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Registered number: 06844275










ASGARD CONTROLLED ENVIRONMENTS LTD

AUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023
 






 



 






 
ASGARD CONTROLLED ENVIRONMENTS LTD
REGISTERED NUMBER: 06844275

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
                                                                        Note
£
£

Fixed assets
  

Intangible assets
  
47,904
-

Tangible fixed assets
 8 
153,480
184,206

Current assets
  

Debtors: amounts falling due within one year
 9 
8,294,363
3,344,737

Bank and cash balances
 10 
1,642,174
393,339

  
9,936,537
3,738,076

Creditors: amounts falling due within one year
 11 
(9,234,602)
(3,538,730)

Net current assets
  
 
 
701,935
 
 
199,346

Total assets less current liabilities
  
903,319
383,552

Creditors: amounts falling due after more than one year
 12 
(93,251)
(119,893)

  

Net assets
  
810,068
263,659


Capital and reserves
  

Called up share capital 
 14 
2
2

Share premium account
 15 
66,817
66,817

Foreign exchange reserve
 15 
(2,237)
-

Profit and loss account
 15 
745,486
196,840

  
810,068
263,659


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr J Comerford
Director

Date: 31 July 2024

The notes on pages 2 to 12 form part of these financial statements.

Page 1

 
ASGARD CONTROLLED ENVIRONMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


Statutory information

Asgard Controlled Environments Ltd (the Company) is a private company, limited by shares, registered in England and Wales, registration number 06844275. The registered office and principal place of business is 2nd Floor Kingsley Hall, Bailey Lane, Manchester, England, M90 4AN.
During the year the Company changed its name from Asgard Cleanroom Solutions Ltd to Asgard Controlled Environments Ltd.

2.Accounting policies

  
2.1

Statement of compliance

The accounts have been prepared in accordance with the provisions of Financial Reporting Standard 102 Section 1A Small Entities. There were no material departures from that standard.

 
2.2

Basis of preparation

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements cover the Company as an individual entity and are presented in sterling, which is the functional currency of the Company and rounded to the nearest £.

  
2.3

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out
below. These policies have been consistently applied to all the years presented, unless otherwise
stated.

  
2.4

Going concern

These financial statements have been prepared on a going concern basis which means that the Company will continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements.
The Company generated a profit before tax of £643k during the year ended 31 December 2023 and, as of that date, the Company was in a net asset position of £810k including cash reserves of £1,642,174. The Directors further cite a good pipeline of projects and the performance of the Company which has seen strengthening of the balance sheet. The Directors cite, if required, the continued support and financing available from the Company’s parent if required.
In assessing the appropriateness of the going concern basis of preparation, the Directors have taken into account the key risks of the business at a group and local company level, including the business model and availability of cash resources. Having undertaken their going concern assessment, the Directors have a reasonable expectation that the Company will have sufficient resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements and the Directors consider it appropriate to prepare these financial statements on a going concern basis.

Page 2

 
ASGARD CONTROLLED ENVIRONMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Construction contracts
When the outcome of a construction contract can be estimated reliably, the Company recognises contract revenue and contract costs associated with the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. Reliable estimation of the outcome requires reliable estimates of the stage of completion, future costs and collectability of billings.
The percentage of completion method used is based on completion of a proportion the contract value, as determined by quantity surveyor valuations at the reporting date. Accrued income, accrued expenses, deferred income and prepayments are recognised accordingly in the balance sheet so that costs and revenue on construction contracts recorded during the period are reflective of the contract stage of completion at the reporting date.
Variations to, and claims arising in respect of contracts, are included in revenue to the extent that they have been agreed with the customer or their recoverability is assessed to be probable and can be reliably measured. Provisions are made against contract debtors, with a corresponding debit to revenue, where it is probable that they will not be recovered and the irrecoverable amount can be reliably estimated.
When the outcome of a construction contract cannot be estimated reliably:
(a) the Company recognises revenue only to the extent of contract costs incurred that it is probable will be recoverable; and
(b) the Company recognises contract costs as an expense in the period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue on a construction contract, the expected loss is recognised as an expense immediately, with a corresponding provision for an onerous contract.
Retentions recoverable in respect of construction contracts are recognised within other debtors.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
ASGARD CONTROLLED ENVIRONMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 4

 
ASGARD CONTROLLED ENVIRONMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Straight line
Fixtures and fittings
-
33%
Straight line
Computer equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
ASGARD CONTROLLED ENVIRONMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. 
The following are the Company’s key judgements and sources of estimation uncertainty:
Management are required to estimate the project stage of completion in respect of construction contracts, which is subject to estimation uncertainty in respect of a) project variations yet to be certified b) works completed under cost-plus arrangements where costs incurred are in dispute. This impacts revenue and expenses recognition in profit and loss as well as accrued expenses and accrued income on the balance sheet. 
Management are required to estimate the recoverable amounts of both invoiced and uninvoiced project debtors, taking into account the status of any negotiations and disputes ongoing at the date of approval of the financial statements. Management recognise provisions where balances are not deemed to be recoverable.
There are no further judgements or estimates when applying the accounting policies that have a significant effect on the amounts recognised in the financial statements that are not readily apparent from other sources.


4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Auditors' remuneration - audit services
11,345
11,095

Exchange differences
(11,986)
53,792

Other operating lease rentals
108,209
84,746


5.


Employees

The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Average number of employees
29
27

Page 6

 
ASGARD CONTROLLED ENVIRONMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
94,377
-


Total current tax
94,377
-

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - the same as) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
643,023
290,627


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
151,110
160,820

Effects of:


Capital allowances for year in excess of depreciation
(16,090)
-

Utilisation of tax losses
(59,203)
(159,720)

Other differences leading to an increase (decrease) in the tax charge
18,560
(1,100)

Total tax charge for the year
94,377
-


Factors that may affect future tax charges

The increase in the corporation tax rate from 19% to 25% has been applied from April 2023.
There are no changes expected to the future corporation tax rate. 

Page 7

 
ASGARD CONTROLLED ENVIRONMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Intangible assets




Computer software

£



Cost


At 1 January 2023
-


Additions - internal
51,428



At 31 December 2023

51,428



Amortisation


At 1 January 2023
-


Charge for the year on owned assets
3,524



At 31 December 2023

3,524



Net book value



At 31 December 2023
47,904



At 31 December 2022
-



Page 8

 
ASGARD CONTROLLED ENVIRONMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
213,356
2,990
216,346


Additions
25,563
-
25,563


Disposals
(25,368)
-
(25,368)



At 31 December 2023

213,551
2,990
216,541



Depreciation


At 1 January 2023
29,150
2,990
32,140


Charge for the year on owned assets
39,693
-
39,693


Disposals
(8,772)
-
(8,772)



At 31 December 2023

60,071
2,990
63,061



Net book value



At 31 December 2023
153,480
-
153,480



At 31 December 2022
184,206
-
184,206

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
103,806
130,310

Page 9

 
ASGARD CONTROLLED ENVIRONMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Debtors

2023
2022
£
£


Trade debtors
1,939,931
766,467

Amounts owed by group undertakings
3,372,551
458,159

Other debtors
1,653,178
804,125

Prepayments and accrued income
1,328,703
1,315,986

8,294,363
3,344,737



10.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,642,174
393,339



11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,875,751
111,899

Amounts owed to group undertakings
162,322
1,541,862

Corporation tax
94,377
-

Other taxation and social security
129,748
238,810

Obligations under finance lease
38,569
36,210

Other creditors
13,166
-

Accruals and deferred income
5,920,669
1,609,949

9,234,602
3,538,730


Amounts owed to group undertakings are interest free and repayable on demand.


12.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases
93,251
119,893


During the prior year, the Company took out a finance lease on two motor vehicles which is payable over 48 months at a fixed interest rate of 6.45%.

Page 10

 
ASGARD CONTROLLED ENVIRONMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,642,174
393,339




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.


14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



181 (2022 - 181) ordinary share capital shares of £0.01 each
2
2

On 30 September 2022 the existing 1 share of £1 was subdivided into 100 shares of £0.01.
On the same date 81 additional shares of £0.01 were issued.



15.


Reserves

Share premium account

The share premium account represents the difference between the par value of the shares issued and the issue price.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


16.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totaling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date.

Page 11

 
ASGARD CONTROLLED ENVIRONMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
82,448
44,374

Later than 1 year and not later than 5 years
49,469
151,611

131,917
195,985

The Company entered into a new office premises lease agreement in March 2022 under which annual rent of £44k is expected to be payable until March 2023. After this period the annual rent increased to £82k which is payable over for the remaining length of the lease.


18.


Related party transactions

The Company has taken advantage of FRS 102 section 33 paragraph 1A not to disclose transactions with wholly owned group members.


19.


Controlling party

The Company's ultimate parent is Asgatech Holding Limited, a company incorporated in the Republic of Ireland, located at Unit E, Purcellsinch Industrial Estate, Kilkenny, Ireland. Asgatech Holding Limited prepares group consolidated financial statements which are available from the Ireland Company Registration Office (CRO).
The ultimate controlling party is Mr J Comerford.


20.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 31 July 2024 by Mark Nelligan (FCA) (senior statutory auditor) on behalf of Wellden Turnbull Limited.


Page 12