REGISTERED NUMBER: 09827771 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ASCENTRIX LIMITED |
REGISTERED NUMBER: 09827771 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ASCENTRIX LIMITED |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 13 |
Consolidated Balance Sheet | 14 |
Company Balance Sheet | 15 |
Consolidated Statement of Changes in Equity | 16 |
Company Statement of Changes in Equity | 17 |
Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Financial Statements | 21 |
ASCENTRIX LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Thames House |
Roman Square |
Sittingbourne |
Kent |
ME10 4BJ |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The year ending 31st March 2024 saw us maintain our position as one of the largest HGV Driver Training businesses in the UK, principally delivering to HM Armed Forces and to the Department of Education, through the HGV Skills Bootcamp initiative aimed at tackling the national HGV driver shortage. These two contracts which both run until at-least 31st March 2026, accounted for over £9.8 million of a total turnover of just under £11 million, the balance attributable to Department of Education (DfE) Adult Education Training, HM Prison Service and commercial training to the logistics sector. |
During the year, in June 2023 we underwent a full five-day Ofsted inspection. Achieving an overall grade of GOOD, with OUTSTANDING for Adult Learning Programmes, Quality of Education and Behaviour and Attitudes. This result was not only a thoroughly deserved accolade to the hard work and quality of our delivery team, but it was also vital to enable us to continue to deliver funded training for the Department for Education. The Board have subsequently built upon this excellent result by appointing a new director to lead our approach to Safeguarding and Quality, the objective being to consolidate and further improve the quality of our delivery to our learners. |
On an operational front we achieved more than 75% positive job outcomes for the graduates of our HGV Skills Bootcamp programme, and we met all KPIs applicable to our HM Armed Forces contract. |
During December 2023, we relocated from Mainstream House in Sittingbourne, a large and expensive industrial warehouse facility, to more suitable and less expensive office premises in Maidstone, reducing our overheads by around £300k. The relocate better suits our current activity profile and has been well received by both customers and our team. In addition to the office premises in Maidstone, subsequent to the year-end we entered into a new 6 year lease to secure a dedicated HGV training and parking facility on the Isle of Sheppey. |
Our training business has consistently achieved an operating profit of more than £1 million for the last three financial years, and we forecast an operating profit for the current year ending 31st March 2025 of a similar quantum. |
Our temporary driver supply agency and fleet haulage business, operated by Mainstream Fleet Services Limited, has continued to struggle in a difficult trading environment. Turnover decreased from just under £10 million to just over £4.5 million, largely because of an internal decision to end supply to low margin customers. Although, operating at significantly lower level of turnover the company made a profit before tax of £30,457 compared to a loss for the previous year of £46,047 |
Although the results of Mainstream Fleet Services Limited have been disappointing, the business has been through a period of significant restructuring and the Board continue to be focused upon supporting the business to grow. |
In summary, the directors are delighted by the results achieved during the last financial year and we are further encouraged by improvements to our management team which has proved to be resilient and more than up to the challenges of the past few years. We are grateful to our excellent team of colleagues, who throughout the business have continued to show loyalty, hard work, and adaptability. |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors consider that the company's principal risks are; changes to Government policy towards funded training, the loss of our principal contracts which are subject to periodic competitive procurement, reduced recruitment numbers in the British Army, vehicle fuel costs impacting on the cost of delivering HGV driver training and falling numbers of student eligible for funded training. |
The directors manage these risks by constantly evaluating the sectors in which the group operates, by being alert to sector developments, and by implementing decisive and rapid changes when required. We operate a strategy of actively pursuing diversification into new operational sectors and expansion of our income base to reduce reliance upon current key contracts, we achieve this by monitoring procurement announcements and tendering for suitable opportunities. The Board considers Mainstream's key strength to be the quality of it delivery of adult education, principally HGV and logistics training, as such we will continue to adopt of policy of only pursuing opportunities that fall firmly into our area of expertise. |
The directors recognise that the company's employees are key to delivering a high-quality service to its customers and the company ensures that all staff are given the opportunity to develop their individual skills to operate to their full potential. |
FUTURE DEVELOPMENTS |
The directors constantly look to grow turnover by tendering for new contracts and retaining and increasing delivery to existing customers. The company searches for new procured public contract opportunities and are actively engaged in the tendering process for several current opportunities. |
We are interested in expansion of our HGV training delivery to further regional sites throughout the UK, which could be through acquisition or start-up. |
KEY PERFORMANCE INDICATORS |
The key performance indicators are turnover and gross margin, these measure the success of the company in its efforts to win new contracts and its success in retaining current contracts. |
The company prides itself on its high level of retention of existing contracts and believes this is due to the quality of the service they provide. |
Additionally, the management team monitor HGV fleet utilisation, instructor pass rates, instructor utilisation, vehicle fuel use, vehicle maintenance costs and sales, learner and contract pipelines on a daily basis. |
EMPLOYEE INVOLVEMENT |
It is the policy of the company to encourage all members of staff to realise their maximum potential. Wherever possible, vacancies are filled from within the company and adequate opportunities for internal promotion are created. |
The company supports the principle of equal opportunities in employment and opposes all forms of unlawful or unfair discrimination on the grounds of race, age, nationality, religion, ethnic or national origin, sexual orientation, gender or gender reassignment, marital status, or disability. It is also the policy of the company, where possible, to give sympathetic consideration to disabled persons in their application for employment with the company and to protect the interests of existing members of the staff who are disabled. |
ON BEHALF OF THE BOARD: |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2024 will be £ 780,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
AUDITORS |
The auditors, UHY Hacker Young, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASCENTRIX LIMITED |
Opinion |
We have audited the financial statements of Ascentrix Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The other information comprises the information included in the annual report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASCENTRIX LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASCENTRIX LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
How the audit was considered capable of detecting irregularities including fraud |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- we identified the laws and regulations applicable to the Company through discussions with management, and from our commercial knowledge and experience of the industry and sector; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the operations of the Company; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence; and |
- identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the Company's accounts to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading minutes of meetings of those charged with governance; and |
- enquiring of management as to actual and potential litigation and claims. |
There are inherent limitations in our audit procedures described above. As a result there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASCENTRIX LIMITED |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Other Matters |
The financial statements for the year ended 31 March 2023 were audited by the predecessor auditor, Xeinadin Audit Limited. The audit report was issued on 22 December 2023 and expressed an unqualified audit opinion of the financial statements. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Thames House |
Roman Square |
Sittingbourne |
Kent |
ME10 4BJ |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2024 | 2024 |
Continuing | Discontinued | Total |
Notes | £ | £ | £ |
TURNOVER | 3 | 15,693,382 | - | 15,693,382 |
Cost of sales | (11,669,914 | ) | - | (11,669,914 | ) |
GROSS PROFIT | 4,023,468 | - | 4,023,468 |
Administrative expenses | (2,321,492 | ) | - | (2,321,492 | ) |
OPERATING PROFIT | 6 | 1,701,976 | - | 1,701,976 |
Interest receivable and similar income | 5,564 | - | 5,564 |
Interest payable and similar expenses | 7 | (96,149 | ) | - | (96,149 | ) |
PROFIT BEFORE TAXATION | 1,611,391 | - | 1,611,391 |
Tax on profit | 8 | (458,074 | ) | - | (458,074 | ) |
PROFIT FOR THE FINANCIAL YEAR | 1,153,317 | - | 1,153,317 |
Profit attributable to: |
Owners of the parent | 1,120,531 |
Non-controlling interests | 32,786 |
1,153,317 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2023 | 2023 | 2023 |
Continuing | Discontinued | Total |
Notes | £ | £ | £ |
TURNOVER | 3 | 19,640,278 | 1,656,109 | 21,296,387 |
Cost of sales | (16,154,181 | ) | (1,501,066 | ) | (17,655,247 | ) |
GROSS PROFIT | 3,486,097 | 155,043 | 3,641,140 |
Administrative expenses | (2,370,867 | ) | (292,943 | ) | (2,663,810 | ) |
OPERATING PROFIT/(LOSS) | 6 | 1,115,230 | (137,900 | ) | 977,330 |
Income from other participating interests | 7,573 | - | 7,573 |
Interest payable and similar expenses | 7 | (143,318 | ) | (13,522 | ) | (156,840 | ) |
PROFIT/(LOSS) BEFORE TAXATION | 979,485 | (151,422 | ) | 828,063 |
Tax on profit/(loss) | 8 | (231,480 | ) | 44,306 | (187,174 | ) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( | ) |
Profit/(loss) attributable to: |
Owners of the parent | 646,909 |
Non-controlling interests | (6,020 | ) |
640,889 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
ERROR MESSAGES FROM THE CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
There are mismatches - which must be resolved for the current year - between amounts posted and amounts shown on the data screen Profit and Loss Account - Continuing and Discontinued Operations. The detail of these is shown below. |
31.3.24 |
£ |
Administrative expenses - data screen | (2,321,492 | ) |
Balance per postings | (2,321,494 | ) |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,153,315 | 640,889 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,153,315 | 640,889 |
Total comprehensive income attributable to: |
Owners of the parent | 1,120,529 | 646,909 |
Non-controlling interests | 32,786 | (6,020 | ) |
1,153,315 | 640,889 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 348,064 | 548,432 |
Tangible assets | 12 | 1,081,284 | 1,684,893 |
Investments | 13 | - | - |
1,429,348 | 2,233,325 |
CURRENT ASSETS |
Stocks | 14 | 70,603 | 93,968 |
Debtors | 15 | 1,965,774 | 2,456,609 |
Cash at bank and in hand | 1,455,285 | 1,620,397 |
3,491,662 | 4,170,974 |
CREDITORS |
Amounts falling due within one year | 16 | 1,710,098 | 3,230,527 |
NET CURRENT ASSETS | 1,781,564 | 940,447 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 3,210,912 | 3,173,772 |
CREDITORS |
Amounts falling due after more than one year | 17 | (134,062 | ) | (367,656 | ) |
PROVISIONS FOR LIABILITIES | 21 | (327,529 | ) | (430,102 | ) |
NET ASSETS | 2,749,321 | 2,376,014 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 2,315,232 | 2,315,232 |
Retained earnings | 23 | 354,655 | (29,630 | ) |
SHAREHOLDERS' FUNDS | 2,669,887 | 2,285,602 |
NON-CONTROLLING INTERESTS | 79,434 | 90,412 |
TOTAL EQUITY | 2,749,321 | 2,376,014 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by: |
Venetia Anne Smith ACA FCCA - Director |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 780,000 | 1,020,600 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 | 2,315,000 | 277,248 | 2,592,248 | 165,645 | 2,757,893 |
Changes in equity |
Profits not paid by dividend to minority interest | - | 69,213 | 69,213 | (69,213 | ) | - |
Dividends | - | (1,023,000 | ) | (1,023,000 | ) | - | (1,023,000 | ) |
Total comprehensive income | - | 646,909 | 646,909 | (6,020 | ) | 640,889 |
Balance at 31 March 2023 | 2,315,000 | (29,630 | ) | 2,285,370 | 90,412 | 2,375,782 |
Changes in equity |
Profits not paid by dividend to minority interest | - | 43,755 | 43,755 | (43,755 | ) | - |
Dividends | - | (780,000 | ) | (780,000 | ) | - | (780,000 | ) |
Total comprehensive income | - | 1,120,529 | 1,120,529 | 32,786 | 1,153,315 |
Balance at 31 March 2024 | 2,315,000 | 354,654 | 2,669,654 | 79,443 | 2,749,097 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( | ) | ( | ) |
Total comprehensive income | - |
Balance at 31 March 2023 | 2,315,232 | 232,815 | 2,548,047 |
Changes in equity |
Dividends | - | ( | ) | ( | ) |
Total comprehensive income | - |
Balance at 31 March 2024 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,291,940 | 3,365,562 |
Interest paid | (41,224 | ) | (67,483 | ) |
Interest element of hire purchase payments paid | (54,925 | ) | (89,357 | ) |
Tax paid | (250,535 | ) | (222,282 | ) |
Net cash from operating activities | 945,256 | 2,986,440 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (53,428 | ) | (291,430 | ) |
Sale of tangible fixed assets | 60,566 | 169,057 |
Interest received | 5,564 | - |
Dividends received | - | 7,573 |
Net cash from investing activities | 12,702 | (114,800 | ) |
Cash flows from financing activities |
Capital repayments in year | (343,073 | ) | (841,199 | ) |
Share issue | - | 232 |
Equity dividends paid | (780,000 | ) | (1,023,000 | ) |
Net cash from financing activities | (1,123,073 | ) | (1,863,967 | ) |
(Decrease)/increase in cash and cash equivalents | (165,115 | ) | 1,007,673 |
Cash and cash equivalents at beginning of year | 2 | 1,620,397 | 612,723 |
Cash and cash equivalents at end of year | 2 | 1,455,285 | 1,620,397 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,611,389 | 828,063 |
Depreciation charges | 789,874 | 965,596 |
Loss/(profit) on disposal of fixed assets | 791 | (4,702 | ) |
Impairment loss on tangible fixed assets | 4,886 | 44,002 |
Increase in provision | 28,792 | - |
Finance costs | 96,149 | 156,840 |
Finance income | (5,564 | ) | (7,573 | ) |
2,526,317 | 1,982,226 |
Decrease/(increase) in stocks | 23,365 | (33,329 | ) |
Decrease in trade and other debtors | 488,498 | 1,099,366 |
(Decrease)/increase in trade and other creditors | (1,746,240 | ) | 317,299 |
Cash generated from operations | 1,291,940 | 3,365,562 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 1,455,285 | 1,620,397 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 1,620,397 | 612,723 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,620,397 | (165,112 | ) | 1,455,285 |
1,620,397 | (165,112 | ) | 1,455,285 |
Debt |
Finance leases | (626,269 | ) | 343,073 | (283,196 | ) |
(626,269 | ) | 343,073 | (283,196 | ) |
Total | 994,128 | 177,961 | 1,172,089 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
ERROR MESSAGES FROM THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
** | CURRENT YEAR - MOVEMENT IN CASH AND CASH EQUIVALENTS |
AS CALCULATED IN CONSOLIDATED CASH FLOW STATEMENT |
DOES NOT AGREE TO MOVEMENT PER BALANCE SHEET |
COMPARE MOVEMENT ON CONSOLIDATED CASH FLOW STATEMENT | = | (165,115 | ) |
TO | MOVEMENT PER BALANCE SHEET |
CASH AND CASH EQUIVALENTS | = | (165,112 | ) |
** | LAST YEAR - MOVEMENT IN CASH AND CASH EQUIVALENTS |
AS CALCULATED IN CONSOLIDATED CASH FLOW STATEMENT |
DOES NOT AGREE TO MOVEMENT PER BALANCE SHEET |
COMPARE MOVEMENT ON CONSOLIDATED CASH FLOW STATEMENT | = | 1,007,673 |
TO | MOVEMENT PER BALANCE SHEET |
CASH AND CASH EQUIVALENTS | = | 1,007,674 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Ascentrix Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
Consolidated financial statements combining the financial statements of the parent and subsidiaries on a line-by-line basis using uniform accounting policies. Investments in subsidiaries, the parent’s proportion of equity and intra-group transactions and balances are eliminated. |
Turnover |
Turnover represents the provision of services from the principal activity, excluding value added tax. Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and that the revenue and costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured using a percentage of completion method. |
Goodwill |
Also included in Goodwill is £51,702 paid in connection with the acquisition in 2020 which is being amortised over 5 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are initially recognised at cost which is the purchase price plus any directly attributable costs.Subsequently, tangible fixed assets are measured at cost less accumulated depreciation and impairment losses. The carrying values of tangible fixed assets are reviewed for impairment when events or |
changes in circumstances indicate the carrying value may not be recoverable. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Net realisable value is the estimated selling price in the ordinary course of business less any impairment. |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax has been calculated at 25% this year, up from 19% in previous years. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Dividends |
Interim dividends are recognised on payment. |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Group has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments. |
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. |
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 the Consolidated statement of comprehensive income. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Provision of training services | 10,993,766 | 11,113,518 |
Supply of staff and vehicles | 4,508,937 | 9,997,987 |
Provision of catering services | 190,679 | 184,882 |
15,693,382 | 21,296,387 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | TURNOVER - continued |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 15,693,382 | 21,296,387 |
15,693,382 | 21,296,387 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 8,084,648 | 12,486,914 |
Social security costs | 742,752 | 1,181,451 |
Other pension costs | 126,321 | 179,604 |
8,953,721 | 13,847,969 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration | 12 | 12 |
Operational | 113 | 133 |
Directors | 4 | 4 |
127 | 149 |
5. | DIRECTORS' EMOLUMENTS |
£ | £ |
Director's wages and salaries | 308,300 | 328,259 |
Directors' pension costs | 4,751 | 4,751 |
Benefits in kind | 3,254 | 3,003 |
Directors' remuneration | 316,305 | 336,013 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Wages and salaries | 107,004 | 114,633 |
Pension costs | 2,034 | 2,034 |
109,038 | 116,667 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 232,147 | 268,445 |
Depreciation - owned assets | 145,863 | 134,842 |
Depreciation - assets on hire purchase contracts | 444,930 | 630,382 |
Loss/(profit) on disposal of fixed assets | 791 | (4,702 | ) |
Goodwill amortisation | 200,368 | 200,368 |
Auditors' remuneration | 25,400 | 26,000 |
Impairment | 4,886 | 44,002 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Sales finance interest | 35,211 | 66,997 |
Interest on overdue tax | 5,338 | 486 |
VAT surcharge | 675 | - |
Hire purchase | 54,925 | 89,357 |
96,149 | 156,840 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 589,439 | 253,028 |
Deferred tax | (131,365 | ) | (65,854 | ) |
Tax on profit | 458,074 | 187,174 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 1,611,391 | 828,063 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) | 402,848 | 157,332 |
Effects of: |
Expenses not deductible for tax purposes | 3,405 | 39,361 |
Depreciation in excess of capital allowances | 134,305 | 19,898 |
Utilisation of tax losses | - | (166 | ) |
Amortisation of goodwill not taxable expense | 47,512 | 36,109 |
Deferred tax movement | (131,365 | ) | (65,854 | ) |
Tax losses carried forward | 1,741 | 494 |
Profits taxed at lower rate of corporation tax | (372 | ) | - |
Total tax charge | 458,074 | 187,174 |
** | PROFIT BEFORE TAX FOR CURRENT YEAR ON CLIENT SCREEN OF | 1,611,391 |
DOES NOT AGREE TO AMOUNT ON INCOME STATEMENT OF | 1,611,389 |
Deferred tax has been calculated at 25% this year, up from 19% in previous years. |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £0.01 each |
Interim | 780,000 | 1,023,000 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 1,952,183 |
AMORTISATION |
At 1 April 2023 | 1,403,751 |
Amortisation for year | 200,368 |
At 31 March 2024 | 1,604,119 |
NET BOOK VALUE |
At 31 March 2024 | 348,064 |
At 31 March 2023 | 548,432 |
12. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2023 | 13,058 | 239,366 | 149,736 |
Additions | - | 2,583 | - |
Disposals | (13,058 | ) | (9,995 | ) | (140,136 | ) |
At 31 March 2024 | - | 231,954 | 9,600 |
DEPRECIATION |
At 1 April 2023 | 12,188 | 179,858 | 132,046 |
Charge for year | 870 | 20,331 | 400 |
Eliminated on disposal | (13,058 | ) | (6,929 | ) | (129,851 | ) |
Impairments | - | - | - |
At 31 March 2024 | - | 193,260 | 2,595 |
NET BOOK VALUE |
At 31 March 2024 | - | 38,694 | 7,005 |
At 31 March 2023 | 870 | 59,508 | 17,690 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 3,007,806 | 353,869 | 3,763,835 |
Additions | 27,770 | 23,075 | 53,428 |
Disposals | (150,081 | ) | (34,074 | ) | (347,344 | ) |
At 31 March 2024 | 2,885,495 | 342,870 | 3,469,919 |
DEPRECIATION |
At 1 April 2023 | 1,493,587 | 261,264 | 2,078,943 |
Charge for year | 543,593 | 25,599 | 590,793 |
Eliminated on disposal | (102,075 | ) | (34,074 | ) | (285,987 | ) |
Impairments | - | 4,886 | 4,886 |
At 31 March 2024 | 1,935,105 | 257,675 | 2,388,635 |
NET BOOK VALUE |
At 31 March 2024 | 950,390 | 85,195 | 1,081,284 |
At 31 March 2023 | 1,514,219 | 92,605 | 1,684,892 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 42,500 | 2,577,492 | 2,619,992 |
Disposals | (7,500 | ) | (109,416 | ) | (116,916 | ) |
At 31 March 2024 | 35,000 | 2,468,076 | 2,503,076 |
DEPRECIATION |
At 1 April 2023 | 15,833 | 1,375,517 | 1,391,350 |
Charge for year | 8,667 | 436,263 | 444,930 |
Eliminated on disposal | (4,500 | ) | (77,299 | ) | (81,799 | ) |
At 31 March 2024 | 20,000 | 1,734,481 | 1,754,481 |
NET BOOK VALUE |
At 31 March 2024 | 15,000 | 733,595 | 748,595 |
At 31 March 2023 | 26,667 | 1,201,975 | 1,228,642 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
Disposals | ( | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 4 Kings Row, Armstrong Road, Maidstone, Kent, England, ME15 6AQ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
The cost of investment is made up of £1,890,000 paid for the share capital together with £9,991 costs of acquisition. |
Registered office: 4 Kings Row, Armstrong Road, Maidstone, Kent, United Kingdom, ME15 6AQ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( | ) |
Shares in this subsidiary not held within group are held directly by the shareholders of Ascentrix Limited. |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
Registered office: 4 Kings Row, Armstrong Road, Maidstone, Kent, United Kingdom, ME15 6AQ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 4 Kings Row, Armstrong Road, Maidstone, Kent, England, ME15 6AQ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Shares in this subsidiary not held within group are held directly by the shareholders of Ascentrix Limited. |
Registered office: 4 Kings Row, Armstrong Road, Maidstone, Kent, United Kingdom, ME15 6AQ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Shares in this subsidiary not held within group are held directly by the shareholders of Ascentrix Limited. |
The company has made a guarantee to enable this subsidiary to claim exemption from audit under section 479a as a subsidiary company. |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
Registered office: 4 Kings Row, Armstrong Road, Maidstone, Kent, United Kingdom, ME15 6AQ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
This company has not been consolidated on the grounds they are immaterial. |
Registered office: 4 Kings Row, Armstrong Road, Maidstone, Kent, United Kingdom, ME15 6AQ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
This company has not been consolidated on the grounds they are immaterial. |
Registered office: 4 Kings Row, Armstrong Road, Maidstone, Kent, United Kingdom, ME15 6AQ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
This company has not been consolidated on the grounds they are immaterial. |
14. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 70,603 | 93,968 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 1,811,036 | 1,658,697 |
Amounts owed by group undertakings | 150 | 150 |
Other debtors | 30,319 | 313,888 |
Tax | - | 2,337 |
Prepayments | 124,269 | 481,537 |
1,965,774 | 2,456,609 |
Other debtors consists of accrued income of £26,917 (2023: £313,870), sundry debtors of £18 (2023: £18), and a supplier refund due of £3,384 (2023: £Nil). |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Hire purchase contracts (see note 18) | 149,134 | 258,613 |
Trade creditors | 253,990 | 860,566 |
Amounts owed to group undertakings | - | - |
Tax | 589,489 | 252,922 |
Social security and other taxes | 131,948 | 238,460 |
VAT | 372,943 | 914,584 | - | - |
Other creditors | 58,609 | 239,219 |
Accruals and deferred income | - | 139,381 |
Accrued expenses | 153,985 | 326,782 |
1,710,098 | 3,230,527 |
Other creditors consists of payroll deductions of £364 (2023: £993), holiday pay provision of £35,905 (2023: £211,172), pension contributions payable of £16,541 (2023: £27,029), an outstanding telephone invoice £4,851 (2023: £Nil), a refund due back to a customer of £922 (2023: £Nil) and sundry creditors of £24 (2023: £24). |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 18) | 134,062 | 367,656 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 149,134 | 258,613 |
Between one and five years | 134,062 | 367,656 |
283,196 | 626,269 |
Group |
Non-cancellable |
operating leases |
2024 | 2023 |
£ | £ |
Within one year | 75,007 | 4,064 |
Between one and five years | 31,233 | 2,306 |
106,240 | 6,370 |
19. | SECURED DEBTS |
The invoice discounting facility is secured on the company's trade debtors, and the hire purchases liabilities are secured on the assets to which they relate. |
A cross guarantee on bank borrowings exists between Mainstream Training Limited and Mainstream Fleet Services Limited. |
20. | PENSION |
The Company provides a defined contribution pension scheme for its employees. The amount recognised as an expense for the defined contribution scheme was £126,321 (2023: 179,604). |
21. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 219,527 | 350,892 |
Other provisions | 108,002 | 79,210 |
Aggregate amounts | 327,529 | 430,102 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
21. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 April 2023 | 350,892 | 79,210 |
Provided during year | - | 28,792 |
Accelerated capital allowances | (131,365 | ) | - |
Balance at 31 March 2024 | 219,527 | 108,002 |
Other provisions is an amount for the drivers negligence provision in Mainstream Fleet Services Limited. |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £0.01 | 2,315,000 | 2,315,000 |
Ordinary A | £0.01 | 48 | 48 |
Ordinary B | £0.01 | 44 | 44 |
Ordinary C | £0.01 | 24 | 24 |
Ordinary D | £0.01 | 116 | 116 |
2,315,232 | 2,315,232 |
All shares rank equally in all respects. |
23. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2023 | (29,629 | ) |
Profit for the year | 1,120,529 |
Dividends | (780,000 | ) |
Profits not paid by dividend to minority interest | 43,755 |
At 31 March 2024 | 354,655 |
ASCENTRIX LIMITED (REGISTERED NUMBER: 09827771) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
23. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( | ) |
At 31 March 2024 |
24. | RELATED PARTY DISCLOSURES |
Mackenzies Accountants Limited a company jointly controlled by Mark P Smith and Venetia A Smith, directors, up until 31st May 2025, provided accountancy services to the company during the year. During the period of review, the companies paid Mackenzies Accountants Limited £125,247 (2023: £181,967) for compliance and taxation services, and £22,191 (2023:£40,730) for payroll processing. This is after offsetting income charged from Mainstream Training Limited of £300 for office space rental. At the balance sheet date, the amount owed to Mackenzies Accounts Limited was £7,644 (2023: £742). |
Logikal Outsourcing Limited a company controlled by Mark P Smith, a director, provided outsourced bookkeeping, management accounting and financial administrative support to the company during the year. The amount paid to Logikal Outsourcing Limited for bookkeeping and support work was £137,765 (2023: £144,604). At the balance sheet date, the amount owed to Logika Outsourcing Limited was £nil (2023: £nil). |
Venrec Group Limited a company in which Mark P Smith and Venetia A Smith, directors, are shareholders, |
provided recruitment services to the company in the year. The amount paid to Venrec Group Limited was |
£127,044 (2023: £87,420), this is after offsetting income charged from Mainstream Training Limited of £8,500 for office space rental. At the balance sheet date, the amount owed to Venrec Group Limited was £16,500 (2023: £21,480). |
Logikal Group Limited, a company jointly controlled by Mark P Smithand Venetia A Smith, directors, is the |
landlord of the companies head office. The amount paid to Logikal Group Limited was £22,063 (2023: £nil). At the balance sheet date, the amount owed to Logikal Group Limited was £nil (2023: £nil). |
Peartree Group Limited, a company controlled by Graham Clewes, a director, provided compliance and strategic support services to the company in the year. The amount paid to Peartree Group Limited was £66,741 (2023: £6,000). At the balance sheet date, the amount owed to Peartee Group Limited was £nil (2023: £nil). |
Waller Associates Limited a company controlled by Steve Waller, who owns a minority share in Ascentrix |
Limited, provided property maintenance services to the company in the year. The amount paid to Waller |
Associates Limited was £13,622 (2023: £nil). At the balance sheet date, the amount owed to |
Waller Associates Limited was £nil (2023: £nil). |
Maxine Smith, the spouse of Mark MG Smith, a director, invoiced the company in the year for administrative |
services. The amount paid to M Smith in the year was £27,450 (2023: £24,248). At the balance sheet date, |
the amount owed to M Smith was £2,674 (2023: £1,988). |
25. | ULTIMATE CONTROLLING PARTY |
There is no Ultimate Controlling Party, no shareholder holds more than 50%. |