Registration number:
Angela Shanley Associates Limited
for the Year Ended 31 March 2026
Angela Shanley Associates Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Angela Shanley Associates Limited
Company Information
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Directors |
A Farantouris M Gebreslassie M Mcsporran |
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Company secretary |
D Jacobs |
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Registered office |
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Auditors |
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Angela Shanley Associates Limited
Strategic Report for the Year Ended 31 March 2026
The directors present their strategic report for the year ended 31 March 2026.
Principal activity
The principal activity of the group is to operate as a Destination Management Company (DMC) specialising in the United Kingdom, Ireland, and selected regions of Continental Europe. The company functions as a wholesaler, collaborating with international B2B partners and local suppliers to develop and deliver tourism-related services for inbound international visitors. The business encompasses both individual and group travel services, catering to a diverse range of source markets.
Fair review of the business
The financial year ending 31 March 2026 (YE 2026) followed similar patterns to that of YE 2025 continuing the trend of high-volume, short-notice bookings across all markets.
Q1 (April–June 2025) and subsequently Q2 and Q3 all increased business volumes compared to those same quarters in YE 2025. Q4 (YE 2026) declined with a reduction in arrivals across February and March 2026 specifically. The company achieved a turnover of £27,889,761 (YE 2025: £26,909,609) Profit after tax stood at £571,316 (YE 2025: £681,499).
The group's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2026 |
2025 |
|
Turnover |
£ |
27,889,761 |
26,909,609 |
|
Gross Profit |
£ |
5,820,708 |
5,459,765 |
|
Gross Margin |
% |
21 |
20 |
|
Profit before tax £ |
£ |
754,142 |
982,517 |
|
Net assets |
£ |
3,681,244 |
3,356,408 |
Other Key Performance Indicators
Administrative expenses increased 13% as expected, with those costs due mainly to payroll and rent (now a full year in the new larger Edinburgh office). IT & AI expenditure continues to prove necessary as we seek to reduce the cost of delivery whilst maintaining high standards. Salary and benefits enhancements went ahead as planned while recruitment was implemented according to needs.
The group’s reserves remain robust and appropriate for its scale, and the directors intend to maintain this prudent financial policy.
Angela Shanley Associates Limited
Strategic Report for the Year Ended 31 March 2026
Principal risks and uncertainties
Several challenges impacted on the business environment during YE 2026:
• Destination Competitiveness: Continued supplier costs and general cost of living exacerbate perception of the primary destination, UK, as an expensive option for visitors. Competing international destinations are perceived to offer better value for money.
• Labour Market Constraints: Recruitment remains a significant challenge. Increases in UK employer NICs and the reduction of threshold in Q1, alongside planned salary increases exceeding inflation across all levels. Uncertainty on the proposed 10 year “earned settlement” impacting those currently employed on skilled worker visas and potential future commitments.
• Geopolitical Factors: The ongoing Israel/Iran war with the first direct attacks in Q2 leading to the ongoing US involvement. Despite strong demand from the Middle East, the outlook remains uncertain particularly Israel, a core market.
• Market Behaviour: European markets reacted to the war with caution, with far shorter lead in times. The North American market has been volatile in its booking patterns.
• Regulatory Changes: UK government increased the cost of the existing ETA in Q1 with an additional price increase signalled in Q4 to double the original ETA fee. ETIAS (the European equivalent) is now not expected to be launched until late 2026 thereby continuing to give EU destination countries an immediate advantage for those international visitors not requiring a traditional visa. Following the Local Tourism Tax in Manchester, Edinburgh became the first Scottish destination to introduce a tax on overnight accommodation. Whilst not affecting arrivals before 23 July 2026, the application of the tax on those bookings went live from October 2025, gaining considerable negative international coverage. More Scottish locations are set to introduce similar taxes and in Q3 the government officially set out plans to introduce similar levies across England.
Despite these challenges, the group continues in its goal to diversify client base and expanded market reach, thereby mitigating risk through a broader debtor spread alongside use of a bad debt insurance policy.
Mitigation strategies
To address the risks, the group implemented the following measures:
• Expansion into new and existing source markets to reduce reliance on core regions alongside varied distribution of products.
• Continued development of existing, and addition of new, European destinations which may be perceived as better value for money.
• Diversification of product offerings within those destinations and expansion of supply chains.
• Use of government apprenticeship schemes within the workforce.
• Continued commitment to training and development across the workforce, developing talent from within.
• Live implementation of a third-party AI tool within operations improving efficiency with a view to ringfence budget for additional AI / Tech investments.
• Ongoing hybrid and work from anywhere (WFA) policies to support workforce flexibility.
Angela Shanley Associates Limited
Strategic Report for the Year Ended 31 March 2026
Future developments
Since the close of YE 2026, ongoing conflict in the Middle East has significantly impacted markets globally. Markets are behaving more cautiously and competition from online b2c suppliers is attractive to price sensitive consumers. There is an element of resilience from markets, and the group is taking a cautious approach ensuring any investment will support good returns.
Accordingly, the directors are confident that the group and parent company will continue to operate profitably and meet all financial obligations as they fall due.
Approved and authorised by the
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Angela Shanley Associates Limited
Directors' Report for the Year Ended 31 March 2026
The directors present their report and the for the year ended 31 March 2026.
Directors of the group
The directors who held office during the year were as follows:
Information included in the Strategic Report
As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulation 2008' in the strategic report.
Important non adjusting events after the financial period
Subsequent to the reporting date, the company acquired an additional 25% equity interest in its subsidiary, Acropolis Minibuses Ltd, from an existing minority shareholder, increasing its ownership interest from 51% to 76%. The transaction did not result in a change of control and no new shares were issued by Acropolis Minibuses Ltd. Accordingly, the acquisition is a non-adjusting event after the reporting date. The transaction will be accounted for as an equity transaction in the consolidated financial statements in the following financial year.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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Angela Shanley Associates Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Angela Shanley Associates Limited
Independent Auditor's Report to the Members of Angela Shanley Associates Limited
Opinion
We have audited the financial statements of Angela Shanley Associates Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, 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 group's and the parent company's affairs as at 31 March 2026 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Angela Shanley Associates Limited
Independent Auditor's Report to the Members of Angela Shanley Associates Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 6, 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 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.
Angela Shanley Associates Limited
Independent Auditor's Report to the Members of Angela Shanley Associates Limited
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, skills, and capabilities to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the group and the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant industry;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation and other legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where relevant; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the group and company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HM Revenue & Customs and relevant regulators.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Angela Shanley Associates Limited
Independent Auditor's Report to the Members of Angela Shanley Associates Limited
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.
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For and on behalf of
Albert Place
London
N3 1QA
Angela Shanley Associates Limited
Consolidated Profit and Loss Account for the Year Ended 31 March 2026
|
Note |
2026 |
2025 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
- |
( |
|
|
190,284 |
158,486 |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
|
|
|
|
Minority interests |
( |
( |
|
|
|
|
The group has no recognised gains or losses for the year other than the results above.
Angela Shanley Associates Limited
(Registration number: 01402588)
Consolidated Balance Sheet as at 31 March 2026
|
Note |
2026 |
2025 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
- |
|
|
Tangible assets |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
158 |
158 |
|
|
Share premium reserve |
162,575 |
162,575 |
|
|
Profit and loss account |
3,686,533 |
3,334,925 |
|
|
Equity attributable to owners of the company |
3,849,266 |
3,497,658 |
|
|
Minority interests |
(168,022) |
(141,250) |
|
|
Shareholders' funds |
3,681,244 |
3,356,408 |
Approved and authorised by the
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Angela Shanley Associates Limited
(Registration number: 01402588)
Balance Sheet as at 31 March 2026
|
Note |
2026 |
2025 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
- |
|
|
Tangible assets |
|
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
158 |
158 |
|
|
Share premium reserve |
162,575 |
162,575 |
|
|
Profit and loss account |
3,418,965 |
3,059,493 |
|
|
Shareholders' funds |
3,581,698 |
3,222,226 |
The company made a profit after tax for the financial year of £605,952 (2025 - profit of £311,472).
Approved and authorised by the
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Angela Shanley Associates Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2026
Equity attributable to the parent company
|
Share capital |
Share premium |
Profit and loss account |
Total |
Non-controlling interests - Equity |
Total equity |
|
|
At 1 April 2025 |
|
|
|
|
( |
|
|
Profit/(loss) for the year |
- |
- |
|
|
( |
|
|
Dividends |
- |
- |
( |
( |
- |
( |
|
At 31 March 2026 |
|
|
|
|
( |
|
|
Share capital |
Share premium |
Profit and loss account |
Total |
Non-controlling interests - Equity |
Total equity |
|
|
At 1 April 2024 |
|
- |
|
|
( |
|
|
Profit/(loss) for the year |
- |
- |
|
|
( |
|
|
Dividends |
- |
- |
( |
( |
- |
( |
|
Issue of new shares |
25 |
- |
- |
25 |
- |
25 |
|
Exercise of share options |
- |
|
- |
|
- |
|
|
At 31 March 2025 |
158 |
162,575 |
3,334,925 |
3,497,658 |
(141,250) |
3,356,408 |
Angela Shanley Associates Limited
Statement of Changes in Equity for the Year Ended 31 March 2026
|
Share capital |
Share premium |
Profit and loss account |
Total |
|
|
At 1 April 2025 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 March 2026 |
|
|
|
|
|
Share capital |
Share premium |
Profit and loss account |
Total |
|
|
At 1 April 2024 |
|
- |
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
Issue of new shares |
25 |
- |
- |
25 |
|
Exercise of share options |
- |
|
- |
|
|
At 31 March 2025 |
158 |
162,575 |
3,059,493 |
3,222,226 |
Angela Shanley Associates Limited
Consolidated Statement of Cash Flows for the Year Ended 31 March 2026
|
Note |
2026 |
2025 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss on disposal of tangible assets |
- |
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
- |
|
|
|
Share based payment transactions |
- |
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Decrease in trade debtors |
|
|
|
|
(Decrease)/increase in trade creditors |
( |
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Acquisition of intangible assets |
( |
- |
|
|
Net cash flows from/(used in) investing activities |
|
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
- |
( |
|
|
Issue of new shares |
- |
|
|
|
Repayment of bank borrowing |
- |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows used in financing activities |
( |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 April |
|
|
|
|
Cash and cash equivalents at 31 March |
4,958,873 |
5,019,908 |
|
Angela Shanley Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£), which is also the group and company's functional currency. Monetary amounts in these financial statements are rounded to the nearest £.
Summary of disclosure exemptions
Summary of disclosure exemptions
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
- Section 3 Financial Statement Presentation paragraph 3.17 (d) (inclusion of statement of cash flows);
- Section 7 Statement of Cash Flows (inclusion of statement of cash flows);
- Section 11 Financial instruments paragraphs 11.42,11.44, 11.45, 11.47, 11.48 (a)(iii), 11.48(a)(iv), 11.48(b) and 11.48 (c)
(disclosure relating to financial instruments);
- Section 26 Share based payments (disclosures of share based payments);
- Section 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel compensation).
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2026.
Angela Shanley Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
Having considered the group's latest results and cash reserves, and after making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly they continue to adopt the going concern basis in preparing the financial statements.
Judgements and key sources of estimation uncertainty
In the application of the group'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.
Assessing indicators of impairment: in assessing whether there have been any indicators of impairments of assets, the directors have considered internal and external sources of information such as market conditions, counter party credit ratings and experience of recoverability. There have been no material indicators or impairments identified during the course of the current financial year other than in respect of bad and doubtful trade debtor balances recognised in the financial statements.
Angela Shanley Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Motor vehicles |
33% reducing balance |
|
Fixtures and fittings |
25% reducing balance |
Angela Shanley Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Intangible assets
Intangible assets are initially recognised at cost or, where acquired as part of a business combination, at their fair value at the acquisition date. They are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is charged on a straight-line basis over the assets' estimated useful economic lives. The useful economic lives and residual values are reviewed at each reporting date and revised where appropriate.
Investments
In the company balance sheet, investment in a subsidiary is measured at cost less accumulated impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Angela Shanley Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
|
2026 |
2025 |
|
|
Sale of goods |
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2026 |
2025 |
|
|
Miscellaneous other operating income |
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
|
2026 |
2025 |
|
|
Loss on disposal of tangible assets |
- |
( |
|
Operating profit |
Arrived at after charging/(crediting)
|
2026 |
2025 |
|
|
Depreciation expense |
|
|
|
Foreign exchange (gains)/losses |
( |
|
|
Loss on disposal of property, plant and equipment |
- |
|
|
Other interest receivable and similar income |
|
2026 |
2025 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2026 |
2025 |
|
|
Interest expense on other finance liabilities |
- |
|
Angela Shanley Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2026 |
2025 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Share-based payment expenses |
- |
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2026 |
2025 |
|
|
Administration and support |
|
|
|
Other departments |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2026 |
2025 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
455,609 |
286,805 |
In respect of the highest paid director:
|
2026 |
2025 |
|
|
Remuneration (included benefits in kind) |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditors' remuneration |
|
2026 |
2025 |
|
|
Audit of these financial statements |
34,750 |
24,500 |
Angela Shanley Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2026 |
2025 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2025 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2026 |
2025 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Tax (decrease)/increase from other short-term timing differences |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Total tax charge |
|
|
|
Intangible assets |
Group
|
Customer orders |
Total |
|
|
Cost or valuation |
||
|
Additions |
|
|
|
At 31 March 2026 |
|
|
|
Carrying amount |
||
|
At 31 March 2026 |
|
|
Angela Shanley Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Company
|
Customer orders |
Total |
|
|
Cost or valuation |
||
|
Additions |
|
|
|
At 31 March 2026 |
|
|
|
Carrying amount |
||
|
At 31 March 2026 |
|
|
|
Tangible assets |
Group
|
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||
|
At 1 April 2025 |
|
|
|
|
Additions |
|
- |
|
|
At 31 March 2026 |
|
|
|
|
Depreciation |
|||
|
At 1 April 2025 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 March 2026 |
|
|
|
|
Carrying amount |
|||
|
At 31 March 2026 |
|
|
|
|
At 31 March 2025 |
|
|
|
Angela Shanley Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Company
|
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
||
|
At 1 April 2025 |
168,826 |
168,826 |
|
Additions |
16,968 |
16,968 |
|
At 31 March 2026 |
185,794 |
185,794 |
|
Depreciation |
||
|
At 1 April 2025 |
99,288 |
99,288 |
|
Charge for the year |
25,456 |
25,456 |
|
At 31 March 2026 |
124,744 |
124,744 |
|
Carrying amount |
||
|
At 31 March 2026 |
61,050 |
61,050 |
|
At 31 March 2025 |
69,538 |
69,538 |
|
Investments |
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2026 |
2025 |
|||
|
Subsidiary undertakings |
||||
|
|
94-102 Euston Street
|
|
|
|
|
United Kingdom |
||||
Angela Shanley Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Subsidiary undertakings
|
Acropolis Minibuses Limited The principal activity of Acropolis Minibuses Limited is |
Company
|
2026 |
2025 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 April 2025 |
|
|
Carrying amount |
|
|
At 31 March 2026 |
|
|
At 31 March 2025 |
|
|
Debtors |
|
Group |
Company |
|||
|
Current |
2026 |
2025 |
2026 |
2025 |
|
Trade debtors |
|
|
|
|
|
Other debtors |
|
|
|
|
|
Prepayments and accrued income |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Cash on hand |
|
|
|
|
|
Cash at bank |
|
|
|
|
|
Short-term deposits |
|
|
|
|
|
|
|
|
|
|
Angela Shanley Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Creditors |
|
Group |
Company |
||||
|
Note |
2026 |
2025 |
2026 |
2025 |
|
|
Due within one year |
|||||
|
Trade creditors |
|
|
|
|
|
|
Amounts due to related parties |
- |
- |
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Other payables |
|
|
|
|
|
|
Accruals and deferred income |
|
|
|
|
|
|
Income tax liability |
149,300 |
414,566 |
149,300 |
414,566 |
|
|
|
|
|
|
||
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 April 2025 |
|
|
|
Credit for the year |
( |
( |
|
At 31 March 2026 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2026 |
2025 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
|
|
|
35 |
|
35 |
|
|
|
23 |
|
23 |
|
|
|
|
|
|
Angela Shanley Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Company
Operating leases
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
|
Dividends |
|
2026 |
2025 |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
246,480 |
241,700 |
||
|
Analysis of changes in net debts |
|
At 1 April 2025 |
Cash flows |
At 31 March 2026 |
|
|
Cash and cash equivalents |
5,019,908 |
(61,035) |
4,958,873 |
|
|
|||
|
Related party transactions |
Group
During the year, dividends of £246,480 (2025: £241,700) were declared and paid to the directors.
The directors were the only key management personnel in the current and previous year.
There were no other transactions with related parties.
Angela Shanley Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Controlling party |
The ultimate controlling party is A Farantouris by virtue of his shareholding.
|
Non adjusting events after the financial period |
|
|