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Registration number: 05636676

AS Communications (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

AS Communications (UK) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 15

 

AS Communications (UK) Limited

Company Information

Director

W H Mumford

Company secretary

E J Mumford

Registered office

The Maples
Fydell Court
St. Neots
Cambridgeshire
PE19 1UJ

 

AS Communications (UK) Limited

(Registration number: 05636676)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

7,500

11,250

Tangible assets

5

59,178

82,267

Investments

6

100

100

 

66,778

93,617

Current assets

 

Stocks

7

9,409

17,708

Debtors

8

1,256,920

1,295,523

Cash at bank and in hand

 

3,829

37,281

 

1,270,158

1,350,512

Creditors: Amounts falling due within one year

9

(641,348)

(677,360)

Net current assets

 

628,810

673,152

Total assets less current liabilities

 

695,588

766,769

Creditors: Amounts falling due after more than one year

9

(21,645)

(26,139)

Provisions for liabilities

(1,654)

(1,654)

Net assets

 

672,289

738,976

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

672,189

738,876

Shareholders' funds

 

672,289

738,976

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

Director's responsibilities:

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

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.

 

AS Communications (UK) Limited

(Registration number: 05636676)
Balance Sheet as at 31 December 2023

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 director on 25 September 2024
 

.........................................
W H Mumford
Director

 

AS Communications (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
The Maples
Fydell Court
St. Neots
Cambridgeshire
PE19 1UJ
United Kingdom

The principal place of business is:
1 Harrys Yard
The Green
Great Staughton
St Neots
Cambridgeshire
PE19 5DQ

These financial statements were authorised for issue by the director on 25 September 2024.

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 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 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.

 

AS Communications (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 shown net of sales/value added tax, returns, rebates and discounts.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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.

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.

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

Short leasehold property

10% on cost

Office equipment

25% on cost

Motor vehicles

25% on cost

 

AS Communications (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Plant and equipment

25% on cost

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

5% on cost

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.

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

AS Communications (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

AS Communications (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 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 the director) during the year, was 2 (2022 - 6).

 

AS Communications (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

75,000

75,000

At 31 December 2023

75,000

75,000

Amortisation

At 1 January 2023

63,750

63,750

Amortisation charge

3,750

3,750

At 31 December 2023

67,500

67,500

Carrying amount

At 31 December 2023

7,500

7,500

At 31 December 2022

11,250

11,250

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

115,677

15,421

30,812

15,084

176,994

At 31 December 2023

115,677

15,421

30,812

15,084

176,994

Depreciation

At 1 January 2023

66,322

11,760

1,926

14,720

94,728

Charge for the year

11,568

3,661

7,703

156

23,088

At 31 December 2023

77,890

15,421

9,629

14,876

117,816

Carrying amount

At 31 December 2023

37,787

-

21,183

208

59,178

At 31 December 2022

49,355

3,661

28,886

365

82,267

Included within the net book value of land and buildings above is £37,787 (2022 - £49,355) in respect of short leasehold land and buildings.
 

 

AS Communications (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 January 2023

100

Provision

Carrying amount

At 31 December 2023

100

At 31 December 2022

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Vantage E & W Limited

4 Grovemere Court
Bicton Industrial Park
Kimbolton
PE28 0EY

England and Wales

Ordinary

100%

100%

A S C Autonomy Limited

1 Harrys Yrad, The Green, Great Staughton, St Neots, Cambridgeshire PE19 5DQ

England and Wales

Ordinary

100%

100%

 

AS Communications (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Subsidiary undertakings

Vantage E & W Limited

The principal activity of Vantage E & W Limited is distribution of technology solutions to the agricultural sector.

A S C Autonomy Limited

The principal activity of A S C Autonomy Limited is none as the company was dormant.

7

Stocks

2023
£

2022
£

Work in progress

-

701

Other inventories

9,409

17,007

9,409

17,708

The carrying amount of stocks pledged as security for liabilities amounted to £9,409 (2022 - £17,708).

 

AS Communications (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

3,896

326

Amounts owed by related parties

14

1,273,827

1,259,594

Prepayments

 

-

11,911

Other debtors

 

(20,803)

23,692

   

1,256,920

1,295,523

The carrying amount of trade debtors pledged as security for liabilities amounted to £3,896 (2022 - £326).

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

78,668

71,454

Trade creditors

 

813

15,265

Amounts owed to group undertakings and undertakings in which the company has a participating interest

14

531,115

531,115

Taxation and social security

 

4,138

41,889

Accruals and deferred income

 

4,940

4,940

Other creditors

 

21,674

12,697

 

641,348

677,360

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £72,162 (2022 - £71,454).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

21,645

26,139

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £21,645 (2022 - £26,139).

 

AS Communications (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

21,645

26,139

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

Bank overdrafts

68,668

61,454

78,668

71,454

12

Dividends

2023

2022

£

£

Final dividend of £350.00 (2022 - £Nil) per ordinary share

-

-

Interim dividend of £Nil (2022 - £250.00) per ordinary share

35,000

25,000

35,000

25,000

 

 

The director is recommending a final dividend of £Nil (2022 - £350.00) per share totalling £Nil (2022 - £35,000.00). This dividend has not been accrued in the balance sheet.

13

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £23,770).

 

AS Communications (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

14

Related party transactions

Transactions with the director

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Directors' current account

-

8,948

(8,948)

-

 

Summary of transactions with entities with joint control or significant interest

W Mumford & Son Limited, a company controlled by Mr W H Mumford
 The company sells goods and services to W Mumford & Son Limited
 

Summary of transactions with subsidiaries

Transactions with subsidiaries.
 Goods and services are supplied to subsidiaries.
 Goods are suipplied at cost and services are supplied on normal commercial terms.
 

Income and receivables from related parties

2023

Entities with joint control or significant influence
£

Subsidiary
£

Sale of goods

-

14,233

Receipt of services

4,409

66,387

4,409

80,620

Amounts receivable from related party

982

15,604

2022

Subsidiary
£

Receipt of services

612,000

Loans to related parties

2023

Subsidiary
£

Total
£

At start of period

728,479

728,479

Advanced

14,243

14,243

At end of period

742,722

742,722

 

AS Communications (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2022

Subsidiary
£

Key management
£

Total
£

At start of period

966,206

-

966,206

Advanced

293,388

8,948

302,336

Repaid

-

(8,948)

(8,948)

Impairment

(531,115)

-

(531,115)

At end of period

728,479

-

728,479

Terms of loans to related parties


 Advances to the subsidiary are interest free and repayable on demand.
 

15

Parent and ultimate parent undertaking

The ultimate controlling party is W H Mumford.