Company registration number 02194840 (England and Wales)
AZETS G&E PROFESSIONAL SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
AZETS G&E PROFESSIONAL SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr W J B Payne
D Aikman
(Appointed 1 August 2024)
Company number
02194840
Registered office
2nd Floor, Regis House
45 King William Street
London
EC4R 9AN
Auditor
Shaw Gibbs (Audit) Limited
Salatin House
19 Cedar Road
Sutton
Surrey
United Kingdom
SM2 5DA
AZETS G&E PROFESSIONAL SERVICES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 18
AZETS G&E PROFESSIONAL SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the business

The company is a subsidiary of Azets Holdings Limited and forms part of the wider Azets group of companies which provides accountancy and taxation services in the United Kingdom to a wide range of clients.

 

The company's principal activity is investment holding and is a limited partner of Azets Garbutt & Elliott LLP, to which it receives its primary source of income. During the prior period, there was a group re-organisation where the trade and assets of Azets Garbutt & Elliott LLP were transferred to Azets Holdings Limited for consideration of £12,319,479.

 

The company’s loss for the period is £Nil (2023: £2,143,853).     

 

The results for the period and the financial position at the period end were considered satisfactory by the directors who expect that the company will remain dormant for the foreseeable future.

Principal risks and uncertainties

On 30 June 2022, as part of a group-wide restructuring within the Azets group of companies, the trade and assets of Azets Garbutt & Elliott LLP, to which the company is a limited partner, were transferred to Azets Holdings Limited at market value. From 1 July 2022, the company is not expected to receive any significant income from Azets Garbutt & ELliott LLP. Consequently all principal risks and uncertainties facing the company have also been transferred to Azets Holdings Limited.

Development and performance

The directors intend for the company not to trade for the foreseeable future.

Key performance indicators

Due to the dormant nature of the business, the directors consider that it is not necessary to have key performance indicators.

On behalf of the board

D Aikman
Director
5 March 2025
AZETS G&E PROFESSIONAL SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of the holding of a partnership share in Azets Garbutt & Elliott LLP.

 

On 30 June 2022, the trade and assets of the company's partnership interests, Azets Garbutt & Elliott LLP, from which it derives its primary source of income, were hived up to Azets Holdings Limited. From 1 July 2022, the company did not receive any significant income from its partnership interest as Azets Garbutt & Elliott LLP does not trade. The revenues received during the prior year from Azets Garbutt & Elliott LLP related to the dividend distribution of surplus reserves from an indirect subsidiary, Azets Garbutt & Elliott Audit Limited.

Results and dividends

The results for the year are set out on page 9.

 

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Alan M Sidebottom
(Resigned 13 February 2025)
Mr W J B Payne
Ms C S Warburton
(Resigned 1 August 2024)
D Aikman
(Appointed 1 August 2024)
Auditor

Langard Lifford Hall Limited resigned as the company's auditor during the year. Shaw Gibbs (Audit) Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

Following the hive up of Azets Garbutt & Elliott LLP’s business to Azets Holdings Limited on 30 June 2022, the directors expect the company to remain dormant (non-trading) for the foreseeable future. Therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. The financial statements have been prepared on a basis other than going concern. This basis includes, where applicable, writing the company’s assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

AZETS G&E PROFESSIONAL SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
On behalf of the board
D Aikman
Director
5 March 2025
AZETS G&E PROFESSIONAL SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The directors are responsible for preparing the annual 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 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AZETS G&E PROFESSIONAL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF AZETS G&E PROFESSIONAL SERVICES LIMITED
- 5 -
Opinion

We have audited the financial statements of Azets G&E Professional Services Limited (the 'company') for the year ended 30 June 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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 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.

Emphasis of matter - basis of preparation / financial statements prepared on a basis other than going concern

We draw attention to Note 1.3 to the financial statements which explains that following the hive up of Azets Garbutt & Elliott LLP’s business to Azets Holdings Limited on 30 June 2022, the directors expect the company to remain dormant (non-trading) for the foreseeable future. Therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1.3. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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 our audit:

AZETS G&E PROFESSIONAL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF AZETS G&E PROFESSIONAL SERVICES LIMITED
- 6 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

AZETS G&E PROFESSIONAL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF AZETS G&E PROFESSIONAL SERVICES LIMITED
- 7 -
Auditor's 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 auditor's 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:

 

The extent to which 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:

•    the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements;

 

•    we obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the laws and regulations applicable to the company through discussions with directors, and from our cumulative audit and commercial knowledge and experience of the company;

•    we focused on specific laws and regulations which we considered may have a direct material effect on the determination of material amounts and disclosures the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation. We also considered and identified laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty;

 

•    we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal and regulatory correspondence; and

•    identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

 

AZETS G&E PROFESSIONAL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF AZETS G&E PROFESSIONAL SERVICES LIMITED
- 8 -

We assessed the susceptibility of the company’s financial statements 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.

We are also required to perform specific procedures to respond to the risk of management bias and override of controls. To address this, we performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions and investigated the business 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 to disclosures underlying supporting documentation;

 

•     enquiring of management as to actual and potential litigation and claims; and

•    enquiring of management if there have been instances of non-compliance with laws and regulations.

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's 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 member, for our audit work, for this report, or for the opinions we have formed.

Mr Ransford Agyei-Boamah (Senior Statutory Auditor)
For and on behalf of Shaw Gibbs (Audit) Limited
5 March 2025
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
United Kingdom
SM2 5DA
AZETS G&E PROFESSIONAL SERVICES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
Year
Year
ended
ended
30 June
30 June
2024
2023
Notes
£
£
Turnover
3
-
64,713
Administrative expenses
-
0
(2,208,566)
Loss before taxation
-
0
(2,143,853)
Tax on loss
6
-
0
-
0
Loss for the financial year
-
0
(2,143,853)

The profit and loss account has been prepared on the basis that all operations are discontinued operations.

AZETS G&E PROFESSIONAL SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Year
Year
ended
ended
30 June
30 June
2024
2023
£
£
Loss for the year
-
0
(2,143,853)
Other comprehensive income
-
-
Total comprehensive income for the year
-
0
(2,143,853)
AZETS G&E PROFESSIONAL SERVICES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
9
435,000
576,500
Creditors: amounts falling due within one year
10
-
0
(141,500)
Net current assets
435,000
435,000
Capital and reserves
-
-
Called up share capital
11
435,000
435,000
The financial statements were approved by the board of directors and authorised for issue on 5 March 2025 and are signed on its behalf by:
D Aikman
Director
Company Registration No. 02194840
AZETS G&E PROFESSIONAL SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
435,000
14,375,771
14,810,771
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
(2,143,853)
(2,143,853)
Dividends
7
-
(12,231,918)
(12,231,918)
Balance at 30 June 2023
435,000
-
0
435,000
Period ended 30 June 2024:
Profit and total comprehensive income for the period
-
-
0
-
0
Balance at 30 June 2024
435,000
-
0
435,000
AZETS G&E PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information

Azets G&E Professional Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Regis House, 45 King William Street, London, EC4R 9AN.

1.1
Reporting period

Financial statements are presented for the year from 1 July to 30 June and the comparatives are presented for the period from 1 October to 30 June.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Lynx Topco Limited. These consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Azets G&E Professional Services Limited is a wholly owned subsidiary of LynxTopco Limited and the results of Azets G&E Professional Services Limited are included in the consolidated financial statements of Lynx Topco Limited which will be available from Companies House, Crown Way, Cardiff, CF14 3UZ.

AZETS G&E PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Going concern

Following the hive up of Azets Garbutt & Elliott LLP’s business to Azets Holdings Limited on 30 June 2022, the directors expect the company to remain dormant (non-trading) for the foreseeable future. Therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. The financial statements have been prepared on a basis other than going concern. This basis includes, where applicable, writing the company’s assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.true

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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 it is probable will be recovered.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

AZETS G&E PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

AZETS G&E PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9

Change in presentation of share capital from Preference Shares to Ordinary Shares

In the prior year, the 435,000 shares of £1 each amounting to £435,000 were incorrectly classified as Preference Shares. These shares are Ordinary Shares of £1 each. There is no impact to the profit of loss for the current year or prior year and there is no impact on net assets as at 30 June 2024 or 30 June 2023.

2
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 amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Revenue from Azets Garbutt & Elliott LLP
-
64,713
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
-
64,713
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the period is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
-
0
AZETS G&E PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4
Operating profit/(loss)
(Continued)
- 17 -

The auditors remuneration is borne by Azets Holdings Limited, the company's immediate parent.

5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
3
3
6
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
-
0
(2,143,853)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 0% (2023: 20.50%)
-
0
(439,490)
Tax effect of expenses that are not deductible in determining taxable profit
-
0
452,756
Tax effect of income not taxable in determining taxable profit
-
0
(13,266)
Taxation charge for the period
-
-
7
Dividends
2024
2023
£
£
Interim paid
-
0
12,231,918
8
Interest in Azets Garbutt & Elliott LLP

The company is a limited partner in Azets Garbutt & Elliott LLP (formerly Garbutt & Elliott LLP) to which it receives income arising from the profits generated by Azets Garbutt & Elliott LLP. The company has a 100% interest in Azets Garbutt & Elliott LLP and its registered office is 2nd Floor, Regis House, 45 King William Street, London, EC4R 9AN.

AZETS G&E PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
435,000
576,500
10
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
-
0
141,500
11
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Restated
Issued and fully paid
Ordinary of £1 each
435,000
435,000
435,000
435,000

In the prior year, the share capital was incorrectly disclosed as Preference Shares of £1 each. The correct classification is 435,000 Ordinary Shares of £1 each. This reclassification does not have an impact on the current year or prior year profit and loss and does not have an impact on net assets as at 30 June 2024 or 30 June 2023.

12
Related party transactions

The company has taken advantage of exemption under the terms of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the Azets group.

13
Ultimate controlling party

The immediate parent company is Azets Holdings Limited, a company registered in England and Wales.

 

The parent company of the largest and smallest group of undertakings for which consolidated financial statements are drawn up and of which the company is a member is Lynx Topco Limited, a company incorporated in Jersey, whose registered address is 44 Esplanade, St Helier, Jersey, JE4 9WG. Copies of the group financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

In the opinion of the directors the immediate controlling party is the immediate parent entity and there is no ultimate controlling party.

14
Remuneration of key management personnel

Certain directors are also directors of the wider Azets group of companies, and the emoluments relating to these directors are borne by other undertakings in the group. In any given year the directors do not spend a significant portion of their time on the company.

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