Company No:
Contents
The director presents this annual report and the unaudited financial statements of the Company for the financial year ended 31 July 2023.
PRINCIPAL ACTIVITIES
REVIEW OF BUSINESS
The accounts for the year ended 31st July 2023 reflect a period where the business invested heavily in both new consultant resources and in training and development for its existing resource whilst growing its customer base. In addition the business moved into new complimentary markets still associated with its core activity.
These investments will protect the future quality of our offering and our ability to service a wider range of customers, whilst remaining aligned with our core values.
DIRECTOR
The director, who served during the financial year and to the date of this report except as noted, was as follows:
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Approved and signed by:
James Alistair Brentley
Director |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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29,240 | 39,262 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand | 6 |
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732,741 | 841,331 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 381,990 | 503,681 | ||
Total assets less current liabilities | 411,230 | 542,943 | ||
Provision for liabilities | 8, 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of AgileCadence Limited (registered number:
James Alistair Brentley
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
AgileCadence Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is King James Vi Business Centre, Friarton Road, Perth, PH2 8DY, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Group accounts exemption s399
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.
A change has been made to the basis of depreciation for fixtures and fittings to reflect the true consumption of the company's assets, from 25% reducing balance to straight line over 4 years. This has resulted in an increased depreciation expense of £2,544 in the current period.
A change has been made to the basis of depreciation for computer equipment to reflect the true consumption of the company's assets, from 33% reducing balance to straight line over 3 years. This has resulted in an increased depreciation expense of £4,993 in the current period.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Leasehold improvements | 0 -
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Plant and machinery | 0 -
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Fixtures and fittings |
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Computer equipment |
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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.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Non-financial assets
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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Government grants that are recognised based on the performance model are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Government grants that are recognised based on the accrual model are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Leasehold improve- ments |
Plant and machinery | Fixtures and fittings | Computer equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 August 2022 |
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Additions |
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Disposals | (
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At 31 July 2023 |
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Accumulated depreciation | |||||||||
At 01 August 2022 |
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Charge for the financial year |
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Disposals | (
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At 31 July 2023 |
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Net book value | |||||||||
At 31 July 2023 |
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At 31 July 2022 |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 August 2022 |
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Additions |
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At 31 July 2023 |
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Carrying value at 31 July 2023 |
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Carrying value at 31 July 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Cash at bank and in hand |
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Short-term deposits |
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287,922 | 437,891 |
2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Deferred tax |
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2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
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Credited/(charged) to the Statement of Income and Retained Earnings |
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At the end of financial year | (
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
Capital commitments are as follows:
2023 | 2022 | ||
£ | £ | ||
Contracted for but not provided for: | |||
Other | 57,232 | 21,980 |
Total future minimum lease payments under non-cancellable operating leases are as follows:
2023 | 2022 | ||
£ | £ | ||
within one year |
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between one and five years |
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Transactions with the entity’s director (or members of its governing body)
Amounts owed by director
2023 | 2022 | ||
£ | £ | ||
Key Management Personnel |
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Advances were made to the director in the year totalling £1,928 and Repayments of £9,517, interest of £234 was charged at a rate of 2%.