Company registration number 04729663 (England and Wales)
ABA SURVEYING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ABA SURVEYING LIMITED
CONTENTS
Page
Accountants' report
2
Balance sheet
3
Notes to the financial statements
4 - 7
ABA SURVEYING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of land and civil engineering surveyors.
Results and dividends
Surveying in the Railway Sector is a major part of ABA's workload. From the end of 2023 the business was adversely affected by the CP6 to CP7 changeover of contracts to be expected in April. The situation was worsened by delays within the civil engineering industry as a result of uncertainty over the timing of the UK general election.
This caused several major contracts for which the company had tendered to be substantially delayed to 2025. Some projects are now finally starting to come back on-line, but this does mean that the calendar year 2024 has been a very difficult trading year. We anticipate that the company will see near normal trading during 2025.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr A Barrow
Mr M J Barrow
Mr S P Barrow
Mr B M Wicks
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr A Barrow
Director
25 November 2024
ABA SURVEYING LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ABA SURVEYING LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ABA Surveying Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of ABA Surveying Limited, as a body, in accordance with the terms of our engagement letter dated 17 October 2017. Our work has been undertaken solely to prepare for your approval the financial statements of ABA Surveying Limited and state those matters that we have agreed to state to the board of directors of ABA Surveying Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ABA Surveying Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that ABA Surveying Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of ABA Surveying Limited. You consider that ABA Surveying Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of ABA Surveying Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Dartnell Accounting Limited
25 November 2024
Chartered Accountants
16 Gorselands Close
West Byfleet
Surrey
KT14 6PU
ABA SURVEYING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
57,074
Tangible assets
5
232,517
207,286
232,517
264,360
Current assets
Debtors
6
325,506
598,002
Cash at bank and in hand
201,252
236,374
526,758
834,376
Creditors: amounts falling due within one year
7
(189,098)
(306,871)
Net current assets
337,660
527,505
Net assets
570,177
791,865
Capital and reserves
Called up share capital
1,133,200
1,133,200
Profit and loss reserves
(563,023)
(341,335)
Total equity
570,177
791,865
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 25 November 2024 and are signed on its behalf by:
Mr A Barrow
Director
Company registration number 04729663 (England and Wales)
ABA SURVEYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
ABA Surveying Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Lansbury Estate, 102 Lower Guildford Road, Knaphill, Woking, Surrey, GU21 2EP.
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 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
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ABA SURVEYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Cash at bank and in hand
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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:
2024
2023
Number
Number
Total
13
13
ABA SURVEYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
951,220
Amortisation and impairment
At 1 April 2023
894,146
Amortisation charged for the year
57,074
At 31 March 2024
951,220
Carrying amount
At 31 March 2024
At 31 March 2023
57,074
5
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
810,833
468,735
196,844
1,476,412
Additions
102,735
102,735
At 31 March 2024
810,833
571,470
196,844
1,579,147
Depreciation and impairment
At 1 April 2023
795,339
301,224
172,563
1,269,126
Depreciation charged in the year
3,873
67,561
6,070
77,504
At 31 March 2024
799,212
368,785
178,633
1,346,630
Carrying amount
At 31 March 2024
11,621
202,685
18,211
232,517
At 31 March 2023
15,494
167,511
24,281
207,286
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
41,957
341,309
Amounts owed by group undertakings
111,615
141,821
Other debtors
171,934
114,872
325,506
598,002
ABA SURVEYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
101
Trade creditors
23,406
186,980
Taxation and social security
42,542
61,277
Other creditors
123,150
58,513
189,098
306,871
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
35,635
35,635
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The company is owned by Alan Barrow Associates, a business in which the director, Mr A Barrow, is the owner. At the year end £111,615 (2023: £141,821) was owed to the company. The balance, included in other debtors, is interest free and repayable on demand.
There was nothing due to the director, Mr A Barrow, at the year end (2023: £nil).