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Registration number: 05169581

Prepared for the registrar

AS&K Communications Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

AS&K Communications Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

AS&K Communications Limited

Company Information

Directors

S D Gee

S Kirsch

A R Ward

Registered office

5/6 Underhill Street
Camden Town
London
NW1 7HS

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

AS&K Communications Limited

(Registration number: 05169581)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

90,832

37,922

Current assets

 

Stocks

6,052

46,762

Debtors

7

4,409,870

3,939,344

Cash at bank and in hand

 

492,296

435,617

 

4,908,218

4,421,723

Creditors: Amounts falling due within one year

8

(4,431,042)

(3,506,108)

Net current assets

 

477,176

915,615

Total assets less current liabilities

 

568,008

953,537

Deferred tax liabilities

4

-

(2,553)

Net assets

 

568,008

950,984

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

567,908

950,884

Total equity

 

568,008

950,984

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 March 2025 and signed on its behalf by:
 


S D Gee
Director

 

AS&K Communications Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5/6 Underhill Street
Camden Town
London
NW1 7HS
United Kingdom

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group
These financial statements are consolidated in the financial statements of Underhill Communications Group Ltd.

The financial statements of Underhill Communications Group Ltd may be obtained from the company's registered office.

Going concern

The directors have prepared forecast information which covers a period of at least 12 months from the date of approval of these financial statements. After reviewing these forecasts, the directors have a reasonable expectation that the company has sufficient resources to continue in operational existence for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

 

AS&K Communications Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amounts of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33.3% straight line

Fixtures and fittings

20% - 33.3% straight line

Office equipment

33.3% straight line

Motor Vehicles

25% straight line

Development costs

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

 

AS&K Communications Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

2.5 years straight line

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Work in progress

Work in progress is valued at the lower of cost and net realisable value. Work in progress include labour and attributable overheads. If work in progress is not recoverable, an impairment is recognised immediately in profit and loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
 

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 

AS&K Communications Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 69 (2023 - 77).

 

4

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Fixed asset timing differences

11,529

Short term timing differences

(2,996)

Losses and other deductions

(19,496)

(10,963)

2023

Liability
£

Fixed asset timing differences

5,936

Short term timing differences

(3,383)

2,553

 

AS&K Communications Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

5

Intangible assets

Development costs
 £

Cost

At 1 July 2023

122,494

At 30 June 2024

122,494

Amortisation

At 1 July 2023

122,494

At 30 June 2024

122,494

Carrying amount

At 30 June 2024

-

At 30 June 2023

-

 

AS&K Communications Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

6

Tangible assets

Fixtures and Fittings
 £

Motor vehicles
 £

Office equipment
 £

Computer equipment
 £

Total
£

Cost

At 1 July 2023

141,842

-

1,594

251,291

394,727

Additions

-

39,175

-

38,622

77,797

At 30 June 2024

141,842

39,175

1,594

289,913

472,524

Depreciation

At 1 July 2023

135,043

-

1,594

220,168

356,805

Charge for the year

4,132

-

-

20,755

24,887

At 30 June 2024

139,175

-

1,594

240,923

381,692

Carrying amount

At 30 June 2024

2,667

39,175

-

48,990

90,832

At 30 June 2023

6,799

-

-

31,123

37,922

 

AS&K Communications Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

797,966

1,015,576

Amounts owed by related parties

10

3,380,990

2,663,086

Other debtors

 

54,376

66,173

Prepayments

 

165,575

136,361

Accrued income

 

-

56,060

Deferred tax assets

10,963

-

Corporation tax asset

-

2,088

 

4,409,870

3,939,344

 

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

115,388

110,568

Amounts due to related parties

10

3,616,736

2,676,688

Social security and other taxes

 

128,177

111,180

Outstanding defined contribution pension costs

 

29,286

32,193

Other creditors

 

27,131

15,360

Accrued expenses

 

205,726

308,164

Deferred income

 

308,598

251,955

 

4,431,042

3,506,108

 

9

Financial commitments, guarantees and contingencies

At 30 June 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £5,482 (2023 - £749).

 

10

Related party transactions

During the year, the company made the following related party transactions

AS&K Commercial Properties Limited
(A company controlled by Simon Kirsch)
During the year the company made purchases of £254,561 (2023 - £254,561) from AS&K Commercial Properties Limited, a company controlled by Simon Kirsch. At the balance sheet date, the amount due to AS&K Commercial Properties Limited was £nil (2023 - £2,845).

Amounts due to directors
At the balance sheet date the amount due from Simon Kirsch was £1,704 (2023 - £1,615).
At the balance sheet date the amount due from Andrew Ward was £1,021 (2023 - £10,053).
At the balance sheet date the amount due from Simon Gee was £1,532 (2023 - £nil).

 

11

Parent and ultimate parent undertaking

The immediate parent is Scientific Group Limited, incorporated in England and Wales.

The ultimate parent is Underhill Communications Group Ltd, incorporated in England and Wales.

The ultimate parent produces publicly available consolidated financial statements. These financial statements are available on request from the company's registered office.