Company registration number 09520961 (England and Wales)
AS SOON AS POSSIBLE GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
AS SOON AS POSSIBLE GROUP LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
AS SOON AS POSSIBLE GROUP LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AS SOON AS POSSIBLE GROUP LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of As Soon As Possible Group Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of As Soon As Possible Group Limited, as a body, in accordance with the terms of our engagement letter dated 10 December 2021. Our work has been undertaken solely to prepare for your approval the financial statements of As Soon As Possible Group Limited and state those matters that we have agreed to state to the board of directors of As Soon As Possible Group 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 As Soon As Possible Group Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that As Soon As Possible Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of As Soon As Possible Group Limited. You consider that As Soon As Possible Group 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 financial statements of As Soon As Possible Group 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 financial statements.
Malcolm Piper & Company Limited
19 October 2023
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
AS SOON AS POSSIBLE GROUP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
650,000
650,000
Investments
4
195,475
380
845,475
650,380
Current assets
Debtors
6
139,282
232,731
Cash at bank and in hand
4,946
9,334
144,228
242,065
Creditors: amounts falling due within one year
7
(24,473)
(3,537)
Net current assets
119,755
238,528
Total assets less current liabilities
965,230
888,908
Creditors: amounts falling due after more than one year
8
(44,917)
Net assets
920,313
888,908
Capital and reserves
Called up share capital
9
100
100
Revaluation reserve
294,189
294,189
Profit and loss reserves
626,024
594,619
Total equity
920,313
888,908
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AS SOON AS POSSIBLE GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 19 October 2023
Mr M R Willetts
Director
Company Registration No. 09520961
AS SOON AS POSSIBLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
As Soon As Possible Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kingsnorth House, Blenheim Way, Kingstanding, Birmingham, West Midlands, United Kingdom, B44 8LS.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
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.
Freehold land and buildings
Recognised using the revaluation model as stated below
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.
1.3
Fixed asset investments
Interests in subsidiaries entities are initially measured at cost, and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
AS SOON AS POSSIBLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Tangible fixed assets
Land and buildings
£
Cost or valuation
At 1 April 2022 and 31 March 2023
650,000
Depreciation and impairment
At 1 April 2022 and 31 March 2023
Carrying amount
At 31 March 2023
650,000
At 31 March 2022
650,000
AS SOON AS POSSIBLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3
Tangible fixed assets
(Continued)
- 6 -
Land and buildings with a carrying amount of £355,811 were revalued at market value in September 2020 by Siddall Jones, independent commercial property consultants not connected with the company. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The director considers that the carrying amount at the year end has not changed significantly.
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
480
380
Other investments other than loans
194,995
195,475
380
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2022
380
-
380
Additions
100
194,995
195,095
At 31 March 2023
480
194,995
195,475
Carrying amount
At 31 March 2023
480
194,995
195,475
At 31 March 2022
380
-
380
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
ASAP Express Limited
Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
Ordinary shares
100.00
-
ASAP Sales Limited
Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
Ordinary shares
100.00
-
ASAP Global Limited
Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
Ordinary shares
90.00
-
ASAP Express (Bristol) Limited
Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
Ordinary shares
0
80.00
ASAP Aviation Limited
Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
Ordinary shares
100.00
-
AS SOON AS POSSIBLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
64,533
178,831
Other debtors
74,749
53,900
139,282
232,731
7
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
19,250
Corporation tax
1,179
1,037
Other creditors
1,544
Accruals and deferred income
2,500
2,500
24,473
3,537
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
44,917
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
90
90
90
90
Ordinary B shares of £1 each
10
10
10
10
100
100
100
100
10
Related party transactions
Transactions with related parties
During the year, the company undertook the following transaction with a related party:-
Name of related party
Nature of relationship
ASAP Express Limited
Subsidiary company
Description of
Income
Payments
transaction
2023
2022
2023
2022
£
£
£
£
ASAP Express Limited
Rental income
9,600
9,600
AS SOON AS POSSIBLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
10
Related party transactions
(Continued)
- 8 -
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
ASAP Aviation Limited
298
ASAP Express (Bristol) Limited
6,764
1,876
ASAP Express Limited
22,878
145,698
ASAP Global Limited
31,096
30,194
ASAP Sales Limited
3,497
1,063
The above loans to subsidiary companies are unsecured, interest-free, and carry no stipulation as to terms of repayment.
11
Directors' transactions
A director continued to make use of current account facilities granted by the company, and withdrew £20,848 during the year, leaving £74,748 (2022 - £53,900) owed to the company at the year end. The loan is unsecured, interest-free, and carries no stipulation as to terms of repayment.
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