Company registration number 02896329 (England and Wales)
ASSET SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
ASSET SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr D Rolf
Mr B Drought
(Appointed 13 December 2023)
Mr C Clark
(Appointed 10 September 2024)
Mr Jacob Cardus
(Appointed 13 December 2023)
Company number
02896329
Registered office
115 Victoria Road
Ferndown
Dorset
BH22 9HU
Auditor
Azets Audit Services
37 Commercial Road
Poole
Dorset
BH14 0HU
ASSET SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
ASSET SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 November 2024.

Review of the business

The company’s core activity continues to be the provision of outsourced contact centre services, primarily handling voice communications on behalf of clients. During the period, the company further advanced its strategic vision by integrating artificial intelligence (AI) voice solutions to complement its human-agent services, enhancing overall customer experience and operational efficiency.

Principal risks and uncertainties

Technology Risk

The company is exposed to risks including power outages, internet disruptions, and reliance on key technology vendors. To mitigate these, the company operates a hybrid workforce model with built-in redundancies, including independent power sources at critical sites, multiple internet providers, and failover systems. All systems are cloud-based, eliminating risks associated with on-premise infrastructure. A comprehensive disaster recovery and business continuity plan supports operational resilience.

Artificial Intelligence (AI) Risk

The growing capabilities of AI technologies present a threat to low-complexity human voice interactions, which may be replaced by automation. In response, the company has developed and launched proprietary AI voice solutions that complement rather than replace human agents. Continued investment in this area will support consistent and reliable service delivery.

Credit Risk

There is an inherent risk of delayed or non-payment from customers. The company actively monitors credit exposure through regular review processes and maintains open lines of communication with clients to address potential issues early.

Liquidity Risk

The company funds its operations through a mix of retained earnings and bank facilities. Regular cash flow forecasting and scenario analysis are conducted to ensure sufficient liquidity is maintained to support both current operations and future expansion.

Development and performance

The business continues to develop and improve its relationship with its main asset, the colleagues employed in the contact centre, in order to provide this best possible service to customers. We are able to successfully attract new recruits despite the challenges in the labour market and we have an established training method to optimise the performance of staff.

The integration onto a common technology platform delivered greater efficiency and productivity. The company continues to implement further efficiencies offered by technology to reduce costs and mitigate where possible any additional costs being passed onto the customers.

Key performance indicators

2024

Revenue                £6,655,539        

Gross profit                £4,679,117        

The Directors has expressed satisfaction with the company's performance in the year.

ASSET SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -

On behalf of the board

Mr C Clark
Director
27 August 2025
ASSET SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 November 2024.

Principal activities

The principal activity of the company continued to be that of a call support centre.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D Strike
(Resigned 3 July 2024)
Mr A Farthing
(Resigned 13 December 2023)
Mr D Rolf
Mr J Donaldson
(Appointed 24 May 2024 and resigned 31 December 2024)
Mr G West
(Appointed 24 May 2024 and resigned 10 September 2024)
Mr B Drought
(Appointed 13 December 2023)
Mr C Clark
(Appointed 10 September 2024)
Mr Jacob Cardus
(Appointed 13 December 2023)
Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

In the case of each director in office at the date the directors' report is approved:

 

 

On behalf of the board
Mr C Clark
Director
27 August 2025
ASSET SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law).

Under company law, directors must not approve the financial statements unless they are 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 the financial statements, the directors are required to:

The directors are 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 directors are also 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 enable them to ensure that the financial statements comply with the Companies Act 2006.

ASSET SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASSET SERVICES LIMITED
- 5 -
Opinion

We have audited the financial statements of Asset Services Limited (the 'company') for the year ended 30 November 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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).

In our opinion the financial statements:

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 Auditor's 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 UK, including the FRC’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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ASSET SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASSET SERVICES LIMITED
- 6 -
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 directors' 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

ASSET SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASSET SERVICES LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 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 auditor's 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.

Mr Richard Hutchinson
Senior Statutory Auditor
For and on behalf of Azets Audit Services
28 August 2025
Chartered Accountants
Statutory Auditor
37 Commercial Road
Poole
Dorset
BH14 0HU
ASSET SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
6,655,539
7,244,572
Cost of sales
(1,976,422)
(2,059,828)
Gross profit
4,679,117
5,184,744
Administrative expenses
(3,094,228)
(2,533,461)
Operating profit
4
1,584,889
2,651,283
Interest receivable and similar income
7
3,500
11,773
Interest payable and similar expenses
8
(20)
(2,793)
Profit before taxation
1,588,369
2,660,263
Tax on profit
9
(100,994)
(781,731)
Profit for the financial year
1,487,375
1,878,532

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 11 to 22 form part of these financial statements.

ASSET SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2024
30 November 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
104,878
196,446
Tangible assets
11
338,244
427,236
Investments
12
100
100
443,222
623,782
Current assets
Debtors
14
8,000,745
5,693,019
Cash at bank and in hand
332,714
1,525,019
8,333,459
7,218,038
Creditors: amounts falling due within one year
16
(991,144)
(1,521,781)
Net current assets
7,342,315
5,696,257
Total assets less current liabilities
7,785,537
6,320,039
Provisions for liabilities
Deferred tax liability
17
78,748
100,625
(78,748)
(100,625)
Net assets
7,706,789
6,219,414
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
7,706,689
6,219,314
Total equity
7,706,789
6,219,414
The financial statements were approved by the board of directors and authorised for issue on 27 August 2025 and are signed on its behalf by:
Mr C Clark
Director
Company Registration No. 02896329
ASSET SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2022
100
4,340,782
4,340,882
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
1,878,532
1,878,532
Balance at 30 November 2023
100
6,219,314
6,219,414
Year ended 30 November 2024:
Profit and total comprehensive income for the year
-
1,487,375
1,487,375
Balance at 30 November 2024
100
7,706,689
7,706,789
ASSET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
1
Accounting policies
Company information

Asset Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 115 Victoria Road, Ferndown, Dorset, BH22 9HU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Asset Services Group Limited. These consolidated financial statements are available from its registered office, 115 Victoria Road, Ferndown, England, BH22 9HU.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional 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 it is probable will be recovered.

ASSET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been amortised on a systematic basis over its expected life. Goodwill is now fully amortised.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
3 years straight line
Customer list
2 years straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Term of the lease
Computers
50% and 33% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

ASSET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 13 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
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.

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 are 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 asset 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 subsequently 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 a revaluation increase.

1.9
Cash and cash equivalents

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.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

ASSET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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 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 end date.

 

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

ASSET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ASSET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.13
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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

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 asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

 

Bad debt provision

The group reviews its trade debt on a regular basis ensuring that a provision is made for any debts that are not expected to be received within the coming months. Any bad debt that is written off is charged to the statement of comprehensive income.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Call service income
6,655,539
7,244,572
2024
2023
£
£
Turnover analysed by geographical market
UK
6,655,539
7,244,572
ASSET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
3
Turnover and other revenue
(Continued)
- 17 -
2024
2023
£
£
Other revenue
Interest income
3,500
11,773
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,250
7,500
Depreciation of owned tangible fixed assets
130,794
125,908
Amortisation of intangible assets
91,568
180,232
Operating lease charges
120,000
120,000
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,505
-
0
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
All employees
177
171

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,458,271
2,172,200
Social security costs
235,432
239,554
Pension costs
53,196
49,318
2,746,899
2,461,072
ASSET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 18 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,500
11,773
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
3
-
Other interest
17
2,793
20
2,793
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
85,789
713,488
Adjustments in respect of prior periods
37,082
(28,528)
Total current tax
122,871
684,960
Deferred tax
Origination and reversal of timing differences
(21,877)
96,771
Total tax charge
100,994
781,731

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,588,369
2,660,263
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.00%)
397,092
611,860
Tax effect of expenses that are not deductible in determining taxable profit
13,097
50,345
Tax effect of income not taxable in determining taxable profit
(20,875)
-
0
Adjustments in respect of prior years
37,957
(28,528)
Group relief
(349,169)
-
0
Permanent capital allowances in excess of depreciation
22,892
148,054
Taxation charge for the year
100,994
781,731
ASSET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
10
Intangible fixed assets
Goodwill
Software
Customer list
Total
£
£
£
£
Cost
At 1 December 2023
160,000
252,115
206,692
618,807
Disposals
-
0
(48,000)
-
0
(48,000)
At 30 November 2024
160,000
204,115
206,692
570,807
Amortisation and impairment
At 1 December 2023
160,000
159,015
103,346
422,361
Amortisation charged for the year
-
0
91,568
-
0
91,568
Disposals
-
0
(48,000)
-
0
(48,000)
At 30 November 2024
160,000
202,583
103,346
465,929
Carrying amount
At 30 November 2024
-
0
1,532
103,346
104,878
At 30 November 2023
-
0
93,100
103,346
196,446
11
Tangible fixed assets
Leasehold land and buildings
Computers
Total
£
£
£
Cost
At 1 December 2023
386,110
190,522
576,632
Additions
723
41,079
41,802
At 30 November 2024
386,833
231,601
618,434
Depreciation and impairment
At 1 December 2023
45,196
104,200
149,396
Depreciation charged in the year
46,762
84,032
130,794
At 30 November 2024
91,958
188,232
280,190
Carrying amount
At 30 November 2024
294,875
43,369
338,244
At 30 November 2023
340,914
86,322
427,236
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
100
100
ASSET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
13
Subsidiaries

Details of the company's subsidiaries at 30 November 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Message Direct Limited
United Kingdom
Ordinary shares
100.00
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
469,088
406,506
Corporation tax recoverable
330,000
-
0
Amounts owed by group undertakings
6,895,399
2,567,833
Other debtors
90,971
2,506,736
Prepayments and accrued income
215,287
211,944
8,000,745
5,693,019
15
Financial instruments
2024
2023
£
£
Carrying amount of financial assets measured at amortised cost
Trade debtors
469,088
406,506
Amounts owed by group companies
6,895,399
2,567,833
Other debtors
90,971
2,506,736
7,455,458
5,481,075
Carrying amount of financial liabilities at amortised cost
Trade creditors
61,927
86,038
Amounts owed to group companies
51,092
-
Other creditors
7,337
30,037
Accruals
425,361
514,108
545,717
630,183
ASSET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 21 -
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
61,927
86,038
Amounts owed to group undertakings
51,092
-
0
Corporation tax
85,789
415,374
Other taxation and social security
359,638
476,224
Other creditors
7,337
30,037
Accruals and deferred income
425,361
514,108
991,144
1,521,781
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
78,748
100,625
2024
Movements in the year:
£
Liability at 1 December 2023
100,625
Credit to profit or loss
(21,877)
Liability at 30 November 2024
78,748

The deferred tax liability set out above is expected to reverse over the useful life of the assets and relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
53,196
49,318

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

ASSET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 22 -
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
120,000
120,000
Between two and five years
125,000
17,753
245,000
137,753
21
Related party transactions

The company has taken advantage of the FRS102 section 33.1A exemption from disclosing transactions entered into between members of the group.

22
Directors' transactions

During the year, a total of £nil (2023: £2,455,212) was advanced to and a total of £2,491,041 (2023: £nil) was credited by the directors in relation to their directors loan account. Interest of £nil (2023: £nil) was charged on this balance. At the balance sheet date the amount due from the director was £nil (2023: £2,491,041).

23
Ultimate controlling party

The company is controlled by Asset Services Group Limited, a company registered in England and Wales, by virtue of its 100% holding in the company's issued share capital. Asset Services Group Limited is owned by Project Penny Limited by virtue of their 100% shareholding. The directors deem there to be no ultimate controlling party.

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