IRIS Accounts Productionv24.1.9.209827771Board of Directors31.3.241.4.2331.3.2431.3.24fork lift truck, LGV and lorry mounted crane training specialists, the supply of temporary staff and haulage contractors.127149truetruetruefalsetruetruefalsefalsefalsefalsefalsefalsefalsefalsefalsefalsefalsetruefalseOrdinary0.01000Ordinary A0.01000Ordinary B0.01000Ordinary C0.01000Ordinary D0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure098277712023-03-31098277712024-03-31098277712023-04-012024-03-31098277712022-03-31098277712022-04-012023-03-31098277712023-03-3109827771ns16:EnglandWales2023-04-012024-03-3109827771ns15:PoundSterling2023-04-012024-03-3109827771ns11:Director12023-04-012024-03-3109827771ns11:Consolidated2024-03-3109827771ns11:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3109827771ns11:PrivateLimitedCompanyLtd2023-04-012024-03-3109827771ns11:FRS102ns11:Consolidated2023-04-012024-03-3109827771ns11:Auditedns11:Consolidated2023-04-012024-03-3109827771ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3109827771ns11:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3109827771ns11:Consolidatedns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3109827771ns11:LargeMedium-sizedCompaniesRegimeForAccountsns11:Consolidated2023-04-012024-03-3109827771ns11:FullAccounts2023-04-012024-03-3109827771ns6:Subsidiary12023-04-012024-03-3109827771ns6:Subsidiary22023-04-012024-03-3109827771ns6:Subsidiary32023-04-012024-03-3109827771ns6:Subsidiary52023-04-012024-03-3109827771ns6:Subsidiary62023-04-012024-03-3109827771ns6:Subsidiary72023-04-012024-03-3109827771ns6:Subsidiary82023-04-012024-03-3109827771ns6:Subsidiary92023-04-012024-03-310982777112023-04-012024-03-3109827771ns11:OrdinaryShareClass12023-04-012024-03-3109827771ns11:OrdinaryShareClass22023-04-012024-03-3109827771ns11:OrdinaryShareClass32023-04-012024-03-3109827771ns11:OrdinaryShareClass42023-04-012024-03-3109827771ns11:OrdinaryShareClass52023-04-012024-03-3109827771ns11:Consolidated2023-04-012024-03-3109827771ns11:Director22023-04-012024-03-3109827771ns11:Director32023-04-012024-03-3109827771ns11:RegisteredOffice2023-04-012024-03-3109827771ns11:Director42023-04-012024-03-3109827771ns11:Consolidatedns6:ContinuingOperations2023-04-012024-03-3109827771ns11:Consolidatedns6:DiscontinuedOperations2023-04-012024-03-3109827771ns11:Consolidatedns6:ContinuingOperations2022-04-012023-03-3109827771ns11:Consolidatedns6:DiscontinuedOperations2022-04-012023-03-3109827771ns11:Consolidated2022-04-012023-03-3109827771ns6:CurrentFinancialInstruments2024-03-3109827771ns6:CurrentFinancialInstruments2023-03-3109827771ns6:ShareCapital2024-03-3109827771ns6:ShareCapital2023-03-3109827771ns6:RetainedEarningsAccumulatedLosses2024-03-3109827771ns6:RetainedEarningsAccumulatedLosses2023-03-3109827771ns6:ShareCapital2022-03-3109827771ns6:RetainedEarningsAccumulatedLosses2022-03-3109827771ns6:ShareCapital2022-04-012023-03-3109827771ns6:RetainedEarningsAccumulatedLosses2022-04-012023-03-3109827771ns6:RetainedEarningsAccumulatedLosses2023-04-012024-03-3109827771ns6:NetGoodwill2023-04-012024-03-3109827771ns6:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3109827771ns6:LongLeaseholdAssetsns6:LandBuildings2023-04-012024-03-3109827771ns6:PlantMachinery2023-04-012024-03-3109827771ns6:FurnitureFittings2023-04-012024-03-3109827771ns6:ComputerEquipment2023-04-012024-03-3109827771ns6:CostValuation2023-03-3109827771ns6:DisposalsRepaymentsInvestments2024-03-3109827771ns6:CostValuation2024-03-31098277711ns6:Subsidiary12023-04-012024-03-3109827771ns6:Subsidiary12024-03-3109827771ns6:Subsidiary12023-03-3109827771ns6:Subsidiary12022-04-012023-03-3109827771ns6:Subsidiary232023-04-012024-03-3109827771ns6:Subsidiary22024-03-3109827771ns6:Subsidiary22023-03-3109827771ns6:Subsidiary22022-04-012023-03-31098277715ns6:Subsidiary32023-04-012024-03-3109827771ns6:Subsidiary32024-03-3109827771ns6:Subsidiary32023-03-3109827771ns6:Subsidiary32022-04-012023-03-3109827771ns6:Subsidiary592023-04-012024-03-3109827771ns6:Subsidiary52024-03-3109827771ns6:Subsidiary52023-03-3109827771ns6:Subsidiary52022-04-012023-03-3109827771ns6:Subsidiary6112023-04-012024-03-3109827771ns6:Subsidiary62024-03-3109827771ns6:Subsidiary62023-03-3109827771ns6:Subsidiary62022-04-012023-03-310982777113ns6:Subsidiary72023-04-012024-03-3109827771ns6:Subsidiary72024-03-3109827771ns6:Subsidiary72023-03-3109827771ns6:Subsidiary8152023-04-012024-03-3109827771ns6:Subsidiary82024-03-3109827771ns6:Subsidiary82023-03-310982777117ns6:Subsidiary92023-04-012024-03-3109827771ns6:Subsidiary92024-03-3109827771ns6:Subsidiary92023-03-3109827771ns6:WithinOneYearns6:CurrentFinancialInstruments2024-03-3109827771ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3109827771ns11:OrdinaryShareClass12024-03-3109827771ns11:OrdinaryShareClass22024-03-3109827771ns11:OrdinaryShareClass32024-03-3109827771ns11:OrdinaryShareClass42024-03-3109827771ns11:OrdinaryShareClass52024-03-3109827771ns6:RetainedEarningsAccumulatedLosses2023-03-31

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:

Mark Peter Smith BA (Hons) FCA


Mark Graham Smith BA (Hons)


Venetia Anne Smith ACA FCCA







REGISTERED OFFICE:

4 Kings Row


Armstrong Road


Maidstone


Kent


ME15 6AQ







REGISTERED NUMBER:

09827771 (England and Wales)







AUDITORS:

UHY Hacker Young


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:






Venetia Anne Smith ACA FCCA - Director



26 November 2024


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.


Mark Peter Smith BA (Hons) FCA

Mark Graham Smith BA (Hons)

Venetia Anne Smith ACA FCCA


Other changes in directors holding office are as follows:


Graham Michael Knowles - resigned 9 November 2023


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:




Venetia Anne Smith ACA FCCA - Director



26 November 2024


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.





Andrew Cooper BA FCA (Senior Statutory Auditor)

for and on behalf of UHY Hacker Young

Chartered Accountants & Statutory Auditors

Thames House

Roman Square

Sittingbourne

Kent

ME10 4BJ


28 November 2024


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

748,005


(107,116

)

640,889



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

1,900,013


1,900,014



1,900,013


1,900,014




CURRENT ASSETS

Debtors

15

650,150


650,150



Cash at bank

367


356



650,517


650,506



CREDITORS

Amounts falling due within one year

16

2,483


2,473



NET CURRENT ASSETS

648,034


648,033



TOTAL ASSETS LESS CURRENT

LIABILITIES

2,548,047


2,548,047




CAPITAL AND RESERVES

Called up share capital

22

2,315,232


2,315,232



Retained earnings

23

232,815


232,815



SHAREHOLDERS' FUNDS

2,548,047


2,548,047




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 26 November 2024 and were signed on its behalf by:






Venetia Anne Smith ACA FCCA - Director



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

2,315,000


235,215


2,550,215




Changes in equity

Issue of share capital

232


-


232



Dividends

-


(1,023,000

)

(1,023,000

)


Total comprehensive income

-


1,020,600


1,020,600



Balance at 31 March 2023

2,315,232


232,815


2,548,047




Changes in equity

Dividends

-


(780,000

)

(780,000

)


Total comprehensive income

-


780,000


780,000



Balance at 31 March 2024

2,315,232


232,815


2,548,047




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


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



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


Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.  


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


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.  


Long leasehold

-

10% on cost


Plant and machinery

-

25% on reducing balance


Fixtures and fittings

-

10% on cost


Computer equipment

-  

33% on cost and 25% on reducing balance


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

1,900,014




Disposals

(1

)



At 31 March 2024

1,900,013




NET BOOK VALUE


At 31 March 2024

1,900,013




At 31 March 2023

1,900,014





The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:



Subsidiaries



Mainstream Group Limited


Registered office: 4 Kings Row, Armstrong Road, Maidstone, Kent, England, ME15 6AQ


Nature of business: Training and recruitment services

%



Class of shares:

holding



Ordinary

100.00


2024

2023



£

£


Aggregate capital and reserves

1,728,679


1,569,645




Profit for the year

939,034


1,050,341




The cost of investment is made up of £1,890,000 paid for the share capital together with £9,991 costs of acquisition.


Mainstream Fleet Services Limited


Registered office: 4 Kings Row, Armstrong Road, Maidstone, Kent, United Kingdom, ME15 6AQ


Nature of business: Haulage contractor and supply of vehicles

%



Class of shares:

holding



Ordinary

46.35


2024

2023



£

£


Aggregate capital and reserves

135,026


153,107




Profit/(loss) for the year

17,919


(26,844

)



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



Mainstream Training Limited


Registered office: 4 Kings Row, Armstrong Road, Maidstone, Kent, United Kingdom, ME15 6AQ


Nature of business: Logistic training provider

%



Class of shares:

holding



Ordinary

100.00


2024

2023



£

£


Aggregate capital and reserves

2,065,998


1,671,327




Profit for the year

1,304,671


889,385





Bonham Central Services Limited


Registered office: 4 Kings Row, Armstrong Road, Maidstone, Kent, England, ME15 6AQ


Nature of business: Group central services provider

%



Class of shares:

holding



Ordinary

50.00


2024

2023



£

£


Aggregate capital and reserves

6,117


7,000




Profit for the year

43,119


4,331




Shares in this subsidiary not held within group are held directly by the shareholders of Ascentrix Limited.


Mainstream Catering Limited


Registered office: 4 Kings Row, Armstrong Road, Maidstone, Kent, United Kingdom, ME15 6AQ


Nature of business: Catering services

%



Class of shares:

holding



Ordinary

25.00


2024

2023



£

£


Aggregate capital and reserves

11,684


9,532




Profit for the year

2,150


12,434




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



MAINSTREAM LIMITED


Registered office: 4 Kings Row, Armstrong Road, Maidstone, Kent, United Kingdom, ME15 6AQ


Nature of business: Dormant

%



Class of shares:

holding



Ordinary

100.00


2024

2023



£

£


Aggregate capital and reserves

1


1




This company has not been consolidated on the grounds they are immaterial.


Mainstream Staff Supplies Limited


Registered office: 4 Kings Row, Armstrong Road, Maidstone, Kent, United Kingdom, ME15 6AQ


Nature of business: Dormant

%



Class of shares:

holding



Ordinary A

100.00


2024

2023



£

£


Aggregate capital and reserves

10


10




This company has not been consolidated on the grounds they are immaterial.


The HGV Training Academy Limited


Registered office: 4 Kings Row, Armstrong Road, Maidstone, Kent, United Kingdom, ME15 6AQ


Nature of business: Dormant

%



Class of shares:

holding



Ordinary

100.00


2024

2023



£

£


Aggregate capital and reserves

1


1




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


650,150


650,150




Other debtors

30,319


313,888


-


-




Tax

-


2,337


-


-




Prepayments

124,269


481,537


-


-



1,965,774


2,456,609


650,150


650,150





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

-


-


10


-




Tax

589,489


252,922


50


50




Social security and other taxes

131,948


238,460


-


-




VAT

372,943


914,584


-


-




Other creditors

58,609


239,219


23


23




Accruals and deferred income

-


139,381


-


-




Accrued expenses

153,985


326,782


2,400


2,400



1,710,098


3,230,527


2,483


2,473





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:


£

£


231,500,000

Ordinary

£0.01

2,315,000


2,315,000




4,750

Ordinary A

£0.01

48


48




4,400

Ordinary B

£0.01

44


44




2,400

Ordinary C

£0.01

24


24




11,601

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

232,815




Profit for the year

780,000




Dividends

(780,000

)



At 31 March 2024

232,815





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%.