COMPANY REGISTRATION NUMBER:
14535007
FILLETED FINANCIAL STATEMENTS |
|
STATEMENT OF FINANCIAL POSITION |
|
30 September 2023
Current assets
Creditors: amounts falling due within one year |
5 |
(
451,774) |
|
---------- |
Net current assets |
34,517 |
|
--------- |
Total assets less current liabilities |
34,517 |
|
--------- |
Net assets |
34,517 |
|
--------- |
|
|
|
Capital and reserves
Called up share capital |
100 |
Profit and loss account |
34,417 |
|
--------- |
Shareholder funds |
34,517 |
|
--------- |
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
19 September 2024
, and are signed on behalf of the board by:
Company registration number:
14535007
NOTES TO THE FINANCIAL STATEMENTS |
|
PERIOD FROM 12 DECEMBER 2022 TO 30 SEPTEMBER 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 York Street, London, W1H 1EZ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared in sterling on the historical cost basis.
Going concern
The financial statements are prepared on a going concern basis, which the directors believe to be appropriate for the following reasons. The company is reliant on a blend of external finance and funds available from other companies within the group. The group has facilities in place from external lenders and support is being provided by other group companies. Where the company is reliant on funds provided to it by other companies within the group, those companies have provided the company with an an undertaking that they will, for at least 12 months from the date of approval of these financial statements, continue to make available such funds as are needed by the company and in particular will not seek repayment of the amounts currently made available. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. The directors have carried out their assessment of going concern and taking into account the economic conditions and possible changes in trading performance, alongside the facts noted above, they have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The key judgements and sources of estimation uncertainty that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as disclosed in the financial statements.
Revenue recognition
Turnover is recognised as the fair value of construction received or receivable from project management services. Turnover is recognised when the services are performed.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transactions in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment. Financial liabilities - trade creditors and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
4.
Debtors
|
30 Sep 23 |
|
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
424,074 |
Other debtors |
62,217 |
|
---------- |
|
486,291 |
|
---------- |
|
|
5.
Creditors:
amounts falling due within one year
|
30 Sep 23 |
|
£ |
Trade creditors |
248,043 |
Amounts owed to group undertakings |
154,086 |
Accruals and deferred income |
45,154 |
Social security and other taxes |
4,491 |
|
---------- |
|
451,774 |
|
---------- |
|
|
Included within creditors are intercompany loans totalling £79,895 which are secured.
6.
Contingencies
The company is part of a VAT group with other group companies and as such has a contingent liability in respect of any outstanding VAT.
7.
Summary audit opinion
The auditor's report dated
19 September 2024
was
unqualified
.
The senior statutory auditor was
Jonathan Day
, for and on behalf of
Streets Audit LLP
.
8.
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.
9.
Controlling party
A.H. Construction Solutions Group Limited is the immediate parent company. Acorn PG Holdings Limited is the ultimate parent company. The registered office of the companies is 29 York Street, London, England, W1H 1EZ. Copies of the financial statements for the parent company and group can be obtained from Companies House.