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Registration number: 08041324

Audagio Services Ltd

Unaudited Filleted Abridged Financial Statements

for the Period from 1 May 2023 to 31 December 2023

 

Audagio Services Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Audagio Services Ltd

Company Information

Directors

Mrs BM Mills

Mr HCA Mills

Registered office

29A Salisbury Road
Totton
Southampton
Hampshire
SO40 3HX

Accountants

Pyatt & Pyatt
Chartered Certified Accountants
36 St Thomas Street
Lymington
Hampshire
SO41 9NE

 

Audagio Services Ltd

(Registration number: 08041324)
Abridged Balance Sheet as at 31 December 2023

Note

31 December
2023
£

30 April
2023
£

Fixed assets

 

Tangible assets

5

33,243

40,819

Investments

6

174,207

174,207

 

207,450

215,026

Current assets

 

Debtors

190,434

158,607

Cash at bank and in hand

 

242,482

333,844

 

432,916

492,451

Prepayments and accrued income

 

121,573

157,165

Creditors: Amounts falling due within one year

(439,174)

(466,121)

Net current assets

 

115,315

183,495

Total assets less current liabilities

 

322,765

398,521

Creditors: Amounts falling due after more than one year

(76,213)

(22,435)

Accruals and deferred income

 

(9,809)

(37,917)

Net assets

 

236,743

338,169

Capital and reserves

 

Called up share capital

7

5,000

5,000

Retained earnings

231,743

333,169

Shareholders' funds

 

236,743

338,169

For the financial period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Audagio Services Ltd

(Registration number: 08041324)
Abridged Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

.........................................
Mr HCA Mills
Director

 

Audagio Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2023 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
29A Salisbury Road
Totton
Southampton
Hampshire
SO40 3HX

2

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is exempt from value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

The company is paid after services have been delivered.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Audagio Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2023 to 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Motor vehicles

25% straight line

Furniture and fittings

20% straight line

Office equipment

20% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Other intangible assets are franchise fees paid to Bluebird Care Ltd. It is amortised in the profit and loss account over its estimated economic life of 5 years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise fee

20% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Audagio Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2023 to 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. There is no reason for provision of impairment as payment is generally received in advance of services provided.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Audagio Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2023 to 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 124 (2023 - 131).

4

Intangible assets

Total
£

Cost or valuation

At 1 May 2023

78,000

At 31 December 2023

78,000

Amortisation

At 1 May 2023

78,000

At 31 December 2023

78,000

Carrying amount

At 31 December 2023

-

 

Audagio Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2023 to 31 December 2023

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

18,719

368

50,217

67,195

136,499

Additions

184

-

-

-

184

At 31 December 2023

18,903

368

50,217

67,195

136,683

Depreciation

At 1 May 2023

16,460

368

42,102

36,750

95,680

Charge for the period

170

-

2,424

5,166

7,760

At 31 December 2023

16,630

368

44,526

41,916

103,440

Carrying amount

At 31 December 2023

2,273

-

5,691

25,279

33,243

At 30 April 2023

2,259

-

8,115

30,445

40,819

 

Audagio Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2023 to 31 December 2023

6

Investments

Total
£

Cost or valuation

At 1 May 2023

174,207

Provision

Carrying amount

At 31 December 2023

174,207

At 30 April 2023

174,207

7

Share capital

Allotted, called up and fully paid shares

 

31 December
2023

30 April
2023

 

No.

£

No.

£

Ordinary of £1 each

5,000

5,000

5,000

5,000

         
 

Audagio Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2023 to 31 December 2023

8

Dividends

   

31 December
2023

 

30 April
2023

   

£

 

£

Interim dividend of £12.00 (2023 - £16.00) per ordinary share

 

60,000

 

80,000

         

9

Related party transactions

Summary of transactions with parent

Loan from parent
 

Summary of transactions with subsidiaries

Loan to subsidiary
 

Loans to related parties

2023

Parent
£

Subsidiary
£

Total
£

At start of period

-

30,360

30,360

Advanced

8,000

17,888

25,888

At end of period

8,000

48,248

56,248

Loans from related parties

2023

Parent
£

Total
£

At start of period

3,000

3,000

Repaid

(3,000)

(3,000)

At end of period

-

-

10

Parent and ultimate parent undertaking

Rivercroft Holdings Ltd holds 100% of the issued share capital of Audagio Services Ltd

 The company's immediate parent is Rivercroft Holdings Ltd, incorporated in England & Wales.