15 false false false false false false false false false true false false false false false false No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2021 - FRS102_2021 86,728 3,904 82,824 18,920 17,279 2,547 33,652 49,172 67,808 98,050 1,212 906 100,168 100,168 98,050 xbrli:pure xbrli:shares iso4217:GBP SC375944 2022-06-01 2023-05-31 SC375944 2023-05-31 SC375944 2022-05-31 SC375944 2021-06-01 2022-05-31 SC375944 2022-05-31 SC375944 core:PlantMachinery 2022-06-01 2023-05-31 SC375944 bus:Director1 2022-06-01 2023-05-31 SC375944 core:PlantMachinery 2022-05-31 SC375944 core:PlantMachinery 2023-05-31 SC375944 core:WithinOneYear 2023-05-31 SC375944 core:WithinOneYear 2022-05-31 SC375944 core:ShareCapital 2023-05-31 SC375944 core:ShareCapital 2022-05-31 SC375944 core:SharePremium 2023-05-31 SC375944 core:SharePremium 2022-05-31 SC375944 core:CapitalRedemptionReserve 2023-05-31 SC375944 core:CapitalRedemptionReserve 2022-05-31 SC375944 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC375944 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC375944 core:BetweenOneFiveYears 2023-05-31 SC375944 core:BetweenOneFiveYears 2022-05-31 SC375944 core:CostValuation core:Non-currentFinancialInstruments 2022-05-31 SC375944 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-05-31 SC375944 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-05-31 SC375944 core:CostValuation core:Non-currentFinancialInstruments 2023-05-31 SC375944 core:Non-currentFinancialInstruments 2023-05-31 SC375944 core:Non-currentFinancialInstruments 2022-05-31 SC375944 core:PlantMachinery 2022-05-31 SC375944 bus:SmallEntities 2022-06-01 2023-05-31 SC375944 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC375944 bus:FullAccounts 2022-06-01 2023-05-31 SC375944 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 SC375944 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31
COMPANY REGISTRATION NUMBER: SC375944
Asset Guardian Solutions Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2023
Asset Guardian Solutions Limited
Financial Statements
Year ended 31 May 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Asset Guardian Solutions Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
49,172
67,808
Investments
6
100,168
98,050
---------
---------
149,340
165,858
Current assets
Debtors
7
347,660
284,788
Cash at bank and in hand
428,567
468,375
---------
---------
776,227
753,163
Creditors: amounts falling due within one year
8
379,178
377,661
---------
---------
Net current assets
397,049
375,502
---------
---------
Total assets less current liabilities
546,389
541,360
Provisions
9,343
12,884
---------
---------
Net assets
537,046
528,476
---------
---------
Asset Guardian Solutions Limited
Statement of Financial Position (continued)
31 May 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
1,842
1,842
Share premium account
26,667
26,667
Capital redemption reserve
1,504
1,504
Profit and loss account
507,033
498,463
---------
---------
Shareholders funds
537,046
528,476
---------
---------
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 31 May 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 were approved by the board of directors and authorised for issue on 26 January 2024 , and are signed on behalf of the board by:
Mr E McAllister
Director
Company registration number: SC375944
Asset Guardian Solutions Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 39 May Gardens, The Fairways, Wishaw, North Lanarkshire, Scotland, ML2 7PB.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the state of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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. Unrelieved tax losses and other 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. 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 15 ).
5. Tangible assets
Plant and machinery
£
Cost
At 1 June 2022
86,728
Disposals
( 3,904)
--------
At 31 May 2023
82,824
--------
Depreciation
At 1 June 2022
18,920
Charge for the year
17,279
Disposals
( 2,547)
--------
At 31 May 2023
33,652
--------
Carrying amount
At 31 May 2023
49,172
--------
At 31 May 2022
67,808
--------
6. Investments
Other investments other than loans
£
Cost
At 1 June 2022
98,050
Additions
1,212
Revaluations
906
---------
At 31 May 2023
100,168
---------
Impairment
At 1 June 2022 and 31 May 2023
---------
Carrying amount
At 31 May 2023
100,168
---------
At 31 May 2022
98,050
---------
7. Debtors
2023
2022
£
£
Trade debtors
337,828
281,333
Other debtors
9,832
3,455
---------
---------
347,660
284,788
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
17,670
20,094
Corporation tax
48,334
36,405
Social security and other taxes
51,595
18,503
Other creditors
261,579
302,659
---------
---------
379,178
377,661
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
26,373
18,891
--------
--------
10. Directors' advances, credits and guarantees
The directors' loan accounts were not in debit at any time during the year.
11. Related party transactions
Dividends totalling £200,000 (2022 - £200,000) were paid to the directors in the year.