REGISTERED NUMBER: |
Financial Statements for the Period 30 August 2022 to 31 August 2023 |
for |
Advice Centre Group Ltd |
REGISTERED NUMBER: |
Financial Statements for the Period 30 August 2022 to 31 August 2023 |
for |
Advice Centre Group Ltd |
Advice Centre Group Ltd (Registered number: 14322979) |
Contents of the Financial Statements |
for the Period 30 August 2022 to 31 August 2023 |
Page |
Abridged Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Advice Centre Group Ltd (Registered number: 14322979) |
Abridged Balance Sheet |
31 August 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Advice Centre Group Ltd (Registered number: 14322979) |
Abridged Balance Sheet - continued |
31 August 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Advice Centre Group Ltd (Registered number: 14322979) |
Notes to the Financial Statements |
for the Period 30 August 2022 to 31 August 2023 |
1. | STATUTORY INFORMATION |
Advice Centre Group Ltd is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
The directors believe there are no critical judgements in applying the company's accounting policies and no key sources of estimation uncertainty which impact on the financial statements of the company. |
Going concern |
The directors have considered the appropriateness of adopting the going concern basis in preparation of these financial statements. having considered the risks and uncertainties to which the company is subject, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements. |
Turnover |
The turnover in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax. |
Nominee fees arising from Individual Voluntary Arrangements (IVA's) are recognised on completion of a successful creditors' meeting. Supervisor fees arising from IVA's are recognised at the point of recovery. |
Tangible fixed assets |
Plant and machinery etc | - |
The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value. |
Advice Centre Group Ltd (Registered number: 14322979) |
Notes to the Financial Statements - continued |
for the Period 30 August 2022 to 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it's liabilities. |
Financial assets |
Financial assets including trade debtors, are initially recognised at transaction cost which is considered to be fair value and subsequently held at amortised cost. At each statement of financial position date the company assesses whether there is objective evidence that a financial asset has become impaired. Impairment losses are recorded as charges in the income statement and the carrying amount of the financial asset is reduced by establishing as impairment loss provision. Impairment loss provisions are maintained at the level that management deemed sufficient to absorb incurred losses. Financial assets are subsequently carried at transaction cost less provision for impairment. |
Financial liabilities |
Financial liabilities are presented as such in the statement of financial position. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Finance costs and gains or losses relating to financial liabilities are included in the income statement. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Dividends and distributions relating to equity instruments are debited directly to equity. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Advice Centre Group Ltd (Registered number: 14322979) |
Notes to the Financial Statements - continued |
for the Period 30 August 2022 to 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Client bank accounts |
The company holds money in trust on behalf of clients in client bank accounts, which along with the related liability are not included in these financial statements. |
At 31st August 2023 the company held £161,496 in client bank accounts. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
Additions |
At 31 August 2023 |
DEPRECIATION |
Charge for period |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
5. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
£ |
Within one year |
Between one and five years |
6. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |