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COMPANY REGISTRATION NUMBER: 04985656
Azure Property Consultants Ltd
Filleted Unaudited Financial Statements
31 March 2024
Azure Property Consultants Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Azure Property Consultants Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
11,591
12,084
Current assets
Debtors
7
131,479
75,842
Cash at bank and in hand
137,746
415,588
---------
---------
269,225
491,430
Creditors: amounts falling due within one year
8
130,354
207,353
---------
---------
Net current assets
138,871
284,077
---------
---------
Total assets less current liabilities
150,462
296,161
Creditors: amounts falling due after more than one year
9
13,063
23,276
Provisions
Taxation including deferred tax
2,898
---------
---------
Net assets
134,501
272,885
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
134,401
272,785
---------
---------
Shareholder funds
134,501
272,885
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Azure Property Consultants Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mr A K West
Director
Company registration number: 04985656
Azure Property Consultants Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bradstowe House, 35 Middle Wall, Whitstable, Kent, CT5 1BJ, England.
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 on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Client accounts
The company operates several client bank accounts, and the entirety of the money held in these accounts is due to the clients. Under guidance from the Royal Institution of Chartered Surveyors (RICS), the bank accounts and corresponding client liabilities are not presented in the financial statements of the company.
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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. 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.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 12 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
2,800
-------
Amortisation
At 1 April 2023 and 31 March 2024
2,800
-------
Carrying amount
At 31 March 2024
-------
At 31 March 2023
-------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2023
3,155
22,177
25,332
Additions
576
4,141
4,717
-------
--------
--------
At 31 March 2024
3,731
26,318
30,049
-------
--------
--------
Depreciation
At 1 April 2023
945
12,303
13,248
Charge for the year
746
4,464
5,210
-------
--------
--------
At 31 March 2024
1,691
16,767
18,458
-------
--------
--------
Carrying amount
At 31 March 2024
2,040
9,551
11,591
-------
--------
--------
At 31 March 2023
2,210
9,874
12,084
-------
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
116,182
53,457
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,882
Other debtors
12,415
22,385
---------
--------
131,479
75,842
---------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,182
9,929
Trade creditors
7,247
5,577
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,306
Corporation tax
9,062
34,331
Social security and other taxes
35,355
59,444
Other creditors
68,508
91,766
---------
---------
130,354
207,353
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,063
23,276
--------
--------
10. Directors' advances, credits and guarantees
At the year end, the Directors were owed £1,647 (2023: the Directors owed £4,762) by the company.
11. Related party transactions
At the year end, the company was owed £2,882 (2023: the company owed £6,306) by group companies.
12. Controlling party
The company's parent undertaking is Azure Titan Limited , a company registered in England and Wales, whose registered office is at 1 Oxford Street, Whitstable, Kent, United Kingdom, CT5 1DB .