ASAMS Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02322620

ASAMS Limited

Unaudited financial statements

31 December 2024

ASAMS Limited

Statement of financial position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Intangible assets	5	206,364	183,864
Tangible assets	6	44,243	52,781
		---------	---------
		250,607	236,645

Current assets

Stocks		4,256	4,255
Debtors	7	290,570	222,101
Cash at bank and in hand		67,210	29,489
		---------	---------
		362,036	255,845

Creditors: Amounts falling due within one year	8	( 144,920)		( 84,162)
		---------		---------
Net current assets			217,116		171,683
			---------		---------
Total assets less current liabilities			467,723		408,328

Creditors: Amounts falling due after more than one year	9		( 20,000)		( 25,000)

Provisions

Taxation including deferred tax	( 4,783)	( 6,833)
	---------	---------
Net assets	442,940	376,495
	---------	---------

Capital and reserves

Called up share capital	26,902	26,902
Share premium account	22,098	22,098
Profit and loss account	393,940	327,495
	---------	---------
Shareholders funds	442,940	376,495
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

ASAMS Limited

Statement of financial position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 18 September 2025 , and are signed on behalf of the board by:

Mr A W F Page	Mr T Whiskin
Director	Director

Company registration number: 02322620

ASAMS Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sixty Six, North Quay, Great Yarmouth, Norfolk, United Kingdom, NR30 1HE. The trading address is Marine Building, Owen Road, Harfreys Industrial Estate, Great Yarmouth, Norfolk, NR31 0NA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	20% straight line
Fixtures & fittings	-	20% straight line
Motor vehicles	-	20% straight line
Improvements to leasehold property	-	10% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Average number of employees

The average number of employees during the year was 11 (2023: 11 ).

5. Intangible assets

	Software development
	£
Cost
At 1 January 2024	183,864
Additions	22,500
	---------
At 31 December 2024	206,364
	---------
Amortisation
At 1 January 2024 and 31 December 2024	–
	---------
Carrying amount
At 31 December 2024	206,364
	---------
At 31 December 2023	183,864
	---------

Development costs capitalised above represent expenditure on an ongoing project. The expected useful life of the development shall be assessed upon completion and an appropriate amortisation rate determined accordingly.

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Improvements to leasehold property	Total
	£	£	£	£	£
Cost
At 1 January 2024	350,746	113,128	18,361	6,542	488,777
Additions	3,870	3,351	–	–	7,221
	---------	---------	-------	------	---------
At 31 December 2024	354,616	116,479	18,361	6,542	495,998
	---------	---------	-------	------	---------
Depreciation
At 1 January 2024	321,074	98,850	15,784	288	435,996
Charge for the year	8,459	5,945	701	654	15,759
	---------	---------	-------	------	---------
At 31 December 2024	329,533	104,795	16,485	942	451,755
	---------	---------	-------	------	---------
Carrying amount
At 31 December 2024	25,083	11,684	1,876	5,600	44,243
	---------	---------	-------	------	---------
At 31 December 2023	29,672	14,278	2,577	6,254	52,781
	---------	---------	-------	------	---------

7. Debtors

	2024	2023
	£	£
Trade debtors	245,650	159,678
Amounts owed by group undertakings and undertakings in which the company has a participating interest	6,123	11,894
Other debtors	38,797	50,529
	---------	---------
	290,570	222,101
	---------	---------

8. Creditors: Amounts falling due within one year

	2024	2023
	£	£
Trade creditors	10,580	15,805
Social security and other taxes	117,293	59,520
Other creditors	17,047	8,837
	---------	-------
	144,920	84,162
	---------	-------

9. Creditors: Amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	20,000	25,000
	-------	-------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	22,768	26,413
Later than 1 year and not later than 5 years	15,021	37,789
	-------	-------
	37,789	64,202
	-------	-------

11. Directors' advances, credits and guarantees

During the year, the company operated loan accounts with its directors. At at the 31 December 2024, one of the directors owed the company £nil (2023: £23,745). Beneficial loan interest of £341 (2023: £96) was charged on the loan during the year at H M Revenue and Customs standard rate.

12. Controlling party

The immediate and ultimate parent company is ASAMS (Holdings) Limited, a company incorporated in England and Wales. They own 100% of the share capital of ASAMS Limited . Their registered office is Sixty Six, North Quay, Great Yarmouth, Norfolk, United Kingdom, NR30 1HE.