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REGISTERED NUMBER: 07513369 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST AUGUST 2024

FOR

HEREFORD ASBESTOS SERVICES LTD

HEREFORD ASBESTOS SERVICES LTD (REGISTERED NUMBER: 07513369)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


HEREFORD ASBESTOS SERVICES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2024







Directors: A J Jones
S J Willis





Registered office: Units 2-3 Pearson Business Park
Coldnose Road
Hereford
United Kingdom
HR2 6JL





Registered number: 07513369 (England and Wales)

HEREFORD ASBESTOS SERVICES LTD (REGISTERED NUMBER: 07513369)

BALANCE SHEET
31ST AUGUST 2024

31.8.24 31.8.23
Notes £ £ £
Fixed assets
Tangible assets 4 153,455 173,108

Current assets
Stock 5 6,359 11,783
Debtors 6 714,656 891,622
Cash at bank and in hand 97,087 93,769
818,102 997,174
Creditors
Amounts falling due within one year 7 197,363 298,237
Net current assets 620,739 698,937
Total assets less current liabilities 774,194 872,045

Creditors
Amounts falling due after more than one
year

8

(106,399

)

(158,732

)

Provisions for liabilities 11 (13,000 ) (14,800 )
Net assets 654,795 698,513

Capital and reserves
Called up share capital 12 102 102
Retained earnings 654,693 698,411
Shareholders' funds 654,795 698,513

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HEREFORD ASBESTOS SERVICES LTD (REGISTERED NUMBER: 07513369)

BALANCE SHEET - continued
31ST AUGUST 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2nd April 2025 and were signed on its behalf by:





A J Jones - Director


HEREFORD ASBESTOS SERVICES LTD (REGISTERED NUMBER: 07513369)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024


1. Statutory information

Hereford Asbestos Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated in the Balance Sheet at cost less depreciation.
Depreciation is provided at the following annual rates in order to write off each asset over its
estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles 25% Reducing balance
Plant & machinery 20% Reducing balance

Stock & work in progress
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress has been valued as a percentage of the full contract value according to the level of completion. At the year end the work in progress value is treated as turnover in the profit and loss account and included within debtors in the balance sheet.

HEREFORD ASBESTOS SERVICES LTD (REGISTERED NUMBER: 07513369)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset and 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 trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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 the cost less impairment.

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 date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after 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 assets 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 group transfers the financial asset and substantially all of the risks and rewards of the 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.









HEREFORD ASBESTOS SERVICES LTD (REGISTERED NUMBER: 07513369)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


2. Accounting policies - continued

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 group after deducing all of its liabilities. Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently 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.

Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HEREFORD ASBESTOS SERVICES LTD (REGISTERED NUMBER: 07513369)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


2. Accounting policies - continued

Hire purchase & leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs & other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees (including officers)

The average number of employees during the year was 15 (2023 - 18 ) .

4. Tangible fixed assets
Plant & Motor
machinery vehicles Totals
£ £ £
Cost
At 1st September 2023 161,918 231,115 393,033
Additions 6,045 24,290 30,335
Disposals - (23,788 ) (23,788 )
At 31st August 2024 167,963 231,617 399,580
Depreciation
At 1st September 2023 97,054 122,871 219,925
Charge for year 14,179 32,244 46,423
Eliminated on disposal - (20,223 ) (20,223 )
At 31st August 2024 111,233 134,892 246,125
Net book value
At 31st August 2024 56,730 96,725 153,455
At 31st August 2023 64,864 108,244 173,108

The net book value of tangible fixed assets includes £ 92,168 (2023 - £ 97,916 ) in respect of assets held under hire purchase contracts.

HEREFORD ASBESTOS SERVICES LTD (REGISTERED NUMBER: 07513369)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


5. Stock
31.8.24 31.8.23
£ £
Stock 6,359 11,783

6. Debtors: amounts falling due within one year
31.8.24 31.8.23
£ £
Trade debtors including work in
progress

249,237

498,330
Amounts owed by group undertakings 434,500 359,500
Other debtors 10,089 20,498
Prepayments 20,830 13,294
714,656 891,622

7. Creditors: amounts falling due within one year
31.8.24 31.8.23
£ £
Bank loans & overdraft (see note 9) 40,000 40,000
Trade creditors 84,622 144,069
Corporation tax 6,700 34,600
Social security & other taxes 14,299 13,167
Other creditors 1,854 6,479
Hire purchase 34,548 29,959
Directors' loan accounts 222 7,432
Accruals 15,118 22,531
197,363 298,237

8. Creditors: amounts falling due after more than one year
31.8.24 31.8.23
£ £
Bank loans (see note 9) 30,000 70,000
Hire purchase contracts (see note 10) 76,399 88,732
106,399 158,732

HEREFORD ASBESTOS SERVICES LTD (REGISTERED NUMBER: 07513369)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


9. Loans

An analysis of the maturity of loans is given below:

31.8.24 31.8.23
£ £
Amounts falling due within one year or on demand:
Bank loans 40,000 40,000

Amounts falling due between two and five years:
Bank loans two to five years 30,000 70,000

10. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
31.8.24 31.8.23
£ £
Net obligations repayable:
Between one and five years 76,399 88,732

Non-cancellable
operating leases
31.8.24 31.8.23
£ £
Within one year 19,330 12,166
Between one and five years 26,345 9,732
45,675 21,898

11. Provisions for liabilities
31.8.24 31.8.23
£ £
Deferred tax 13,000 14,800

Deferred tax
£
Balance at 1st September 2023 14,800
Accelerated capital allowances (1,800 )
Balance at 31st August 2024 13,000

HEREFORD ASBESTOS SERVICES LTD (REGISTERED NUMBER: 07513369)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


12. Called up share capital

Allotted, called up and fully paid shares

31.8.24 31.8.23
No. £    No. £   
Ordinary A shares of £1 each 51 51 51 51
Ordinary B shares of £1 each 49 49 49 49
Ordinary C shares of £1 each 1 1 1 1
Ordinary D shares of £1 each 1 1 1 1

102 102 102 102

13. Contingent liabilities

There were no contingent liabilities at 31st August 2024.

14. Directors' advances, credits and guarantees

During the year, the directors used a current account with the company to record amounts due to them and amounts drawn by them. Advances and other loans totalling £25,297 and repayments of £25,297 were made. The balance at the year end was £222 owed by the company (2023: £7,432).

The loans were made interest free and repayable on demand.

15. Related party disclosures

Hereford Asbestos Services Holdings Limited
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 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 group.

16. Controlling party

The company is controlled by Hereford Asbestos Services Holdings Limited, which is the ultimate holding company.

Company registration number13238917
Company registered office address:Network House
Thorn Office Centre
Straightmile Road
Rotherwas
Hereford
HR2 6JT