1 March 2022 v2023.27.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP041757092022-03-012023-02-28041757092023-02-28041757092022-02-2804175709core:WithinOneYear2023-02-2804175709core:WithinOneYear2022-02-2804175709core:AfterOneYear2023-02-2804175709core:AfterOneYear2022-02-2804175709core:ShareCapital2023-02-2804175709core:ShareCapital2022-02-2804175709core:RetainedEarningsAccumulatedLosses2023-02-2804175709core:RetainedEarningsAccumulatedLosses2022-02-2804175709bus:Director12022-03-012023-02-2804175709bus:RegisteredOffice2022-03-012023-02-2804175709core:OfficeEquipment2022-03-012023-02-28041757092021-03-012022-02-2804175709core:PlantMachinery2023-02-2804175709core:PlantMachinery2022-03-0104175709core:PlantMachinery2022-03-012023-02-2804175709core:PlantMachinery2022-02-280417570912022-03-012023-02-2804175709countries:EnglandWales2022-03-012023-02-2804175709bus:AuditExemptWithAccountantsReport2022-03-012023-02-2804175709bus:PrivateLimitedCompanyLtd2022-03-012023-02-2804175709bus:SmallEntities2022-03-012023-02-2804175709bus:FullAccounts2022-03-012023-02-28
Company registration number:
04175709
Adway Associates-Executive Search Limited
Unaudited Filleted Financial Statements for the year ended
28 February 2023
Adway Associates-Executive Search Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Adway Associates-Executive Search Limited
Year ended
28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
Adway Associates-Executive Search Limited
for the year ended
28 February 2023
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Adway Associates-Executive Search Limited
, as a body, in accordance with the terms of my engagement letter dated 12 September 2022. My work has been undertaken solely to prepare for your approval the
financial statements
of
Adway Associates-Executive Search Limited
and state those matters that I have agreed to state to the Board of Directors of
Adway Associates-Executive Search Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Adway Associates-Executive Search Limited
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Adway Associates-Executive Search 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
Adway Associates-Executive Search Limited
. You consider that
Adway Associates-Executive Search Limited
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Adway Associates-Executive Search Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
LCP Bookkeeping and Accounting
Chartered Accountant
Drybeck
Beckhampton
Martlborough
Wiltshire
SN8 1QJ
United Kingdom
Date:
22 November 2023
Adway Associates-Executive Search Limited
Statement of Financial Position
28 February 2023
20232022
Note££
Fixed assets    
Tangible assets 5
778
 
974
 
Current assets    
Debtors 6
84,106
 
95,231
 
Cash at bank and in hand
7,812
 
24,835
 
91,918
 
120,066
 
Creditors: amounts falling due within one year 7
(54,512
)
(68,583
)
Net current assets
37,406
 
51,483
 
Total assets less current liabilities 38,184   52,457  
Creditors: amounts falling due after more than one year 8
(34,971
)
(47,931
)
Provisions for liabilities
(148
)
(185
)
Net assets
3,065
 
4,341
 
Capital and reserves    
Called up share capital
3
 
3
 
Profit and loss account
3,062
 
4,338
 
Shareholders funds
3,065
 
4,341
 
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
22 November 2023
, and are signed on behalf of the board by:
J C Aspey
Director
Company registration number:
04175709
Adway Associates-Executive Search Limited
Notes to the Financial Statements
Year ended
28 February 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
7 Bell Yard
,
Bell Yard
,
London
,
WC2A 2JR
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% straight line

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in 'other operating income' within the income statement in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme ('Furlough').

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

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 Average number of employees

The average number of persons employed by the company during the year was
5
(2022:
4.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 March 2022
and
28 February 2023
8,584
 
Depreciation  
At
1 March 2022
7,610
 
Charge
196
 
At
28 February 2023
7,806
 
Carrying amount  
At
28 February 2023
778
 
At 28 February 2022
974
 

6 Debtors

20232022
££
Trade debtors
12,893
 
440
 
Other debtors
71,213
 
94,791
 
84,106
 
95,231
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
6,276
 
2,862
 
Trade creditors
8,625
 
15,238
 
Taxation and social security
27,913
 
41,819
 
Other creditors
11,698
 
8,664
 
54,512
 
68,583
 
The loan balance of 2022 £3,341 included within creditors was a secured debt. The bank loan was secured by a £30,000 personal guarantee issued by one of the directors. This loan has been fully repaid during 2023.

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
34,971
 
47,931
 

9 Directors' advances, credit and guarantees

The balance outstanding on the advances and credits to a director at the start of the financial year was £28,275 (2021 £27,102). Amounts advanced during the year were £NIL (2021 £NIL ). Amount repaid £13,856 (2022 £NIL). The balance outstanding at the end of the year was £14,419 (2021 £28,275).
Interest is charged on the director's loan balance. During the year ended 28 February 2023 interest of £711 (2022 £699) was charged to the director's loan account and included in the income statement as Interest Receivable.
The loan is repayable on demand.