REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements |
for the Year Ended 28 December 2023 |
for |
AS International Corporation Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements |
for the Year Ended 28 December 2023 |
for |
AS International Corporation Limited |
AS International Corporation Limited (Registered number: 01251950) |
Contents of the Financial Statements |
for the Year Ended 28 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 7 |
Balance Sheet | 8 |
Statement of Changes in Equity | 9 |
Cash Flow Statement | 10 |
Notes to the Cash Flow Statement | 11 |
Notes to the Financial Statements | 12 |
AS International Corporation Limited |
Company Information |
for the Year Ended 28 December 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Oriel House |
2-8 Oriel Road |
Bootle |
Liverpool |
Merseyside |
L20 7EP |
AS International Corporation Limited (Registered number: 01251950) |
Strategic Report |
for the Year Ended 28 December 2023 |
This strategic report contains a review of the business in relation to the financial performance for the year and its position at the end of the year. It also includes the Directors view of the principal risks and uncertainties facing the company. |
REVIEW OF BUSINESS |
MISSION |
Alex Stewart International is committed in its pursuit of excellence through its business objectives to provide first-class inspection and analysis services to its customers and to maintain a robust risk management policy which enables it to provide security for its partners and offer a dynamic work experience for all its employees. |
FINANCIAL STATEMENTS |
The results for the year and the financial position of the Company are shown in the annexed financial statements. The Company has continued to enjoy a period of growth in turnover. Foreign currency trends in particular the US Dollar have been uncertain whilst unprecedented inflation and energy costs have challenged the Company towards the end of its financial year. Administration costs have generally seen rises, with larger rises in wage costs as the number of employees has been increased during the year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Foreign Exchange: - As the Company trades internationally with many countries, we are exposed to movements in foreign exchange variances. The key currencies that we trade in are Sterling, Dollars and Euros. We try to mitigate the risk of foreign exchange losses by holding funds in these key currencies to hedge and anticipate gains rather than losses. |
COMPLIANCE |
The Organisation remains committed fully to its Compliance Programme with particular reference to the TIC Council seven Principles:- |
Integrity | to operate in a professional, independent and impartial manner, whilst adhering to approved methods to report data in good faith without unauthorized amendment. |
Conflict of Interest | to avoid any conflict of interest where a financial or commercial interest is involved and to avoid conflicts of interest with the activities of the Member. |
Confidentiality and Data Protection | to respect the confidentiality and privacy of clients information and to ensure processes are in place to protect such information. |
Anti-bribery | to prohibit the offer or acceptance of a bribe in any form and to prohibit routes or channels for provision of improper benefits or receipt of improper benefits. |
Fair Business Conduct | to conduct business with the highest standards of business ethics and integrity and to avoid any action that may bring the reputation of the TIC Council into disrepute. |
Health and Safety | to implement adequate resource and training to protect the Health and Safety of employees, customers and third parties, and to monitor incidents with the view of minimizing all risk. |
Fair Labour | to be aware of the social responsibilities for its employees and the people, communities and environments in which it works and to respect human rights at all times. |
The Company is also a participating member of TIC Council Committees ensuring the business remains fully compliant across its business activity. The Company operates in many countries, each with their own laws and regulations. Therefore, the Company is exposed to a higher risk of litigation. This is mitigated by having affiliate companies around the world, with local partners to ensure all relevant laws and regulations are complied with. |
HEALTH AND SAFETY |
Alex Stewart International has deemed Safety as one of its key priorities. The Company understands the importance of a Safety Culture in its relationships with its key stakeholders and is committed to providing a safe place of work for all its employees across all its business sectors. The company has implemented a full Health and Safety Policy that is based around ISO 45001 and is committed to fully comply with the HASAWA 1974 and its Approved Codes of Practice. The Company reviews its safety policy annually and is committed to implementing the PDCA principles advocated through planning and checking the effectiveness of the policy. The company is also committed to consulting with staff on safety issues and implements a safety committee comprising of representatives across each business area. Reporting of Safety Incidents and Near Miss events are highly prioritised such that effective corrective action may be implemented. Reporting of Safety into board level remains a KPI to ensure that the appropriate levels of communication from shop floor to boardroom are maintained. |
AS International Corporation Limited (Registered number: 01251950) |
Strategic Report |
for the Year Ended 28 December 2023 |
FUTURE DEVELOPMENTS |
The Company intends to continue with its long-term vison, the pursuit of excellence and its commitment to providing quality driven inspection and analysis services and looks forward to sustaining its financial growth and business development by focussing on core sectors and investing further in its emerging businesses which include food testing and environmental services. |
KEY PERFORMANCE INDICATORS |
Turnover has increased by 11% from £18,727,362 to £20,765,802. |
Gross Profit has increased by 14% from £10,692,845 to £12,158,568 |
Profit before Tax has increased by 12% from £5,085,724 to £5,674,029. |
ON BEHALF OF THE BOARD: |
AS International Corporation Limited (Registered number: 01251950) |
Report of the Director |
for the Year Ended 28 December 2023 |
The director presents his report with the financial statements of the company for the year ended 28 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of inspectors and analysers of commodities. |
DIVIDENDS |
No dividends will be distributed for the year ended 28 December 2023. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTOR |
DISCLOSURE IN THE STRATEGIC REPORT |
Items required under Schedule 7 to be disclosed in the Report of the Director can be found in the Strategic Report in accordance with Section 414C(11) of the Companies Act 2006. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
AS International Corporation Limited |
Opinion |
We have audited the financial statements of AS International Corporation Limited (the 'company') for the year ended 28 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 28 December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
AS International Corporation Limited |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK employment laws, UK tax laws and International Organization for Standardization. |
- We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management, reviewing any board meeting minutes, and reviewing the legal costs incurred in the year and enquiring with management as to the circumstances around these legal costs. |
- We assessed the susceptibility of the Company's financial statements to materiality misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included: |
- identifying the controls that management has in place to prevent and detect fraud;-challenging assumptions and judgements made by management in its significant accounting estimates; |
- auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; |
- assessing the extent of compliance with the relevant laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Oriel House |
2-8 Oriel Road |
Bootle |
Liverpool |
Merseyside |
L20 7EP |
AS International Corporation Limited (Registered number: 01251950) |
Statement of Comprehensive Income |
for the Year Ended 28 December 2023 |
28.12.23 | 28.12.22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
5,722,283 | 4,538,965 |
Other operating income | ( |
) |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
5,674,029 | 5,091,541 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
AS International Corporation Limited (Registered number: 01251950) |
Balance Sheet |
28 December 2023 |
28.12.23 | 28.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
AS International Corporation Limited (Registered number: 01251950) |
Statement of Changes in Equity |
for the Year Ended 28 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 29 December 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 28 December 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 28 December 2023 |
AS International Corporation Limited (Registered number: 01251950) |
Cash Flow Statement |
for the Year Ended 28 December 2023 |
28.12.23 | 28.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount withdrawn by directors | (246,508 | ) | (133,936 | ) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
10,347,481 |
Cash and cash equivalents at end of year | 2 | 17,952,905 | 14,065,143 |
AS International Corporation Limited (Registered number: 01251950) |
Notes to the Cash Flow Statement |
for the Year Ended 28 December 2023 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
28.12.23 | 28.12.22 |
£ | £ |
Profit for the financial year |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | - | 5,817 |
Finance income | (264,465 | ) | (25,113 | ) |
Taxation |
5,826,632 | 5,561,485 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 28 December 2023 |
28.12.23 | 29.12.22 |
£ | £ |
Cash and cash equivalents | 17,952,905 | 14,065,143 |
Year ended 28 December 2022 |
28.12.22 | 29.12.21 |
£ | £ |
Cash and cash equivalents | 14,065,143 | 10,347,481 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 29.12.22 | Cash flow | At 28.12.23 |
£ | £ | £ |
Net cash |
Cash at bank | 14,065,143 | 3,887,762 | 17,952,905 |
14,065,143 | 17,952,905 |
Total | 14,065,143 | 3,887,762 | 17,952,905 |
AS International Corporation Limited (Registered number: 01251950) |
Notes to the Financial Statements |
for the Year Ended 28 December 2023 |
1. | STATUTORY INFORMATION |
AS International Corporation Limited is a |
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 |
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. |
Turnover |
Turnover represents the fair value of services provided under contracts with customers to the extent that there is a right to consideration. It is measured at a fair value of the consideration due. When a service is incomplete at the year end, turnover represents the value of the service provided to that date based on an appropriate proportion of the total expected consideration at completion. |
Invoices are not raised until a contract is complete so the value of incomplete services is included as Amounts recoverable on contracts in the balance sheet. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Fixed assets are recognised at historical cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property | - 20% on cost |
Plant and machinery | - 20% on reducing balance |
Fixtures and fittings | - 20% on reducing balance |
Computer equipment | - 33% on reducing balance |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from other third parties, loans from related parties, loans to related parties and investments in non-puttable ordinary shares. |
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. |
AS International Corporation Limited (Registered number: 01251950) |
Notes to the Financial Statements - continued |
for the Year Ended 28 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Investments in non-puttable ordinary shares are measured at cost less impairment. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 year 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. |
Leasing commitments |
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
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. |
AS International Corporation Limited (Registered number: 01251950) |
Notes to the Financial Statements - continued |
for the Year Ended 28 December 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
28.12.23 | 28.12.22 |
£ | £ |
United Kingdom |
Europe |
Rest of world | 10,544,717 | 9,193,005 |
4. | EMPLOYEES AND DIRECTORS |
28.12.23 | 28.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
28.12.23 | 28.12.22 |
Directors | 1 | 1 |
Employees | 93 | 84 |
28.12.23 | 28.12.22 |
£ | £ |
Director's remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
28.12.23 | 28.12.22 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
28.12.23 | 28.12.22 |
£ | £ |
Interest on overdue taxation |
AS International Corporation Limited (Registered number: 01251950) |
Notes to the Financial Statements - continued |
for the Year Ended 28 December 2023 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
28.12.23 | 28.12.22 |
£ | £ |
Current tax: |
UK corporation tax |
Overprovision prior year | - | (13,752 | ) |
Total current tax |
Deferred tax: |
Deferred tax | ( |
) |
Under/over provision of tax | - | (3,627 | ) |
Total deferred tax | ( |
) |
Tax on profit |
UK corporation tax has been charged at 23.47% (2022 - 19%). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
28.12.23 | 28.12.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Adjustments to tax charge in respect of previous periods | ( |
) |
Change in rate of tax | (91,356 | ) | - |
Total tax charge | 1,402,308 | 1,031,977 |
8. | DIVIDENDS |
28.12.23 | 28.12.22 |
£ | £ |
Ordinary B shares of £1 each |
Interim |
Ordinary C shares of £1 each |
Interim |
AS International Corporation Limited (Registered number: 01251950) |
Notes to the Financial Statements - continued |
for the Year Ended 28 December 2023 |
9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 29 December 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 28 December 2023 |
DEPRECIATION |
At 29 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 28 December 2023 |
NET BOOK VALUE |
At 28 December 2023 |
At 28 December 2022 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.12.23 | 28.12.22 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
Directors' current accounts | 32,129 | - |
VAT |
Prepayments |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.12.23 | 28.12.22 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | - | 214,379 |
Accruals and deferred income |
12. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
28.12.23 | 28.12.22 |
£ | £ |
Within one year |
Between one and five years |
AS International Corporation Limited (Registered number: 01251950) |
Notes to the Financial Statements - continued |
for the Year Ended 28 December 2023 |
13. | SECURED DEBTS |
The following secured debts are included within creditors: |
28.12.23 | 28.12.22 |
£ | £ |
The company's bank overdraft facility is secured by a fixed and floating charge over the assets of the company to National Westminster Bank PLC, dated 25 February 2011. |
14. | PROVISIONS FOR LIABILITIES |
28.12.23 | 28.12.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 29 December 2022 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 28 December 2023 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.12.23 | 28.12.22 |
value: | £ | £ |
Ordinary A | £1 | 11,750 | 11,750 |
Ordinary B | £1 | 12,000 | 12,000 |
Ordinary C | £1 | 1,250 | 1,250 |
25,000 | 25,000 |
Each Ordinary A, Ordinary B and Ordinary C share entitles the holder to one vote in any circumstances. |
16. | RESERVES |
Retained |
earnings |
£ |
At 29 December 2022 |
Profit for the year |
At 28 December 2023 |
Retained earnings represents cumulative profits and losses net of dividends and other adjustments |
17. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. During the year the costs of the scheme amounted to £66,729 (2022: £73,283). |
AS International Corporation Limited (Registered number: 01251950) |
Notes to the Financial Statements - continued |
for the Year Ended 28 December 2023 |
18. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 28 December 2023 and 28 December 2022: |
28.12.23 | 28.12.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The directors loan account is unsecured, interest free and repayable on demand. |
The loan was settled in January 2024. |
19. | RELATED PARTY DISCLOSURES |
28.12.23 | 28.12.22 |
£ | £ |
Sales |
Purchases |
28.12.23 | 28.12.22 |
£ | £ |
Dividend | - | 246,508 |
Amount due from related party |
Amount due to related party |
28.12.23 | 28.12.22 |
£ | £ |
Sales |
Purchases |
Amount due from related party |
Amount due to related party |
Recognised bad or doubtful debts due from related parties |
20. | POST BALANCE SHEET EVENTS |
On 19 April 2024, 750 Ordinary A shares and 332 Ordinary D shares were issued as part of a share for share exchange to acquire a new subsidiary, Alex Stewart Agriculture Limited. The trade and assets of the subsidiary were hived up following its acquisition. |
21. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |