AIS Surveyors Limited 30/09/2021 iXBRL

AIS Surveyors Limited 30/09/2021 iXBRL

AIS SURVEYORS LTD - Company Information

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Company registration number: 03431326
AIS Surveyors Limited
Unaudited filleted financial statements
30 September 2021
AIS Surveyors Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
AIS Surveyors Limited
Directors and other information
Directors Mr S J Remo
Mr P J Timmins
Mr J O Calland (Resigned 1 July 2021)
Secretary S J Remo
Company number 03431326
Registered office 24 Bruton Place
London
W1J 6NE
AIS Surveyors Limited
Statement of financial position
30 September 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 14,373 19,132
_______ _______
14,373 19,132
Current assets
Debtors 6 4,817,578 3,752,812
Cash at bank and in hand 174,287 307,351
_______ _______
4,991,865 4,060,163
Creditors: amounts falling due
within one year 7 ( 1,509,170) ( 902,955)
_______ _______
Net current assets 3,482,695 3,157,208
_______ _______
Total assets less current liabilities 3,497,068 3,176,340
Creditors: amounts falling due
after more than one year 8 ( 1,510,689) ( 1,620,396)
_______ _______
Net assets 1,986,379 1,555,944
_______ _______
Capital and reserves
Called up share capital 11,504 11,504
Profit and loss account 1,974,875 1,544,440
_______ _______
Shareholders funds 1,986,379 1,555,944
_______ _______
For the year ending 30 September 2021 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.
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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 June 2022 , and are signed on behalf of the board by:
Mr S J Remo
Director
Company registration number: 03431326
AIS Surveyors Limited
Notes to the financial statements
Year ended 30 September 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Bruton Place, London, W1J 6NE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Leasehold improvement - Straight line over the life of the lease
Fittings fixtures and equipment - 25% reducing balance and 33.33% on cost
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2020: 20 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 October 2020 190,399 38,673 229,072
Additions 2,644 - 2,644
_______ _______ _______
At 30 September 2021 193,043 38,673 231,716
_______ _______ _______
Depreciation
At 1 October 2020 171,267 38,673 209,940
Charge for the year 7,403 - 7,403
_______ _______ _______
At 30 September 2021 178,670 38,673 217,343
_______ _______ _______
Carrying amount
At 30 September 2021 14,373 - 14,373
_______ _______ _______
At 30 September 2020 19,132 - 19,132
_______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 201,351 181,140
Other debtors 4,616,227 3,571,672
_______ _______
4,817,578 3,752,812
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 865,816 339,404
Trade creditors 349,395 132,714
Corporation tax 107,559 180,066
Social security and other taxes 176,867 247,771
Other creditors 9,533 3,000
_______ _______
1,509,170 902,955
_______ _______
HSBC UK Bank PLC has a debenture dated 26 May 2020 over all monies due or to become due from the company.
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 1,510,689 1,620,396
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 190,137 106,254
Later than 1 year and not later than 5 years 485,246 82,876
_______ _______
675,383 189,130
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr S J Remo 7,450 308,900 316,350
Mr P J Timmins 95,596 247,803 343,399
_______ _______ _______
103,046 556,703 659,749
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr S J Remo ( 22,139) 29,589 7,450
Mr P J Timmins ( 17,868) 113,464 95,596
_______ _______ _______
( 40,007) 143,053 103,046
_______ _______ _______