Company registration number 06941495 (England and Wales)
AKS SKIP HIRE SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
AKS SKIP HIRE SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AKS SKIP HIRE SERVICES LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
915,461
1,038,240
Investments
5
97,660
1,013,121
1,038,240
Current assets
Debtors
6
416,754
568,863
Cash at bank and in hand
439,805
504,795
856,559
1,073,658
Creditors: amounts falling due within one year
7
(692,446)
(769,458)
Net current assets
164,113
304,200
Total assets less current liabilities
1,177,234
1,342,440
Creditors: amounts falling due after more than one year
8
(275,667)
(457,196)
Provisions for liabilities
(105,542)
(109,353)
Net assets
796,025
775,891
Capital and reserves
Called up share capital
33
33
Profit and loss reserves
795,992
775,858
Total equity
796,025
775,891
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
AKS SKIP HIRE SERVICES LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 March 2024 and are signed on its behalf by:
Mr KA Nixon
Director
Company registration number 06941495 (England and Wales)
AKS SKIP HIRE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
AKS Skip Hire Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Woodside Lodge, Shorthorn Road, Norwich, Norfolk, England, NR10 5NU.
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 have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
- 2% straight line
Plant and equipment
- 25% reducing balance
Computers
- 25% straight line
Motor vehicles
- 25% reducing balance
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled 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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
AKS SKIP HIRE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
16
16
AKS SKIP HIRE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
20,000
Amortisation and impairment
At 1 July 2022 and 30 June 2023
20,000
Carrying amount
At 30 June 2023
At 30 June 2022
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
69,192
2,195,177
2,264,369
Additions
1,800
172,955
174,755
Disposals
(78,985)
(78,985)
At 30 June 2023
70,992
2,289,147
2,360,139
Depreciation and impairment
At 1 July 2022
11,591
1,214,536
1,226,127
Depreciation charged in the year
1,420
287,043
288,463
Eliminated in respect of disposals
(69,912)
(69,912)
At 30 June 2023
13,011
1,431,667
1,444,678
Carrying amount
At 30 June 2023
57,981
857,480
915,461
At 30 June 2022
57,601
980,639
1,038,240
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
97,660
AKS SKIP HIRE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2022
-
Additions
97,660
At 30 June 2023
97,660
Carrying amount
At 30 June 2023
97,660
At 30 June 2022
-
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
273,987
221,194
Corporation tax recoverable
19,909
Other debtors
142,767
327,760
416,754
568,863
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
40,221
54,284
Corporation tax
58,621
Other taxation and social security
161,234
125,082
Other creditors
432,370
590,092
692,446
769,458
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
17,000
17,000
Other creditors
258,667
440,196
275,667
457,196