Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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ALL SQUARE LIMITED
COMPANY INFORMATION
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ALL SQUARE LIMITED
CONTENTS
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ALL SQUARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The directors present the Strategic Report of All Square Limited ("the Company") for the year ended 30 June 2024. All Square Limited is a private limited company incorporated on 11 November 1987 and domiciled in the United Kingdom.
Established over 20 years ago, we provide professional office and commercial cleaning services, property maintenance and a wide range of support services across London and all major UK cities. Our clients include blue-chip corporates, royal palaces and some of the world’s most famous brands. As a multi award-winning family business, we are now one of the most established companies in the industry, employing 1,273 people.
With a constant focus on technology, innovation, quality, sustainability and social responsibility, we are recognised as Living Wage Foundation accredited service providers, ISO:9001 accredited for quality and ISO:14001 accredited for environmental management and best practice, as well as members of the prominent MSDUK organisation to support diversity in the supply chain.
The Company generated sales of £24.39m (2023: £21.88m) and operating profit for the year of £880k (2023: £1.08m). The Company had a strong net asset position at the year end of £1.98m (2023: £1.86m).
The financial year 2023–2024 was a strong period of growth and strategic progress for the business. Building on the solid foundations established in the previous year, we delivered higher revenue growth, securing key accounts that have strengthened our market position. A significant driver of our success was the acquisition of larger national customer accounts, supporting our continued expansion across multiple UK regions. This geographic diversification has provided resilience and new opportunities for further growth in the years ahead. Operationally, we have continued to invest in service quality, process efficiencies, and technology to enhance customer experience and business performance. Despite broader economic challenges, our ability to win and retain major contracts demonstrates the strength of our offering and the trust placed in us by our clients. Looking ahead, we remain focused on sustainable growth, operational excellence, and expanding our market presence while continuing to deliver high standards of service to our customers.
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ALL SQUARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The principal risks faced by the company during the year are those of general market and economic risks in common with other businesses in the current economic climate. These risks include:
Market risk The widespread adoption of hybrid and remote working models continues to impact office space utilisation, leading many businesses to reassess their workspace requirements. This evolving trend presents challenges as clients seek to optimise costs, downsize, or restructure their operational footprints. However, the company remains well positioned to navigate these changes by offering flexible, value-driven solutions tailored to evolving client needs. Our ability to adapt to market dynamics has supported strong client retention and the acquisition of new contracts, reinforcing our growth strategy. Credit risk Credit risk arises from potential non-payment by customers and financial instability among suppliers. The company manages this risk through rigorous credit assessments and continuous monitoring of client and supplier creditworthiness. These measures help to mitigate exposure to bad debts and ensure financial stability. Liquidity risk The company prioritises maintaining adequate liquidity to meet financial obligations as they fall due. Cash flow is closely monitored by the directors to identify potential short-term funding risks at an early stage. Additionally, we utilise an accounts receivable management tool to ensure timely payments in line with contractual terms, further strengthening our liquidity position. Macro risks The economic outlook continues to be uncertain and with inflation remaining high, customers have received inevitable price increases which have been much higher than in recent years.
Senior management regularly reviews key operational financial performance targets against actual business performance.
Some of the key financial measures we target and report on are cash at bank, gross profit, EBITDA, current ratio, gross leverage, pre-tax profits. The board also tracks and monitors client and staff retention, technology and innovation projects, as well as other business critical matters such as sustainability and social impact. The financial results for the year are as follows: Annual turnover – up 11.47% from £21.88m to £24.39m. Pre-tax profit – down 17.57% from £0.939m to £0.774m, reflecting strategic investments and market challenges.
While profit has been impacted by planned investments and external pressures, the underlying fundamentals of the business remain strong. The board remains confident in the company’s long-term strategy, having achieved significant revenue growth and secured key contracts that position us well for future success.
This report was approved by the board on 8 May 2025 and signed on its behalf.
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ALL SQUARE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The director presents his report and the audited financial statements for the year ended 30 June 2024.
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The profit for the year, after taxation, amounted to £522,556 (2023 - £685,815).
During the year, dividends of £400,000 (2023: £200,000) were declared and paid.
The director who served during the year was:
All risks, including financial instrument risks, and the Company’s risks management practices, have been disclosed in the principal risks and uncertainties section of the Strategic Report.
The well-being of the Company’s employees is safeguarded through strict adherence to health and safety standards. The Safety, Health and Welfare at Work Act 1989 imposes certain requirements on employers and the Company has taken the necessary action to ensure compliance with the Act.
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ALL SQUARE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The Company continues to improve its market share and has continued to see growth in terms of sites from existing clients and an expansion of client base.
As the Director of All Square Limited, a leading commercial cleaning and facilities management company employing 1,273 people, I am pleased to present this report, reflecting our commitment to transparency, employee engagement, and social responsibility.
Throughout the year, we have taken significant steps to enhance internal communication, employee consultation, and awareness of economic factors affecting our business, including implementing a internal communications platform across our offices in London and Wigan, to provide key business and departmental updates and bring the teams together. Recognising the importance of keeping employees informed, we have implemented improved pay breakdowns with clear explanations of deductions, fostering a transparent and trustworthy work environment. We actively engage with our workforce through regular consultations, email campaigns, and surveys, ensuring their voices shape our strategic decisions. Our monthly newsletters provide essential updates on business activities, achievements, and challenges, reinforcing a shared understanding of our company’s performance. Additionally, company-wide meetings held every six months allow us to review financial performance and future plans with our employees, strengthening alignment with our strategic goals. Employee recognition remains a key priority. Initiatives such as ‘Employee of the Quarter’ and ‘Superstar of the Month’ celebrate outstanding contributions, fostering a culture of appreciation and belonging. Our HR-led ‘Work Committee’ gathers feedback across all departments and all levels within the business, further enhancing employee engagement and operational efficiency. Our commitment to diversity and inclusion is reflected in our robust recruitment and equal opportunities policies, ensuring fair consideration for all applicants, including those with disabilities. We support employees who develop disabilities during their tenure, providing necessary training and adjustments wherever possible. Social responsibility continues to be a fundamental aspect of our ethos. Our partnership with The Hygiene Bank has resulted in significant contributions, with funds raised increasing from £13,000 in 2021 to over £30,000 in 2024, bringing our total fundraising to £117,000. By mobilising suppliers and customers, we have elevated the charity’s profile within the facilities management and cleaning industry, making a tangible difference in the communities we serve. We are proud members of MSDUK, advocating for diversity in supply chains and strengthening our commitment to ethical and sustainable business practices. Our workforce has become increasingly diverse, and our recognition as a CBRE preferred supplier highlights our dedication to equity and inclusion. Sustainability remains central to our corporate strategy. Led at board level by our Marketing Director and ESG Director, Kate Lovell, we continue to embed environmental responsibility across our operations. Our ISO:14001 certification, PAS2060 Carbon Neutral Certification, and ambitious targets for Ecovadis Gold and B Corp accreditation underscore our commitment to reducing our ecological footprint and driving sustainable business practices.
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ALL SQUARE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
This year has been marked by outstanding achievements. All Square Limited trading as Cleanology’s excellence, innovation, and sustainability efforts have been recognised through numerous industry accolades. Notable awards include:
∙Scale Up Awards 2024: ESG and Social Impact Award, Overall Scale-Up Business Award
∙Hill Club Awards 2024: Supervisor of the Year (Bella)
∙Workplace Leaders Top 50 2024: Personal recognition
∙PFM Leader of the Year: Finalist
∙Lloyds Bank British Business Excellence Awards 2024: Scale-Up of the Year
∙Family Business of the Year Awards 2024: Sustainability Runner-Up
∙FEBE Top 100 Growth Business 2024: Recognised as one of the UK’s fastest-growing businesses
∙Growing Business Awards 2024: Finalist (B2B Business of the Year, Turnover £10-25M)
∙European Cleaning and Hygiene Awards 2024: Finalist (Diversity in the Workplace, Sustainability in Practice – Service Provider)
These accolades reflect the dedication, expertise, and shared vision of our team, reinforcing Cleanology’s position as an industry leader. As we move forward, we remain committed to excellence, innovation, and sustainability, driving positive change within our industry and beyond.
There have been no significant events affecting the Company since the year end.
The auditors, Wilder Coe Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 8 May 2025 and signed on its behalf.
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ALL SQUARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL SQUARE LIMITED
We have audited the financial statements of All Square Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is 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.
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ALL SQUARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL SQUARE LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
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 Director's Report.
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ALL SQUARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL SQUARE LIMITED (CONTINUED)
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 Auditors' 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:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. Durgin the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity.
∙Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, company law, tax and pensions legislation and distributable profits legislation.
∙Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include health and safety legislation and employment law.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material mistatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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ALL SQUARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL SQUARE LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, 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 members those matters we are required to state to them in an Auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
1st Floor Sackville House
143-149 Fenchurch Street
EC3M 6BL
Date: 8 May 2025
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ALL SQUARE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024
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ALL SQUARE LIMITED
REGISTERED NUMBER: 02191991
BALANCE SHEET
AS AT 30 JUNE 2024
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ALL SQUARE LIMITED
REGISTERED NUMBER: 02191991
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 May 2025.
The notes on pages 16 to 31 form part of these financial statements.
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ALL SQUARE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
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ALL SQUARE LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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ALL SQUARE LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024
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ALL SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
All Square Limited (registered number: 02191991) having its registered office and trading address at 2nd Floor, 70 South Lambeth Road, London, SW8 1RL, is a private limited company incorporated in England and Wales.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
In accordance with the exemption permitted by FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland – consolidated financial statements have not been prepared, as the subsidiary is immaterial to the financial position, performance, and cash flows of the Group. The director considers that the inclusion of the subsidiary would not result in a material difference to these financial statements and, therefore, consolidated financial statements are not required to give a true and fair view. See note 2.7 for treatment of the investment held.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The prior year cash flow statement has been restated to correct show the movement on the goodwill purchased in the prior year. The cost of the investment was £1,240,710 however, this included £390,000 of deferred consideration which was originally included within creditors as a payable amount.
It was confirmed before the prior year end that this deferred consideration would not be paid and therefore was reversed as an impairment against the goodwill in the prior year accounts, with no profit and loss impact or net balance sheet impact. The accounting entries in the prior year were dealt with appropriately and therefore no change has been made. However, the correct cash movement on purchase of the investment was £850,710 and the correct impairment figure under operating activities should have been £20,000 instead of £410,000. This update has been made to the cash flow statement.
The following principal accounting policies have been applied:
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ALL SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill can be subsequently adjusted for changes to estimates of contingent considerations given in a business combination. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life. This is assessed individually for each acquisition taking into account the period over which the company expects to realise the synergies from the combination.
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ALL SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Acquisition of businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair value (at the date of exchange) of assets given, liabilities incurred or assumed and equity instruments issued in exchange for control of the acquiree, plus costs directly attributable to the business combination.
Any excess of the cost of the business combination is recognised as goodwill. For the purpose of impairment testing, the goodwill acquired in a business combination is allocated, on acquisition date, to the cash generating units that are expected to benefit from the synergies of the combination. Contingent consideration is included in the cost of the combination at the acquisition date if additional payments are probable and can be measured reliably. The liability is measured at the present value of the estimated future payment, using a discount rate reflecting conditions at the acquisition date. If the additional payment becomes probable and/or reliably measured only after the acquisition date it is recognised as an adjustment to the cost of the combination and goodwill at that time. Similarly, if estimated future payments are revised, for example due to non-occurrence of future events that had been expected to occur, the resulting adjustment is recorded against goodwill.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
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ALL SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
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ALL SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Assets obtained under hire purchase contracts are capitalised as tangible fixed assets and are depreciated over their useful economic lives. The finance element of the rental payment is charged to the Statement of Income and Retained Earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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ALL SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Amortisation - management determines the useful life and residual values of intangible assets based on historical experience combined with future expectations. The useful life of goodwill is an assessment of the period over which the Company expects to derive economic benefits from the related business combination. These estimates are significant to the amortisation charges. The carrying amounts of intangible assets and goodwill might be significantly impacted if different assumptions about their useful lives were to be used. Changes in the useful lives or residual values could result in a significantly different amortisation charge. Estimates are reviewed and adjusted as necessary. The possible changes in the useful life or amortised years could alter the reported values of these assets and the reported amortisation.
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ALL SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The £24,340,516 turnover is attributable to the principal activity of the Company, being that of cleaning contractors. There is also other income of £48,504.
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ALL SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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ALL SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
There were no factors that may affect future tax charges.
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ALL SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 25
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ALL SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 26
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ALL SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 27
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ALL SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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ALL SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 29
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ALL SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 30
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ALL SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
As at the year end £22,168 (2023: £2,167) was owed from the director of the Company. No interest is chargeable on the balance and this is repayable on demand.
The maximum amount outstanding during the year was £22,168 (2023: £19,778). The loan has been repaid in full since the year end.
As at 30 June 2024 and 30 June 2023, the ultimate parent undertaking and controlling party was St George's Trust Company Ltd (as trustees of the Narcissus Trust), incorporated in Bermuda.
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