Company Registration Number 08091348 (England and Wales)
ACTSO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ACTSO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ACTSO LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
118,670
199,686
Cash at bank and in hand
225,427
149,351
344,097
349,037
Creditors: amounts falling due within one year
5
(100,394)
(126,249)
Net current assets
243,703
222,788
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
243,702
222,787
Total equity
243,703
222,788
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 July 2024 and are signed on its behalf by:
Mr J H Herriman
Director
Company registration number 08091348 (England and Wales)
ACTSO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
ACTSO Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Sylvan Court, Sylvan Way, Southfields Business Park, Basildon, Essex, SS15 6TH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
ACTSO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ACTSO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
16
15
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
36,970
23,601
Prepayments and accrued income
81,700
176,085
118,670
199,686
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
17,700
12,444
Amounts owed to group undertakings
8,083
23,388
Taxation and social security
16,372
12,636
Accruals and deferred income
58,239
77,781
100,394
126,249
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
ACTSO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Audit report information
(Continued)
- 5 -
Senior Statutory Auditor:
Mark Palmer BSc BFP FCA
Statutory Auditor:
Cottons Accountants LLP
Date of audit report:
11 September 2024
7
Financial commitments, guarantees and contingent liabilities
The company is part of a group Value Added Tax (VAT) registration scheme. As such the company is
liable for the group VAT liability. At the year end there was a VAT liability due of £21,365 (2022: £Nil) under
this scheme.
8
Related party transactions
The company has taken advantage of the exemption from disclosing transactions with wholly group owned subsidiaries.
9
Parent company
A the year end the parent company of ACTSO Limited was The Trading Standards Institute. At the date of approval of the financial statements the parent company of ACTSO Limited is The Chartered Trading Standards Institute, a Royal Charter company registered under RC000879. The Registered Office of The Chartered Trading Standards Institute is 1 Sylvan Court, Sylvan Way, Southfields Business Park, Basildon, Essex, SS15 6TH.
10
Auditor's liability limitation agreement
Upon appointment of Cottons Accountants LLP as auditors, the Company entered into a limitation liability agreement with the auditors and this was approved by resolution on 20 March 2024. Liability is limited to the lesser of 20 times the audit fee or £160,000. In accordance with section 537 of CA06, the effect of the limitation liability agreement is to limit the auditor's liability to less than such amount as it fair and reasonable, as determined by that section, the agreement shall have effect as if it limited the liability to such amount as if fair and reasonable, as so determined.
The agreement limited the liability owed to the Company by the auditors in respect of any negligence, default or breach of duty, or breach of trust, occurring in the course of the audit of the accounts for the year ending 31st December 2023.
The agreement does not limit liability for any instance of fraud or dishonesty on behalf of the auditor or ay other liability that cannot be excluded or restricted by applicable laws or regulations.