAL SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Profit and loss account
73,815
38,850
---------
---------
SHAREHOLDERS FUNDS
74,815
39,850
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:
R H Tiffany
Director
Company registration number: 08318653
ACS ASBESTOS REMOVAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 41 Elizabeth Street, Elland, HX5 0JH, West Yorkshire.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for asbestos removal services rendered, stated net of discounts and of Value Added Tax.
Current and deferred tax
The taxation expense represents the amount of current recognised in the reporting period. Tax is recognised in profit or loss. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants receivable relating to Covid-19 are accounted for under the accrual method and recognised immediately as income in the Statement of Income and Retained Earnings. Where applied for and received these grants include payments under the Coronavirus Job Retention Scheme (furlough payments), Small Business Grant and interest paid by the Government during the first 12 months of Bounce Bank Loans. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 March 2022
2,073
2,500
666
5,239
Additions
800
800
Disposals
( 666)
( 666)
-------
----
-------
-------
-------
At 28 February 2023
2,073
( 666)
2,500
1,466
5,373
-------
----
-------
-------
-------
Depreciation
At 1 March 2022
850
666
1,516
Charge for the year
123
625
88
836
Disposals
( 666)
( 666)
-------
----
-------
-------
-------
At 28 February 2023
973
( 666)
625
754
1,686
-------
----
-------
-------
-------
Carrying amount
At 28 February 2023
1,100
1,875
712
3,687
-------
----
-------
-------
-------
At 28 February 2022
1,223
2,500
3,723
-------
----
-------
-------
-------
6. DEBTORS
2023
2022
£
£
Trade debtors
109,671
25,220
Other debtors
74,746
63,847
----------
---------
184,417
89,067
----------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,781
Trade creditors
75,015
55,692
Corporation tax
15,893
7,754
Social security and other taxes
18,761
5,923
Other creditors
1,688
1,570
----------
---------
113,138
70,939
----------
---------
8. PROVISIONS
Deferred tax (note 9)
£
At 1 March 2022
707
Additions
( 6)
----
At 28 February 2023
701
----
9. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 8)
701
707
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
701
707
----
----
10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director had unsecured loans from the company, with advances totalling £105,043 and repayments totalling £96,052 were made during the year. Interest of £848 has been charged on the overdrawn balance during the year at the official rate of interest, 2%. The balance owing to the company as at 28 February 2023 was £28,175 (2022: £19,184). This balance has been repaid after the year end.