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Registered number: 04028743










ASW PROPERTY SERVICES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
ASW PROPERTY SERVICES LIMITED
 
 
COMPANY INFORMATION


Director
Anthony Rhys Thomas 




Company secretary
June Gladys Mary Davies



Registered number
04028743



Registered office
MHA House
Charter Court

Phoenix Way

Swansea Enterprise Park

Swansea

SA7 9FS





 
ASW PROPERTY SERVICES LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Balance sheet
10 - 11
Statement of changes in equity
12
Notes to the financial statements
13 - 30


 
ASW PROPERTY SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The director presents his strategic report for the year ended 30 June 2024. 

Business review
 
Established in 1983, ASW Property Services Limited (Formerly A.S. Wellington Building & Maintenance Ltd) is an indigenous Welsh company providing specialist construction services delivering a wide range of maintenance and refurbishment services to Local Authority, Housing Association and Private Commercial clients across the whole of Wales and the South West.

Centrally located in South Wales we provide a national service using locally based people working in partnership with our cilents delivering a wide range of improvement programmes comprising of:
- Reactive Maintenance including 24/7 Emergency Response
- Planned Maintenance works which include kitchen and bathroom refurbishments, plumbing and central heating installation, electrical installations and upgrades, EWI schemes and external works
- Void Refurbishment works
- Disabled Adaption works
- Facility Management Services
- Other specialist refurbishment and improvement works

We specialise in delivering works to the Welsh Housing Quality Standard to occupied properties using a trained and experienced multi-skilled workforce. Currently 85% of our work is carried out in occupied properties for tenants from a wide range of backgrounds and a diverse range of individual needs. Our workforce, including female carpenters and team leaders are supported by a dedicated, professional team providing customer service and tenant liaison management.
We are fully ISO 9001:2008 Accredited with Acclaim SIPP status and are PAS 2030 accredited for External Wall Insulation works.

Page 1

 
ASW PROPERTY SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Principal risks and uncertainties
 
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from competitors and employee retention. The company manages these risks by providing value added services to its customers, having fast response times to customers queries and maintaining strong relationships with its customers and employees.

Credit Risks
The company's credit risk is primarily attributable to "amounts recoverable on contracts". The amounts are presented net of allowance for doubtful debts. The credit risk on liquid funds is limited because the counter parties are banks with high credit-ratings assigned by international credit rating agencies. The company has no significant concentration of credit risk with exposure spread over a number of counter parties and customers.
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations, the company monitors and actively manages its working capital. The company has no bank borrowings and holds sufficient reserves of cash for any likely movement in its requirements for funding working capital. The director will revisit the appropriateness of this policy should the company's operations change in size or nature.
Health and Safety
Safety is a key priority of the company with strenuous efforts made to ensure that contracts are managed in a safe, healthy and environmentally controlled manner. The company is committed to providing high level training to all its managers and employees to ensure health and safety standards are maintained.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.
The director has reviewed the balance sheet, the likely future cash flows of the business and has considered the facilities that are in place at the date of signing the report. The company's ability to continue as a going concern is dependent on its providers of working capital, maintaining the existing level of funding on terms and conditions similar to those currently in place.
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for foreseeable future.

Financial key performance indicators
 
The company's key performance indicators are Turnover and Gross Profit Margin. 

Turnover has increased by 8.3% from the prior year. Gross profit margin from 13.4% in 2023 to 13% in 2024. 


This report was approved by the board and signed on its behalf.



Anthony Rhys Thomas
Director

Date: 2 May 2025

Page 2

 
ASW PROPERTY SERVICES LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The director presents his report and the financial statements for the year ended 30 June 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 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;

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 2006He 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.

Principal activity

The principal activity of the company in the year under review was that of property maintenance.

Results and dividends

The profit for the year, after taxation, amounted to £302,620 (2023 - £288,126).



Director

The director who served during the year was:

Anthony Rhys Thomas 

Future developments

The directors consider the future prospects of the company to be satisfactory. 

Matters covered in the Strategic report

Included in the company's strategic report is a review of the business and a description of the principal risks and uncertainties facing the company. 

Page 3

 
ASW PROPERTY SERVICES LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

The auditorsMHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Anthony Rhys Thomas
Director

Date: 2 May 2025

Page 4

 
ASW PROPERTY SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASW PROPERTY SERVICES LIMITED
 

Opinion


We have audited the financial statements of ASW PROPERTY SERVICES LIMITED (the 'Company') for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 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.


Conclusions relating to going concern


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.


Page 5

 
ASW PROPERTY SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASW PROPERTY SERVICES LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


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 Director's 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Page 6

 
ASW PROPERTY SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASW PROPERTY SERVICES LIMITED (CONTINUED)


Auditors' 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 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:
- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations.
- Enquiry of management around any potential or suspected instances of fraud.
- Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred.
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness.
- Evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
- Performing substantive tests of detail over the completeness of income within the financial system.  
- Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


Use of our report
 

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 2006Our 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.


Page 7

 
ASW PROPERTY SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASW PROPERTY SERVICES LIMITED (CONTINUED)





Brian Garland BA ACA (Senior statutory auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
Swansea, United Kingdom
  

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).    Date: 27 May 2025
Page 8

 
ASW PROPERTY SERVICES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
21,986,264
20,292,337

Cost of sales
  
(19,103,843)
(17,573,181)

Gross profit
  
2,882,421
2,719,156

Administrative expenses
  
(2,473,678)
(2,393,070)

Operating profit
 5 
408,743
326,086

Interest receivable and similar income
 8 
15,723
9,357

Interest payable and similar expenses
 9 
(12,190)
(16,594)

Profit before tax
  
412,276
318,849

Tax on profit
 10 
(109,656)
(30,723)

Profit for the financial year
  
302,620
288,126

Other comprehensive income for the year
  

Total comprehensive income for the year
  
302,620
288,126

The notes on pages 13 to 30 form part of these financial statements.

Page 9

 
ASW PROPERTY SERVICES LIMITED
REGISTERED NUMBER: 04028743

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
426,900
355,037

  
426,900
355,037

Current assets
  

Stocks
 13 
73,500
67,335

Debtors: amounts falling due within one year
 14 
6,265,026
4,618,162

Current asset investments
 15 
292,238
292,238

Cash at bank and in hand
 16 
463,316
1,908,373

  
7,094,080
6,886,108

Creditors: amounts falling due within one year
 17 
(5,113,171)
(5,056,818)

Net current assets
  
 
 
1,980,909
 
 
1,829,290

Total assets less current liabilities
  
2,407,809
2,184,327

Creditors: amounts falling due after more than one year
 18 
(126,907)
(106,283)

Provisions for liabilities
  

Deferred tax
 21 
(41,446)
(46,708)

  
 
 
(41,446)
 
 
(46,708)

Net assets
  
2,239,456
2,031,336


Capital and reserves
  

Called up share capital 
 22 
60
60

Revaluation reserve
  
29,141
29,141

Profit and loss account
  
2,210,255
2,002,135

  
2,239,456
2,031,336


Page 10

 
ASW PROPERTY SERVICES LIMITED
REGISTERED NUMBER: 04028743
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Anthony Rhys Thomas
Director

Date: 2 May 2025

The notes on pages 13 to 30 form part of these financial statements.

Page 11

 
ASW PROPERTY SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022
60
29,141
1,818,217
1,847,418


Comprehensive income for the year

Profit for the year
-
-
288,126
288,126


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(104,208)
(104,208)



At 1 July 2023
60
29,141
2,002,135
2,031,336


Comprehensive income for the year

Profit for the year
-
-
302,620
302,620


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(94,500)
(94,500)


At 30 June 2024
60
29,141
2,210,255
2,239,456


The notes on pages 13 to 30 form part of these financial statements.

Page 12

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

ASW Property Services Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04028743 and registered office address is MHA House Charter Court, Phoenix Way, Swansea Enterprise Park, Swansea, Wales, SA7 9FS.
The presentation currency of the financial statements is the Pound Sterling (£). 
Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.
The director has reviewed the balance sheet, the likely future cash flows of the business and has considered the facilities that are in place at the date of signing the report. The company's ability to continue as a going concern is dependent on its providers of working capital, maintaining the existing level of funding on terms and conditions similar to those currently in place.
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for foreseeable future.
The particular accounting policies adopted which have been applied consistently throughout the current and prior financial year, are described below :
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": 
• the requirements of Section 7 Statement of Cash Flows. 

  
2.3

Related party exemption

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.

Page 13

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.4

Turnover

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

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue from contracts for the provision of 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 are recoverable. 

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 14

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

  
2.10

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.

  
2.11

Equity instruments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

Page 15

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


  
2.13

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. 
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit and loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases are consumed.

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Freehold property
-
2% on cost
Plant and machinery
-
25% on reducing balance
Motor vehicles
-
25% on reducing balance

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 profit or loss.

  
2.15

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss sequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as revaluation increase.

Page 17

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.16

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

  
2.18

Cash at bank and in hand

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.

  
2.19

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the
contractual provisions of the instrument.
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.

Page 18

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.20

Financial assets and liabilities

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments that are classified as payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the company, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged,
cancelled or expires.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the director is required to make judgments, 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 period where the revision affects both current and future periods.

 
3.1

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 19

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.


An analysis of turnover by class of business is as follows:


2024
2023
£
£

Property maintenance services
21,986,264
20,292,337

21,986,264
20,292,337


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
21,986,264
20,292,337

21,986,264
20,292,337



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Hire and leasing of equipment
229,543
499,330

Depreciation
36,745
161,538

Auditors' remuneration
13,000
9,500


6.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,169,717
3,514,477

Social security costs
305,863
334,971

Cost of defined contribution scheme
137,179
65,544

4,612,759
3,914,992


The average monthly number of employees, including directors, during the year was 134 (2023 - 111).

Page 20

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Director's remuneration

2024
2023
£
£

Director's emoluments
9,516
9,699

Company contributions to defined contribution pension schemes
78,756
-

88,272
9,699


During the year retirement benefits were accruing to 1 director (2023 - NIL) in respect of defined contribution pension schemes.


8.


Interest receivable

2024
2023
£
£


Other interest receivable
15,723
9,357

15,723
9,357


9.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
7,130
11,835

Finance leases and hire purchase contracts
5,060
4,759

12,190
16,594

Page 21

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
114,844
55,360

Adjustments in respect of previous periods
74
-


114,918
55,360


Total current tax
114,918
55,360

Deferred tax


Origination and reversal of timing differences
(5,262)
(24,637)

Total deferred tax
(5,262)
(24,637)


Tax on profit
109,656
30,723

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
412,276
318,849


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
105,569
65,364

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6,236
628

Capital allowances for year in excess of depreciation
277
13,004

Adjustments to tax charge in respect of prior periods
74
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(35,200)

Other differences leading to an increase (decrease) in the tax charge
(2,500)
(13,073)

Total tax charge for the year
109,656
30,723

Page 22

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




11.


Dividends

2024
2023
£
£


Dividends
94,500
104,208

94,500
104,208


12.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 July 2023
150,000
218,791
1,092,701
1,461,492


Additions
-
-
108,608
108,608



At 30 June 2024

150,000
218,791
1,201,309
1,570,100



Depreciation


At 1 July 2023
35,494
167,672
903,289
1,106,455


Charge for the year on owned assets
1,106
12,710
22,929
36,745



At 30 June 2024

36,600
180,382
926,218
1,143,200



Net book value



At 30 June 2024
113,400
38,409
275,091
426,900



At 30 June 2023
114,506
51,119
189,412
355,037

Page 23

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           12.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
113,400
114,506

113,400
114,506






13.


Stocks

2024
2023
£
£

Consumables
73,500
67,335

73,500
67,335



14.


Debtors

2024
2023
£
£


Trade debtors
2,026,759
1,989,488

Amounts owed by group undertakings
2,440,994
1,414,807

Amounts owed by related parties
7,315
-

Other debtors
86,346
60,688

Prepayments and accrued income
17,269
18,895

Amounts recoverable on long-term contracts
1,686,343
1,134,284

6,265,026
4,618,162


Page 24

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Current asset investments

2024
2023
£
£

Unlisted investments
292,238
292,238

292,238
292,238



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
463,316
1,908,373

Less: bank overdrafts
(185,169)
(208,315)

278,147
1,700,058


Page 25

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
185,169
208,315

Other loans
50,000
50,000

Trade creditors
2,125,615
2,384,775

Amounts owed to related parties
12,040
48,089

Corporation tax
138,794
124,385

Other taxation and social security
737,419
720,193

Obligations under finance lease and hire purchase contracts
10,501
29,128

Other creditors
573,985
325,567

Accruals and deferred income
1,279,648
1,166,366

5,113,171
5,056,818


The following liabilities were secured:

2024
2023
£
£



Hire purchase contracts
91,777
39,779

91,777
39,779

Details of security provided:

Obligations under hire purchase contracts are secured on the assets to which they relate. 


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
45,631
95,632

Net obligations under finance leases and hire purchase contracts
81,276
10,651

126,907
106,283


Page 26

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
50,000
50,000


50,000
50,000

Amounts falling due 1-2 years

Other loans
45,633
50,000


45,633
50,000

Amounts falling due 2-5 years

Other loans
-
45,633


-
45,633


95,633
145,633


Page 27

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
10,501
29,128

Between 1-5 years
81,276
10,651

91,777
39,779

Page 28

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Deferred taxation




2024
2023


£

£






At beginning of year
(46,708)
(71,344)


Charged to profit or loss
5,262
24,636



At end of year
(41,446)
(46,708)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(41,446)
(46,708)

(41,446)
(46,708)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



305 (2023 - 305) Ordinary A shares shares of £0.10 each
31
31
24 (2023 - 24) Ordinary B shares shares of £0.10 each
2
2
270 (2023 - 270) Ordinary C, D, E, F shares shares of £0.10 each
27
27

60

60



23.


Reserves

Retained earnings
Revaluation reserve
Total
        £
        £
        £

At 1 July 2023

2,002,135

29,141

2,031,276
 
Profit for the year

302,620

-

302,620
 
Dividends

(94,500)

-

(94,500)
 
At 30 June 2024

2,210,255

29,141

2,239,396
 

Page 29

 
ASW PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

24.


Pension commitments

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from thse of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund amounting to £137,179 (2023: £65,544). £7,579 (2023: £6,249) contributions were outstanding at the statement of financial position date.


25.


Controlling party

The controlling party is AT Holdings Limited. 
The ultimate controlling party is A R Thomas. 

 
Page 30