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COMPANY REGISTRATION NUMBER: 06458260
AM Surveying Property Services Limited
Filleted Unaudited Financial Statements
31 July 2024
AM Surveying Property Services Limited
Financial Statements
Year ended 31 July 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
AM Surveying Property Services Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
804,336
259,725
Current assets
Debtors
6
264,905
269,062
Cash at bank and in hand
7,988
24,938
---------
---------
272,893
294,000
Creditors: amounts falling due within one year
7
598,131
255,069
---------
---------
Net current (liabilities)/assets
( 325,238)
38,931
---------
---------
Total assets less current liabilities
479,098
298,656
Creditors: amounts falling due after more than one year
8
281,495
164,429
Provisions
55,927
29,442
---------
---------
Net assets
141,676
104,785
---------
---------
Capital and reserves
Called up share capital
3
3
Profit and loss account
141,673
104,782
---------
---------
Shareholders funds
141,676
104,785
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AM Surveying Property Services Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 25 April 2025 , and are signed on behalf of the board by:
Mr M G Mackintosh
Director
Company registration number: 06458260
AM Surveying Property Services Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 42 New Road, Ditton, Aylesford, Kent, ME20 6AD, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 42 (2023: 43 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
£
Cost
At 1 Aug 2023
84,250
19,694
57,974
217,552
33,955
413,425
Additions
319,123
10,598
2,690
251,855
7,193
591,459
---------
--------
--------
---------
--------
------------
At 31 Jul 2024
403,373
30,292
60,664
469,407
41,148
1,004,884
---------
--------
--------
---------
--------
------------
Depreciation
At 1 Aug 2023
10,269
24,103
94,479
24,849
153,700
Charge for the year
1,764
5,327
32,096
7,661
46,848
---------
--------
--------
---------
--------
------------
At 31 Jul 2024
12,033
29,430
126,575
32,510
200,548
---------
--------
--------
---------
--------
------------
Carrying amount
At 31 Jul 2024
403,373
18,259
31,234
342,832
8,638
804,336
---------
--------
--------
---------
--------
------------
At 31 Jul 2023
84,250
9,425
33,871
123,073
9,106
259,725
---------
--------
--------
---------
--------
------------
6. Debtors
2024
2023
£
£
Trade debtors
217,058
197,955
Other debtors
47,847
71,107
---------
---------
264,905
269,062
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
48,644
52,793
Corporation tax
220,856
77,423
Social security and other taxes
126,350
71,869
Other creditors
202,281
52,984
---------
---------
598,131
255,069
---------
---------
At the balance sheet date, Anthony Mackintosh and Netta Mackintosh hold a fixed and floating charge over all the property or undertakings of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
281,495
164,429
---------
---------
9. Director's advances, credits and guarantees
At the year end, the director owed the company £nil (2023: £29,525). During the year advances of £nil (2023: £8,750) were made to the Director and repayments of £29,525 (2023: £11,814) made by the Director. Interest was charged on the loan at a rate of 4%.