Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 4 |
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0 | 485,415 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 5 |
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- due after more than one year | 5 |
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Cash at bank and in hand |
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1,016,111 | 2,219,559 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets/(liabilities) | 156,942 | (603,458) | ||
Total assets less current liabilities | 156,942 | (118,043) | ||
Net assets/(liabilities) |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account |
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Total shareholder's funds/(deficit) |
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Directors' responsibilities:
The financial statements of ASP Rope Access UK Limited (registered number:
Mr David Allen Morgan
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
ASP Rope Access UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 29 Albyn Place, Aberdeen,AB10 1YL, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The company made a profit during the year of £274,985 (2023 £51,529) has net assets of £156,942 (Net liabilities -2023 £118,043).
The directors are satisfied that the financial support will continue to be available as required from group and parent undertakings and that loans advanced from group and parent undertakings will not be repayable until the company has sufficient funds to do so.
At the time of approving the financial statements, the directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors consider it appropriate to prepare the financial statements on the going concern basis.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised in the period in which the work is completed.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Vehicles | not depreciated |
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.
Investments are recognised initially at cost which is the transaction price. Subsequently, they are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Vehicles | Total | ||
£ | £ | ||
Cost | |||
At 01 March 2023 |
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Additions |
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Disposals | (
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At 29 February 2024 |
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Accumulated depreciation | |||
At 01 March 2023 |
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At 29 February 2024 |
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Net book value | |||
At 29 February 2024 |
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At 28 February 2023 |
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Investments in joint ventures | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 March 2023 |
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Disposals | (
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At 29 February 2024 |
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Carrying value at 29 February 2024 |
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Carrying value at 28 February 2023 |
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During the year the company disposed of it's investment in Joint Venture.
2024 | 2023 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Trade debtors |
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Amounts owed by Group undertakings |
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Deferred tax asset |
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Other debtors |
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Debtors: amounts falling due after more than one year | |||
Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Amounts owed to Parent undertakings |
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Other taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year |
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(Charged)/credited to the Profit and Loss Account | (
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At the end of financial year |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Amounts owed by director | (587) | 189 |
The above loan is interest free and his no fixed repayment terms.
Other related party transactions
2024 | 2023 | ||
£ | £ | ||
Amounts due to group companies | 830,944 | 2,401,915 | |
Amounts owed by group companies | (7,447) | (7,447) |
The loans are interest free and there are no fixed repayment terms in place.