Company registration number 05661107 (England and Wales)
AZETS PS LIMITED
(FORMERLY KNOWN AS AZETS TECHNOLOGY SOLUTIONS LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
AZETS PS LIMITED
(FORMERLY KNOWN AS AZETS TECHNOLOGY SOLUTIONS LIMITED)
COMPANY INFORMATION
Directors
D Aikman
S Parkhouse
(Appointed 1 August 2024)
Company number
05661107
Registered office
2nd Floor, Regis House
45 King William Street
London
United Kingdom
EC4R 9AN
Auditors
Shaw Gibbs (Audit) Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA
AZETS PS LIMITED
(FORMERLY KNOWN AS AZETS TECHNOLOGY SOLUTIONS LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
AZETS PS LIMITED
(FORMERLY KNOWN AS AZETS TECHNOLOGY SOLUTIONS LIMITED)
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
4,230
Current assets
Debtors
6
2,282,329
1,801,844
Cash at bank and in hand
501
3,839
2,282,830
1,805,683
Creditors: amounts falling due within one year
7
(83,976)
(30,113)
Net current assets
2,198,854
1,775,570
Net assets
2,203,084
1,775,570
Capital and reserves
Called up share capital
8
200
200
Profit and loss reserves
2,202,884
1,775,370
Total equity
2,203,084
1,775,570
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
D Aikman
Director
Company Registration No. 05661107
AZETS PS LIMITED
(FORMERLY KNOWN AS AZETS TECHNOLOGY SOLUTIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Azets PS 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, United Kingdom, EC4R 9AN.
1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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:
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Lynx Topco Limited. These consolidated financial statements will be available from Companies House, Crown Way, Cardiff, CF14 3UZ.
AZETS PS LIMITED
(FORMERLY KNOWN AS AZETS TECHNOLOGY SOLUTIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.2
Going concern
The financial statements have been prepared on a going concern basis which the directortrues consider to be appropriate.
In assessing the going concern position of the company for the year ended 30 June 2024, the directors have considered the company's cashflows, liquidity and business activities over the period to 31 March 2026.
The company has traded profitably during the year, but as discussed in note 4, the company no longer employs the people required to provide its services directly. This creates a risk that the company may not be able to meet its obligations as they fall due.
In making their going concern assessment, the directors have obtained written confirmation from Azets Holdings Limited that it is able to and will provide financial support to the company for a period of at least 12 months from the date of approval of the financial statements to assist in meeting the company's liabilities as and when they fall due to the extent that it is not available from its existing resources.
For this reason, the directors continue to believe that it is appropriate to continue to adopt a going concern basis for the preparation of the financial statements.
1.3
Reporting period
Financial statements for the year are presented from 1 July to 30 June.
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.
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 the provision of services is recognised when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Intangible fixed assets - goodwill
Intangible assets acquired separately are capitalised at cost. Intangible assets acquired as part of an acquisition of a business are capitalised separately if the fair value can be measured reliably at initial recognition. Subsequently, intangible assets are stated at cost less accumulated amortisation and impairment. Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a straight line basis over its expected life, which is 3 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
AZETS PS LIMITED
(FORMERLY KNOWN AS AZETS TECHNOLOGY SOLUTIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and comprise cash at bank.
1.8
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.
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, loans from fellow group companies and preference shares 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.
1.9
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.
AZETS PS LIMITED
(FORMERLY KNOWN AS AZETS TECHNOLOGY SOLUTIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
AZETS PS LIMITED
(FORMERLY KNOWN AS AZETS TECHNOLOGY SOLUTIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Employees
There was no direct recharges for employee costs during the year with employee costs being included in the general recharge arrangement of 60% of revenue in respect of public sector work.
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
4
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
15,338
Amortisation and impairment
At 1 July 2023 and 30 June 2024
15,338
Carrying amount
At 30 June 2024
At 30 June 2023
5
Tangible fixed assets
Plant and equipment
£
Cost
At 1 July 2023
Additions
4,350
At 30 June 2024
4,350
Depreciation and impairment
At 1 July 2023
Depreciation charged in the year
120
At 30 June 2024
120
Carrying amount
At 30 June 2024
4,230
At 30 June 2023
AZETS PS LIMITED
(FORMERLY KNOWN AS AZETS TECHNOLOGY SOLUTIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
255,827
92,896
Amounts owed by group undertakings
2,014,867
1,697,098
Other debtors
215
Prepayments and accrued income
4,160
4,160
2,274,854
1,794,369
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
7,475
7,475
Total debtors
2,282,329
1,801,844
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,214
15,899
Amounts owed to group undertakings
14,214
VAT payable
70,762
83,976
30,113
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100 B Ordinary of £1 each
100
100
200
200
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
AZETS PS LIMITED
(FORMERLY KNOWN AS AZETS TECHNOLOGY SOLUTIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Audit report information
(Continued)
- 8 -
Senior Statutory Auditor:
Mr Ransford Agyei-Boamah
Statutory Auditor:
Shaw Gibbs (Audit) Limited
10
Related party transactions
The company has taken advantage of exemption under the terms of Section 1A 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.
The company has the following amounts due to companies that are associate undertakings of the group:
Azets Audit Services Limited £11,253 (2023: £11,253).
11
Parent company
The immediate parent company is Azets Holdings Limited, a company registered in England and Wales.
The parent company of the largest group of undertakings for which consolidated financial statements are drawn up which are publicly available and of which the company is a member is Lynx Topco Limited. Lynx Topco Limited is incorporated in Jersey, registered at 44 Esplanade, St Helier, Jersey, JE4 9WG. Copies the group financial statements will be available from Companies House, Crown Way, Cardiff, CF14 3UZ.
In the opinion of the director the immediate controlling party is the immediate parent entity and there is no ultimate controlling party.
12
Key management remuneration
The 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.