Registration number:
Assured Management Group Limited
for the Year Ended 30 April 2024
Assured Management Group Limited
Contents
Company Information |
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Statement of Director's Responsibilities |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Assured Management Group Limited
Company Information
Director |
Mr Craig George Somerville |
Company secretary |
Mr Craig George Somerville |
Registered office |
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Accountants |
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Assured Management Group Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Assured Management Group Limited
for the Year Ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Assured Management Group Limited for the year ended 30 April 2024 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance
This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Assured Management Group Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.
It is your duty to ensure that Assured Management Group Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Assured Management Group Limited. You consider that Assured Management Group Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Assured Management Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Kirkcaldy
Fife
KY1 1HB
Assured Management Group Limited
(Registration number: SC358261)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
23,556 |
27,850 |
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Shareholders' funds |
23,656 |
27,950 |
For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Assured Management Group Limited
Statement of Changes in Equity for the Year Ended 30 April 2024
Share capital |
Retained earnings |
Total |
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At 1 May 2023 |
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Loss for the year |
- |
( |
( |
At 30 April 2024 |
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Share capital |
Retained earnings |
Total |
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At 1 May 2022 |
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Loss for the year |
- |
( |
( |
At 30 April 2023 |
100 |
27,850 |
27,950 |
Assured Management Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Statutory information |
The company is a private company limited by share capital, incorporated in Scotland. Its registered office and registration number can be found on the Company Information page.
The principal place of business is:
69 Pettycur Road
Kinghorn
Fife
KY3 9RP
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The presentation currency is sterling.
Revenue recognition
Turnover represents consultancy fees receivable, net of VAT, for services performed during the accounting period.
Tangible assets
Tangible assets are stated at historical cost less accumulated depreciation and accumulated impairment losses.
Depreciation
Depreciation is provided at rates calculated so as to write off the cost less residual value of each asset over its expected useful life as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% per annum on a straight line basis |
Office equipment |
25% per annum on a straight line basis |
Fixtures and fittings |
20% per annum on a straight line basis |
Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Assured Management Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Hire purchase and leasing
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. The capital element of the future payments is treated as a liability. The interest element of these obligations is charged to the profit and loss account over the relevant period on a straight line basis. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 corporation 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Going concern
The financial statements have been prepared on a going concern basis.
Defined contribution pension obligation
The company operates a defined contribution plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. Only the director participated in a scheme during 2023 and 2022.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Assured Management Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Taxation |
Tax (credited) / charged in the profit and loss account: |
2024 |
2023 |
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£ |
£ |
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UK corporation tax (credit) / charge |
221 |
1,541 |
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Deferred tax arising from origination and reversal of timing differences |
(877) |
(1,481) |
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Tax (receipt) / expense in the profit and loss account |
(656) |
60 |
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost |
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At 1 May 2023 |
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Additions |
- |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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- |
Prepayments |
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- |
Other debtors |
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Other debtors include a balance due to the company from the director. The loan is interest free and is payable on demand. Further details are provided at note 10.
Assured Management Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
- |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Hire purchase contracts |
- |
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Current loans and borrowings
2024 |
2023 |
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Hire purchase contracts |
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Provisions for liabilities |
2024 |
2023 |
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£ |
£ |
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Deferred tax: accelerated capital allowances |
275 |
1,152 |
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Deferred tax |
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Balance at 1 May 2023 |
1,152 |
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Charge / (credit) to P&L during the year |
(877) |
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Balance at 30 April 2024 |
275 |
Related party transactions |
Transactions with the director |
2024 |
At 1 May 2023 |
Advances to director |
Repayments by director |
At 30 April 2024 |
Mr Craig George Somerville |
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( |
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Assured Management Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
2023 |
At 1 May 2022 |
Advances to director |
At 30 April 2023 |
Mr Craig George Somerville |
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- |
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