Acorah Software Products - Accounts Production 16.0.110 false true true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 11196988 Mr S J Bradley iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11196988 2023-02-28 11196988 2024-02-29 11196988 2023-03-01 2024-02-29 11196988 frs-core:Non-currentFinancialInstruments 2024-02-29 11196988 frs-core:MotorVehicles 2023-03-01 2024-02-29 11196988 frs-core:PlantMachinery 2023-03-01 2024-02-29 11196988 frs-core:ShareCapital 2024-02-29 11196988 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 11196988 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11196988 frs-bus:AbridgedAccounts 2023-03-01 2024-02-29 11196988 frs-bus:SmallEntities 2023-03-01 2024-02-29 11196988 frs-bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 11196988 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 11196988 frs-bus:Director1 2023-03-01 2024-02-29 11196988 frs-countries:EnglandWales 2023-03-01 2024-02-29 11196988 2022-02-28 11196988 2023-02-28 11196988 2022-03-01 2023-02-28 11196988 frs-core:Non-currentFinancialInstruments 2023-02-28 11196988 frs-core:ShareCapital 2023-02-28 11196988 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 11196988
Asset Building Services Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 29 February 2024
Lee Christian & Co Limited
Chartered Certified Accountants
Suite 222 Cuffley Point
Cuffley Place, Sopers Road
Cuffley
Hertfordshire
EN6 4RY
Contents
Page
Company Information 1
Accountant's Report 2
Abridged Balance Sheet 3—4
Notes to the Abridged Financial Statements 5—8
Page 1
Company Information
Director Mr S J Bradley
Company Number 11196988
Registered Office C/O Lee Christian & Co Ltd
Suite 222 Cuffley Point, Sopers Road
Cuffley
Hertfordshire
EN6 4RY
Accountants Lee Christian & Co Limited
Chartered Certified Accountants
Suite 222 Cuffley Point
Cuffley Place, Sopers Road
Cuffley
Hertfordshire
EN6 4RY
Page 1
Page 2
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of Asset Building Services Ltd for the year ended 29 February 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Asset Building Services Ltd which comprise the Profit and Loss Account, 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 of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Asset Building Services Ltd , as a body, in accordance with our terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Asset Building Services Ltd and state those matters that we have agreed to state to the director of Asset Building Services Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Asset Building Services Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Asset Building Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Asset Building Services Ltd . You consider that Asset Building Services Ltd 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 accounts of Asset Building Services Ltd . 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 financial statements.
Signed
21st November 2024
Lee Christian & Co Limited
Chartered Certified Accountants
Suite 222 Cuffley Point
Cuffley Place, Sopers Road
Cuffley
Hertfordshire
EN6 4RY
Page 2
Page 3
Abridged Balance Sheet
Registered number: 11196988
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 84,504 65,048
84,504 65,048
CURRENT ASSETS
Stocks 3,250 2,250
Debtors 348,914 283,913
Cash at bank and in hand 640,837 216,553
993,001 502,716
Creditors: Amounts Falling Due Within One Year (442,867 ) (237,512 )
NET CURRENT ASSETS (LIABILITIES) 550,134 265,204
TOTAL ASSETS LESS CURRENT LIABILITIES 634,638 330,252
Creditors: Amounts Falling Due After More Than One Year (13,862 ) (24,111 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (16,368 ) (12,359 )
NET ASSETS 604,408 293,782
CAPITAL AND RESERVES
Called up share capital 5 202 202
Profit and Loss Account 604,206 293,580
SHAREHOLDERS' FUNDS 604,408 293,782
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For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 29 February 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr S J Bradley
Director
21st November 2024
The notes on pages 5 to 8 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
Asset Building Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11196988 . The registered office is C/O Lee Christian & Co Ltd, Suite 222 Cuffley Point, Sopers Road, Cuffley, Hertfordshire, EN6 4RY.
The presentation currency of the accounts is in Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered stated net of discounts, other sales taxes and value added tax.
Turnover arises from an increase in the value of work performed on construction contracts and on the value of service provided during the year. Where the outcome of a long term contract can be estimated reliably and it is probable that the contract will be profitable, revenue and costs are recognised by reference to the stage of completion of the contract activity at the statement of financial position date. Stage of completion is assessed by reference to proportion of contract costs incurred for the work performed to date relative to the estimated total costs.
A variation is an instruction by the customer for a change in the scope of the work to be performed under the contract. Variations are included in contract revenue when it is probable that the customer will approve the variation and the related adjustment to the contract price can be measured reliably.
A claim is an amount that the contractors seeks to collect from the customer as reimbursement for costs whose inclusion in the contract price is disputed, and may arise from , for example, delays caused by the customer, errors in specification or design and disputed variations in contract work. Claims are included in contract revenue when negotiations with the customer have reached an advanced stage such that it is probable that the customer will accept the claim and the amount of the claim can be measured reliably.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
Construction work in progress comprises the cost incurred on contracts plus an appropriate proportion of overheads and attributable profit. Profits is recognised on a percentage completion basis when the outcome of a contract or project can be reasonable foreseen, provision is made in full for estimated losses. Where the outcome of a contract cannot be reasonably foreseen, profit is taken on completion. Remedial provisions are made in full for any anticipated remediation work.
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2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: 
Plant & Machinery 20% on reducing balance
Motor Vehicles 20% on reducing balance
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the profit and loss account and included in the other operating income.
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.
2.6. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.
2.7. Taxation
Taxaion for the year comprises the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
...CONTINUED
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2.7. Taxation - continued
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
2.10. Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.11. Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense in the period in which they are incurred.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
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4. Tangible Assets
Total
£
Cost
As at 1 March 2023 92,148
Additions 40,583
As at 29 February 2024 132,731
Depreciation
As at 1 March 2023 27,100
Provided during the period 21,127
As at 29 February 2024 48,227
Net Book Value
As at 29 February 2024 84,504
As at 1 March 2023 65,048
5. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 202 202
6. Liability Limitation Agreement With The Accountant
The company has entered into a liability limitation agreement with the accountants Lee Christian & Co Limited in respect of advice given and the preparation of any financial statements. The liability agreement strictly restricts the liability of Lee Christian & Co Limited solely to   Asset Building Services Ltd (the company) and further restricts the liability of Lee Christian & Co Limited to the company in accordance with the Lee Christian & Co Limited engagement letter and terms and conditions.
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