Registered number: 02191991
 

 

ALL SQUARE LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS
 

FOR THE YEAR ENDED 30 JUNE 2025

ALL SQUARE LIMITED

 

COMPANY INFORMATION

ALL SQUARE LIMITED

 

CONTENTS

ALL SQUARE LIMITED

 

STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2025

 

The directors present the Strategic Report of All Square Limited ("the Company") for the year ended 30 June 2025. All Square Limited is a private limited company incorporated on 11 November 1987 and domiciled in the United Kingdom. 

Established over 35 years ago, we provide professional office and commercial cleaning services, property maintenance and a wide range of support services across London and all major UK cities.

Our clients include blue-chip corporates, royal palaces and some of the world’s leading global brands. As a multi award-winning family business, we are now one of the most established companies in the industry, employing over 1,000 individuals.

With a constant focus on technology, innovation, quality, sustainability and social responsibility, we are recognised as Living Wage Foundation accredited service providers, ISO:9001 accredited for quality and ISO:14001 accredited for environmental management and best practice, as well as members of the prominent MSDUK organisation to support diversity in the supply chain.

 

The financial year 2024–2025 was a year of consolidation following a sustained period of growth. Turnover moderated to £23.04m (2024: £24.39m) as we prioritised contract quality and margin over volume. Critically, this was achieved alongside stronger profitability: gross profit rose 7.3% to £4.84m and pre-tax profit increased 25.8% to £0.24m, demonstrating the underlying health of the business.

We focused on consolidating our national account base and improving the profitability of our contract portfolio. This lifted gross profit margin to 21.0% (2024: 18.5%), a 2.5 percentage point improvement, while our presence across multiple UK regions continues to provide resilience and a platform for renewed growth. 

Operationally, we continued to invest in service quality, process efficiency and technology, includin capitalised development expenditure. The year saw the loss of a number of contracts, which contributed to the reduction in turnover; however, our continued focus on contract profitability supported an improvement in margin. We retained the majority of our key accounts, maintained a positive net asset position of £1.25m and reduced bank borrowings, while continuing to return value to shareholders through a £0.4m dividend

Looking ahead, we remain focused on returning to sustainable, profitable growth, operational excellence and high standards of service, building on the stronger margin base established this year.

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ALL SQUARE LIMITED

 

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

 

The principal risks faced by the company during the year are those of general market and economic risks in common with other businesses in the current economic climate. These risks include:

Market risk

The industry continues to adapt to evolving workplace practices, with hybrid and flexible working now firmly established across many sectors. Reduced office occupancy in some locations has led clients to reassess cleaning requirements, often focusing on optimising service frequency and cost efficiency. At the same time, there remains sustained demand for high standards of hygiene in workplaces, healthcare settings, and public environments. This creates both challenges and opportunities for the company to deliver flexible, high-quality, and cost-effective services. While these market dynamics continue to be challenging, we were able to exit some underperforming lower margin contracts during the year, the company remains well positioned to respond to changing client requirements, supporting client retention and the winning of new contracts. 

Credit risk

Credit risk remains a consideration due to the potential for delayed or non-payment by customers, particularly in sectors still experiencing financial pressure. The company manages this risk through established credit control procedures, including initial credit checks and ongoing monitoring of customer payment performance. These controls help minimise exposure to bad debts while maintaining strong working relationships with clients.

Liquidity risk

The company continues to prioritise maintaining sufficient liquidity to meet its financial obligations. Cash flow is closely monitored, with regular forecasting to identify potential short-term funding requirements. Given the labour-intensive nature of the cleaning industry, with regular payroll commitments, effective working capital management is essential. The company utilises accounts receivable processes to support prompt collection of outstanding balances, helping to maintain a stable liquidity position.

Macro risks

Macroeconomic conditions have stabilised compared to the prior period, with inflation moderating, although cost pressures remain, particularly in wages, cleaning materials, and energy. Increases in minimum wage rates and ongoing labour shortages continue to place upward pressure on operating costs. While some of these increases can be passed on to customers, competitive market conditions may limit full cost recovery. The company continues to monitor these factors closely and focuses on operational efficiency and pricing strategies to mitigate their impact.

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ALL SQUARE LIMITED

 

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

 

Senior management monitors key financial and operational performance indicators against budgets and forecasts.

The principal financial KPIs include revenue, gross profit, gross profit margin, EBITDA, pre-tax profit, cash at bank, current ratio, and gross leverage. In addition, the board monitors labour cost ratios and contract profitability.

Non-financial KPIs include client retention, contract renewals, and staff retention. Progress on operational efficiency, technology initiatives, and sustainability objectives is also regularly reviewed.

The financial results for the year are as follows:

Annual turnover – down from £24.39m to £23.04m, reflecting a deliberate focus on contract profitability following the loss of a number of contracts during the year.

Gross profit – up 7.3% from £4.51m to £4.84m.

Gross profit margin – improved to 21.0% (2024: 18.5%), an increase of 2.5 percentage points.

Operating profit – up 3.6% from £0.293m to £0.303m.

Pre-tax profit – up 25.8% from £0.188m to £0.236m, reflecting improved margins and disciplined cost control.

This was a year of consolidation in which the business strengthened margin and profitability while maintaining a robust market position and balance sheet. The board remains confident in the company's long-term strategy and considers the business well positioned to return to sustainable growth.
 

This report was approved by the board on 26 June 2026 and signed on its behalf.

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ALL SQUARE LIMITED

 

 

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 JUNE 2025

The directors present their report and the financial statements for the year ended 30 June 2025.

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 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 these financial statements, the directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The profit for the year, after taxation, amounted to £152,523 (2024 - £82,380).

During the year, dividends of £400,000 (2024: £400,000) were declared and paid.

The director who served during the year was:

Post year end J. Collazo and J. Widdicombe were appointed as directors on 26 February 2026.

The Company made no political donations during the year (2024: £Nil). 

All risks, including financial instrument risks, and the Company’s risks management practices, have been disclosed in the principal risks and uncertainties section of the Strategic Report.

The well-being of the Company’s employees is safeguarded through strict adherence to health and safety standards. The Safety, Health and Welfare at Work Act 1989 imposes certain requirements on employers and the Company has taken the necessary action to ensure compliance with the Act.

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ALL SQUARE LIMITED

 

 

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

As the Director of All Square Limited, a leading commercial cleaning and facilities management company employing over 1,000 individuals, I am pleased to present this report, reflecting our commitment to transparency, employee engagement, and social responsibility.

Throughout the year, we have taken significant steps to enhance internal communication, employee consultation, and awareness of economic factors affecting our business, to provide key business and departmental updates and bring the teams together.  

Recognising the importance of keeping employees informed, we have implemented improved pay breakdowns with clear explanations of deductions, fostering a transparent and trustworthy work environment.

We actively engage with our workforce through regular consultations, email campaigns, and surveys, ensuring their voices shape our strategic decisions. Our Town Halls provide essential updates on business activities, achievements, and challenges, reinforcing a shared understanding of our company’s performance. Additionally, company-wide meetings held every six months allow us to review financial performance and future plans with our employees, strengthening alignment with our strategic goals.

Employee recognition remains a key priority. Initiatives such as ‘Employee of the Quarter’ and ‘Superstar of the Month’ celebrate outstanding contributions, fostering a culture of appreciation and belonging. Our HR-led ‘Work Committee’ gathers feedback across all departments and all levels within the business, further enhancing employee engagement and operational efficiency.

Our commitment to diversity and inclusion is reflected in our robust recruitment and equal opportunities policies, ensuring fair consideration for all applicants, including those with disabilities. We support employees who develop disabilities during their tenure, providing necessary training and adjustments wherever possible.

Social responsibility continues to be a fundamental aspect of our ethos. Our partnership with The Hygiene Bank has resulted in significant contributions, with a further £27,000 raised  in 2025, bringing our total fundraising to £144,000. By mobilising suppliers and customers, we have elevated the charity’s profile within the facilities management and cleaning industry, making a tangible difference in the communities we serve.

We are proud members of MSDUK, advocating for diversity in supply chains and strengthening our commitment to ethical and sustainable business practices. Our workforce has become increasingly diverse, and our recognition as a CBRE preffered Diverse Suppliers highlights our dedication to equity and inclusion.

Sustainability remains central to our corporate strategy. Led at board level by our ESG and Client Experience Director Kate Lovell, we continue to embed environmental responsibility across our operations. Our ISO:14001 certification, PAS2060 Carbon Neutral Certification, and ambitious targets for Ecovadis Gold and B Corp accreditation underscore our commitment to reducing our ecological footprint and driving sustainable business practices.

This year has been marked by outstanding achievements. Cleanology’s excellence, innovation, and sustainability efforts have been recognised through numerous industry accolades. Notable awards include:
 

∙Scale Up Awards 2024: ESG and Social Impact Award, Overall Scale-Up Business Award

∙Hill Club Awards 2024: Supervisor of the Year (Bella)

∙European Cleaning and Hygiene Awards 2025: Finalists for Sustainability Best Practice, Diversity and Inclusion, Best Company to Work for and Rising Star for Altaf Zafar

∙Workplace Top 50 Leaders Award 2025 – Winner, Kate Lovell

∙Better Society Awards 2025 – Finalist for CSR Leader of the Year, Dominic Ponniah and ESG Provider of the Year.

∙National Sustainability Awards 2025 – Finalists - Rising Star, Kate Lovell and Provider of the Year

∙Hill Club Awards 2025 – Cleaning Operative of the Year

∙Facilities Management Awards 2025 – Finalists for ESG excellence and Women in FM, Kate Lovell

 

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ALL SQUARE LIMITED

 

 

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

These accolades reflect the dedication, expertise, and shared vision of our team, reinforcing Cleanology’s position as an industry leader. As we move forward, we remain committed to excellence, innovation, and sustainability, driving positive change within our industry and beyond.

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director 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.

The auditors, Wilder Coe Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 June 2026 and signed on its behalf.

 

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ALL SQUARE LIMITED

 

 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL SQUARE LIMITED

 

We have audited the financial statements of All Square Limited (the 'Company') for the year ended 30 June 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows, the Analysis of Net Debt and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 30 June 2025 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.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

In auditing the financial statements, we have concluded that the 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.

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL SQUARE LIMITED (CONTINUED)

 

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

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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:

∙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 directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.

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ALL SQUARE LIMITED

 

 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL SQUARE LIMITED (CONTINUED)

 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. Durgin the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity.
 

∙Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, company law, tax and pensions legislation and distributable profits legislation.

∙Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include health and safety legislation and employment law.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material mistatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL SQUARE LIMITED (CONTINUED)

 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Caryl King ACA BSc (Senior Statutory Auditor)

for and on behalf of




 

Wilder Coe Ltd

Chartered Accountants & Statutory Auditors

1st Floor Sackville House

143-149 Fenchurch Street

London

EC3M 6BL
 

26 June 2026

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ALL SQUARE LIMITED

 

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 30 JUNE 2025

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ALL SQUARE LIMITED

REGISTERED NUMBER: 02191991

BALANCE SHEET

AS AT 30 JUNE 2025

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ALL SQUARE LIMITED

REGISTERED NUMBER: 02191991

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2025

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 
26 June 2026.

The notes on pages 16 to 28 form part of these financial statements.

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ALL SQUARE LIMITED

 

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2025

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ALL SQUARE LIMITED

 

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 30 JUNE 2025

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

All Square Limited (registered number: 02191991) having its registered office and trading address at 2nd Floor, 70 South Lambeth Road, London, SW8 1RL, is a private limited company incorporated in England and Wales.

2.Accounting policies

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

In accordance with the exemption permitted by FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland – consolidated financial statements have not been prepared, as the subsidiary is immaterial to the financial position, performance, and cash flows of the Group. The director considers that the inclusion of the subsidiary would not result in a material difference to these financial statements and, therefore, consolidated financial statements are not required to give a true and fair view. See note 2.8 for treatment of the investment held.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

2.Accounting policies (continued)

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. 

Goodwill can be subsequently adjusted for changes to estimates of contingent considerations given in a business combination. 

Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life. This is assessed individually for each acquisition taking into account the period over which the company expects to realise the synergies from the combination. Goodwill is amortised on a straight-line basis over 5 years. 

Development expenditure

Development expenditure is initially recognised at cost. After recognition, under the cost model, development costs are measured at cost less any accumulated amortisation and any accumulated impairment losses. Development expenditure is amortised on a straight-line basis over 5 years. 

Acquisition of businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair value (at the date of exchange) of assets given, liabilities incurred or assumed and equity instruments issued in exchange for control of the acquiree, plus costs directly attributable to the business combination. 

Any excess of the cost of the business combination is recognised as goodwill. 

For the purpose of impairment testing, the goodwill acquired in a business combination is allocated, on acquisition date, to the cash generating units that are expected to benefit from the synergies of the combination. 

Contingent consideration is included in the cost of the combination at the acquisition date if additional payments are probable and can be measured reliably. The liability is measured at the present value of the estimated future payment, using a discount rate reflecting conditions at the acquisition date. If the additional payment becomes probable and/or reliably measured only after the acquisition date it is recognised as an adjustment to the cost of the combination and goodwill at that time. Similarly, if estimated future payments are revised, for example due to non-occurrence of future events that had been expected to occur, the resulting adjustment is recorded against goodwill. 

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.

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

2.Accounting policies (continued)

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

Depreciation is provided on the following basis:

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings. 

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

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 the Statement of Income and Retained Earnings.

Short-term debtors are measured at transaction price, less any impairment. 

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

2.Accounting policies (continued)

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Short-term creditors are measured at the transaction price. 

Finance costs are charged to the Statement of Income and Retained Earnings 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. 

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.

Assets obtained under hire purchase contracts are capitalised as tangible fixed assets and are depreciated over their useful economic lives. The finance element of the rental payment is charged to the Statement of Income and Retained Earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

2.Accounting policies (continued)

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings 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 corporation 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.

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.

The preparation of the financial statements required management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed reasonable under the circumstances. 

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: 

Amortisation - management determines the useful life and residual values of intangible assets based on historical experience combined with future expectations. The useful life of goodwill is an assessment of the period over which the Company expects to derive economic benefits from the related business combination. These estimates are significant to the amortisation charges. The carrying amounts of intangible assets and goodwill might be significantly impacted if different assumptions about their useful lives were to be used. Changes in the useful lives or residual values could result in a significantly different amortisation charge. Estimates are reviewed and adjusted as necessary. The possible changes in the useful life or amortised years could alter the reported values of these assets and the reported amortisation. 

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ALL SQUARE LIMITED

 

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

The £22,973,544 turnover is attributable to the principal activity of the Company, being that of cleaning contractors. There is also other income of £69,229. 

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ALL SQUARE LIMITED

 

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025