Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-312023-05-102023-05-102024-08-31false64false2023-05-10falseNo description of principal activityfalse 14858741 2023-05-09 14858741 2023-05-10 2024-08-31 14858741 2022-09-01 2023-05-09 14858741 2024-08-31 14858741 1 2023-05-10 2024-08-31 14858741 3 2023-05-10 2024-08-31 14858741 4 2023-05-10 2024-08-31 14858741 5 2023-05-10 2024-08-31 14858741 d:Director1 2023-05-10 2024-08-31 14858741 d:Director1 2024-08-31 14858741 d:Director2 2023-05-10 2024-08-31 14858741 d:Director2 2024-08-31 14858741 d:RegisteredOffice 2023-05-10 2024-08-31 14858741 e:PlantMachinery 2023-05-10 2024-08-31 14858741 e:PlantMachinery 2024-08-31 14858741 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-05-10 2024-08-31 14858741 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-05-10 2024-08-31 14858741 e:PlantMachinery e:BottomRangeValue 2023-05-10 2024-08-31 14858741 e:MotorVehicles 2023-05-10 2024-08-31 14858741 e:MotorVehicles 2024-08-31 14858741 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-05-10 2024-08-31 14858741 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-05-10 2024-08-31 14858741 e:MotorVehicles e:BottomRangeValue 2023-05-10 2024-08-31 14858741 e:MotorVehicles e:TopRangeValue 2023-05-10 2024-08-31 14858741 e:OfficeEquipment 2023-05-10 2024-08-31 14858741 e:OfficeEquipment 2024-08-31 14858741 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-05-10 2024-08-31 14858741 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2023-05-10 2024-08-31 14858741 e:OfficeEquipment e:BottomRangeValue 2023-05-10 2024-08-31 14858741 e:OwnedOrFreeholdAssets 2023-05-10 2024-08-31 14858741 e:LeasedAssetsHeldAsLessee 2023-05-10 2024-08-31 14858741 e:CurrentFinancialInstruments 2024-08-31 14858741 e:Non-currentFinancialInstruments 2024-08-31 14858741 e:CurrentFinancialInstruments e:WithinOneYear 2024-08-31 14858741 e:Non-currentFinancialInstruments e:AfterOneYear 2024-08-31 14858741 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-08-31 14858741 e:UKTax 2023-05-10 2024-08-31 14858741 e:ShareCapital 2024-08-31 14858741 e:SharePremium 2023-05-10 2024-08-31 14858741 e:SharePremium 2024-08-31 14858741 e:RetainedEarningsAccumulatedLosses 2023-05-10 2024-08-31 14858741 e:RetainedEarningsAccumulatedLosses 2024-08-31 14858741 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-08-31 14858741 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:UnlistedNon-exchangeTraded 2024-08-31 14858741 e:AcceleratedTaxDepreciationDeferredTax 2024-08-31 14858741 d:OrdinaryShareClass1 2023-05-10 2024-08-31 14858741 d:OrdinaryShareClass1 2024-08-31 14858741 d:FRS102 2023-05-10 2024-08-31 14858741 d:Audited 2023-05-10 2024-08-31 14858741 d:FullAccounts 2023-05-10 2024-08-31 14858741 d:PrivateLimitedCompanyLtd 2023-05-10 2024-08-31 14858741 e:WithinOneYear 2024-08-31 14858741 e:BetweenOneFiveYears 2024-08-31 14858741 e:HirePurchaseContracts e:WithinOneYear 2024-08-31 14858741 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-08-31 14858741 2 2023-05-10 2024-08-31 14858741 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-08-31 14858741 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-08-31 14858741 e:LeasedAssetsHeldAsLessee 2024-08-31 14858741 f:PoundSterling 2023-05-10 2024-08-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 14858741










ASG HIGHWAYS LTD (T/A BRIDGECARE)










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

 
ASG HIGHWAYS LTD
 
 
COMPANY INFORMATION


Directors
Kieran David Liddle (appointed 15 July 2024)
Simon George Paxton (appointed 10 May 2023)




Registered number
14858741



Registered office
Royds Works 184 Attercliffe Road

Sheffield

S4 7WZ




Independent auditors
Waltons Business Advisers Limited
Chartered Accountants & Statutory Auditors

Maritime House

Harbour Walk

The Marina

Hartlepool

TS24 0UX





 
ASG HIGHWAYS LTD
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of income and retained earnings
8
Balance sheet
9
Statement of cash flows
10 - 11
Analysis of net debt
12
Notes to the financial statements
13 - 26


 
ASG HIGHWAYS LTD
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 AUGUST 2024

INTRODUCTION
 
ASG Highways Ltd  t/a Bridgecare commenced trading 18 August 2023 following a MBO from its previous owner. 
The Company is a leading specialist contractor within the civil engineering and highways sector offering supply and installation of mechanical expansion joints, structural waterproofing, and associated products.
The directors & management team have drawn upon many years of experience in the first year of business trading ensuring our highly skilled workforce deliver the highest standard of service operating under strict health and safety guidelines.

BUSINESS REVIEW
 
With its skilled workforce, diverse range of products and expansive specialist plant & equipment, the Company continues its disciplined approach to solution selling, identifying opportunities with both repeat and new customers within its niche market space.
The directors are pleased to report results for the first trading period ended 31 August 2024 with turnover for the year of £20 million, gross margin at 42.9% and a net profit of 20.4% and cash at hand of £3.53 million.
Whilst we have encountered headwinds in terms of cost base, we have strived to mitigate this with strict controls on contract delivery. Our focus continues within the highways and infrastructure sector with strong visibility on both backlog and pipeline of works.

PRINCIPAL RISKS AND UNCERTAINTIES
 
Competitive landscape is the key risk within our industry this managed by meeting customer requirements and expectations whilst striving to improve relationships at both customer and supply chain level. Financial risk is predominantly trade debtors and this is continuously monitored at management level with all new customers reviewed via credit score. Cost price/inflation increases are mitigated by building rates into long term contracts and schemes.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The Company monitors key performance indicators at all levels these include structured sales growth, gross margin, cash management, and ability to deliver at all levels of health and safety, key to our industry.
The Directors are pleased to report that all KPI’s have been met and indeed exceeded via regular tracking and evaluation.

 



This report was approved by the board on 29 January 2025 and signed on its behalf.



Simon George Paxton
Director

Page 1

 
ASG HIGHWAYS LTD
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 AUGUST 2024

The directors present their report and the financial statements for the period ended 31 August 2024.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the strategic report, the directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RESULTS AND DIVIDENDS

The profit for the period, after taxation, amounted to £3,065,951.

Dividends of £500,000 have been paid. 

DIRECTORS

The directors who served during the period were:

Kieran David Liddle (appointed 15 July 2024)
Simon George Paxton (appointed 10 May 2023)

FUTURE DEVELOPMENTS

The directors & management team will look to build on results achieved within our first trading period, with continued investment in People, Training, Plant & Equipment whilst also exploring diversification opportunities.

Page 2

 
ASG HIGHWAYS LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditorsWaltons Business Advisers Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 January 2025 and signed on its behalf.
 





Simon George Paxton
Director

Page 3

 
ASG HIGHWAYS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASG HIGHWAYS LTD
 

UNQUALIFIED OPINION


We have audited the financial statements of ASG Highways Ltd (the 'Company') for the period ended 31 August 2024, which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 August 2024 and of its profit for the period 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 4

 
ASG HIGHWAYS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASG HIGHWAYS LTD (CONTINUED)


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 ReportOur 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.


OPINION 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 strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 directors' responsibilities statement set out on page 2, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
ASG HIGHWAYS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASG HIGHWAYS LTD (CONTINUED)


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:

We gained an understanding of the legal and regulatory framework applicable to the company and the area in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We identified the most significant of these to be around Company Law, Health & Safety laws, and Highway regulations. 
We designed audit procedures to respond to the risk, recognising that the risk of not detecting material misstatement due to fraud if higher than the risk of not detecting on resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 
We identified the greatest potential for fraud in the following areas: existence and timing of recognition of income and the posting of unusual journals. We discussed these risks with management and designed audit procedures to:
- test the timing and existence of revenue. 
- review journals posted to key control accounts or posted around the period end, to look for potential    "window dressing" as well as looking at a sample throughout the period. 


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 auditors' report.


Page 6

 
ASG HIGHWAYS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASG HIGHWAYS LTD (CONTINUED)


USE OF OUR REPORT
 

This report is made solely to the Company's directors, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's directors those matters we are required to state to them in an auditors' report 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 directors, as a body, for our audit work, for this report, or for the opinions we have formed.





Heather O'Driscoll FCA (senior statutory auditor)
  
for and on behalf of
Waltons Business Advisers Limited
 
Chartered Accountants & Statutory Auditors
  
Maritime House
Harbour Walk
The Marina
Hartlepool
TS24 0UX

3 February 2025
Page 7

 
ASG HIGHWAYS LTD
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 31 AUGUST 2024

2024
Note
£

  

Turnover
 3 
20,005,899

Cost of sales
  
(11,431,199)

GROSS PROFIT
  
8,574,700

Administrative expenses
  
(4,378,142)

Other operating income
  
3,640

OPERATING PROFIT
 5 
4,200,198

Interest receivable and similar income
 9 
5,029

Interest payable and similar expenses
 10 
(106,683)

PROFIT BEFORE TAX
  
4,098,544

Tax on profit
 11 
(1,032,593)

PROFIT AFTER TAX
  
3,065,951

  

  

Profit/(loss) for the period
  
3,065,951

Dividends declared and paid
  
(500,000)

RETAINED EARNINGS AT THE END OF THE PERIOD
  
2,565,951
The notes on pages 13 to 26 form part of these financial statements.

Page 8

 
ASG HIGHWAYS LTD
REGISTERED NUMBER: 14858741

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
Note
£

FIXED ASSETS
  

Tangible assets
 13 
633,034

  
633,034

CURRENT ASSETS
  

Stocks
 14 
807,696

Debtors: amounts falling due within one year
 15 
3,931,100

Cash at bank and in hand
 16 
3,528,771

  
8,267,567

Creditors: amounts falling due within one year
 17 
(5,630,190)

NET CURRENT ASSETS
  
 
 
2,637,377

TOTAL ASSETS LESS CURRENT LIABILITIES
  
3,270,411

Creditors: amounts falling due after more than one year
 18 
(296,150)

PROVISION FOR LIABILITIES
  

Deferred Taxation
  
(158,259)

  
 
 
(158,259)

NET ASSETS
  
2,816,002


CAPITAL AND RESERVES
  

Called up share capital 
 23 
100

Share premium account
 24 
249,951

Profit and loss account
 24 
2,565,951

  
2,816,002


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 January 2025.




Simon George Paxton
Kieran David Liddle
Director
Director

The notes on pages 13 to 26 form part of these financial statements.

Page 9

 
ASG HIGHWAYS LTD
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 AUGUST 2024

2024
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial period
3,065,951

ADJUSTMENTS FOR:

Depreciation of tangible assets
99,556

Loss on disposal of tangible assets
(7,750)

Interest paid
106,683

Interest received
(5,029)

Taxation charge
1,032,593

(Increase)/decrease in stocks
(807,696)

(Increase)/decrease in debtors
(3,930,926)

(Increase)/decrease in amounts owed by groups
(1,174)

Increase in creditors
4,482,667

NET CASH GENERATED FROM OPERATING ACTIVITIES

4,034,875


CASH FLOWS FROM INVESTING ACTIVITES

Purchase of tangible fixed assets
(732,590)

Sale of tangible fixed assets
7,750

Interest received
5,029

HP interest paid
(28,165)

NET CASH FROM INVESTING ACTIVITIES

(747,976)
Page 10

 
ASG HIGHWAYS LTD
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024


2024

£



CASH FLOWS FROM FINANCING ACTIVITIES

Issue of ordinary shares
250,051

Other new loans
530,000

Repayment of other loans
(219,684)

Repayment of/new finance leases
260,023

Dividends paid
(500,000)

Interest paid
(78,518)

NET CASH USED IN FINANCING ACTIVITIES
241,872

NET INCREASE IN CASH AND CASH EQUIVALENTS
3,528,771

CASH AND CASH EQUIVALENTS AT THE END OF PERIOD
3,528,771


CASH AND CASH EQUIVALENTS AT THE END OF PERIOD COMPRISE:

Cash at bank and in hand
3,528,771

3,528,771


The notes on pages 13 to 26 form part of these financial statements.

Page 11

 
ASG HIGHWAYS LTD
 

ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 AUGUST 2024




Cash flows
New finance leases
At 31 August 2024
£

£

£

Cash at bank and in hand

3,528,771

-

3,528,771

Debt due after 1 year

(131,306)

-

(131,306)

Debt due within 1 year

(249,608)

-

(249,608)

Finance leases

-

(260,023)

(260,023)


3,147,857
(260,023)
2,887,834

The notes on pages 13 to 26 form part of these financial statements.

Page 12

 
ASG HIGHWAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

1.


GENERAL INFORMATION

The company is a private company, limited by shares, incorporated in England and Wales and its registered office is:-
Royds Works 184 Attercliffe Road
Sheffield
England
S4 7WZ

2.ACCOUNTING POLICIES

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared projected financial information for a period of at least twelve months from the date of their approval of the financial statements. There is also continued finance from the Company's bankers and loan facilities. On the basis of this information, the directors consider that the Company will continue to operate with the available cash funds. Therefore, the directors consider it appropriate to prepare the financial statements on a going concern basis. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 13

 
ASG HIGHWAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 14

 
ASG HIGHWAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Plant and machinery
-
4
years straight line
Motor vehicles
-
4
-
10
years straight line
Office equipment
-
5
years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 


 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans with related
Page 15

 
ASG HIGHWAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)


2.13
Financial instruments (continued)

parties. 

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


TURNOVER

The whole of the turnover is attributable to the principal activity of the business which is the construction and maintenance of bridges.

All turnover arose within the United Kingdom.


4.


OTHER OPERATING INCOME

2024
£

Insurance claims receivable
1,838

Sundry income
1,802

3,640



5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
£

Depreciation
99,556

Other operating lease rentals
73,690


6.


AUDITORS' REMUNERATION

During the period, the Company obtained the following services from the Company's auditors:


2024
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,750
Page 16

 
ASG HIGHWAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2024
£

Wages and salaries
5,653,333

Social security costs
549,446

Pension costs
263,445

6,466,224


The average monthly number of employees, including the directors, during the period was as follows:


        2024
            No.






Directors
2



Admin and support
13



Production
49

64


8.


DIRECTORS' REMUNERATION

2024
£

Directors' emoluments
539,465

Company contributions to defined contribution pension schemes
110,636

650,101


During the period retirement benefits were accruing to 2 directors in respect of defined contribution pension schemes.

The highest paid director received remuneration of £479,626.

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,122.

Page 17

 
ASG HIGHWAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

9.


INTEREST RECEIVABLE

2024
£


Other interest receivable
5,029

5,029


10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
£


Other loan interest payable
78,518

Finance leases and hire purchase contracts
28,165

106,683


11.


TAXATION


2024
£

Corporation tax


Current tax on profits for the year
874,334


874,334


Total current tax
874,334

Deferred tax


Origination and reversal of timing differences
158,259

Total deferred tax
158,259


Tax on profit
1,032,593
Page 18

 
ASG HIGHWAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
 
11.TAXATION (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than the standard rate of corporation tax in the UK of 25%. The differences are explained below:

2024
£


Profit on ordinary activities before tax
4,098,544


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
1,024,636

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
22

Capital allowances for period in excess of depreciation
(150,324)

Short-term timing difference leading to an increase (decrease) in taxation
158,259

Total tax charge for the period
1,032,593


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


DIVIDENDS

2024
£


Ordinary Shares
500,000

500,000

Page 19

 
ASG HIGHWAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

13.


TANGIBLE FIXED ASSETS





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost


Additions
328,388
367,841
36,361
732,590



At 31 August 2024

328,388
367,841
36,361
732,590



Depreciation


Charge for the period
19,997
17,909
4,981
42,887


Charge for the period on financed assets
42,555
14,114
-
56,669



At 31 August 2024

62,552
32,023
4,981
99,556



Net book value



At 31 August 2024
265,836
335,818
31,380
633,034

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
£



Plant and machinery
127,666

Motor vehicles
14,114

141,780

Page 20

 
ASG HIGHWAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

14.


STOCKS

2024
£

Raw materials and consumables
807,696

807,696



15.


DEBTORS

2024
£


Trade debtors
3,256,893

Amounts owed by related undertakings
174

Other debtors
648,901

Prepayments and accrued income
25,132

3,931,100



16.


CASH AND CASH EQUIVALENTS

2024
£

Cash at bank and in hand
3,528,771

3,528,771


Page 21

 
ASG HIGHWAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

17.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
£

Other loans
249,608

Trade creditors
2,677,361

Corporation tax
874,334

Other taxation and social security
766,233

Obligations under finance lease and hire purchase contracts
95,179

Other creditors
68,136

Accruals and deferred income
899,339

5,630,190



18.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
£

Other loans
131,306

Net obligations under finance leases and hire purchase contracts
164,844

296,150


The following liabilities were secured:

2024
£



Other loans
380,914

Net obligations under finance leases and hire purchase contracts
260,023

640,937

Details of security provided:

Other loans are secured by a fixed charge over the assets of the Company. 
Hire purchase is secured on the assets to which it relates. 

Page 22

 
ASG HIGHWAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

19.


LOANS


Analysis of the maturity of loans is given below:


2024
£

Amounts falling due within one year

Other loans
249,608

Amounts falling due 1-2 years

Other loans
131,306

380,914



20.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
£


Within one year
95,178

Between 1-5 years
165,939

261,117

Page 23

 
ASG HIGHWAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

21.


FINANCIAL INSTRUMENTS

2024
£

Financial assets


Financial assets measured at fair value through profit or loss
3,528,771

Financial assets that are debt instruments measured at amortised cost
3,905,968

7,434,739


Financial liabilities


Other financial liabilities measured at fair value through profit or loss
4,523,356


Financial assets measured at fair value through profit or loss comprise of cash at bank. 


Financial assets that are debt instruments measured at amortised cost comprise of trade debtors and other debtors. 


Financial liabilities measured at fair value through profit or loss comprise of trade creditors, amounts owed to related companies, other taxes and social security, other creditors and accruals. 


22.


DEFERRED TAXATION



2024


£






Charged to profit or loss
158,259



At end of year
158,259

The deferred taxation balance is made up as follows:

2024
£


Accelerated capital allowances
158,259

158,259

Page 24

 
ASG HIGHWAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

23.


SHARE CAPITAL

2024
£
Allotted, called up and fully paid


1,000 Ordinary shares of £0.10 each
100


On 10 May 2023, the Company allotted 1 Ordinary Share for £1. On 17 August 2023, the Company allotted 99 Ordinary Shares for £99. On 5 June 2024, a sub division of shares happened reducing the value of each share from £1 to £0.10 and increasing the shares allotted to 1000 Ordinary Shares.


24.


RESERVES

Share premium account

The share premium account represents additional investment made by a shareholder when investing in the Company above the nominal value. 

Profit and loss account

The profit and loss account represents accumulated profits less dividends paid. 


25.


PENSION COMMITMENTS

Included within other creditors is an amount of £65,491 in relation to pension contributions. 


26.


COMMITMENTS UNDER OPERATING LEASES

At 31 August 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
£


Not later than 1 year
97,775

Later than 1 year and not later than 5 years
104,357

202,132


27.


RELATED PARTY TRANSACTIONS

There were sales in the period with a related Company of £163,508.
There were purchases in the period with the same related Company of £39,395.

Page 25

 
ASG HIGHWAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

28.


CONTROLLING PARTY

The ultimate controlling party is Simon Paxton. 


29.


ACCOUNTING PERIOD

The accounting period runs from the date of incorporation on 10 May 2023 to the year end date on 31 August 2024. 






 
Page 26