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Registered number: 03848051
ALLIED SURVEYORS DILIGENCE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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ALLIED SURVEYORS DILIGENCE LIMITED
REGISTERED NUMBER: 03848051
BALANCE SHEET
AS AT 30 JUNE 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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ALLIED SURVEYORS DILIGENCE LIMITED
REGISTERED NUMBER: 03848051
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2021
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 13 form part of these financial statements.
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ALLIED SURVEYORS DILIGENCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
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Comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 5 to 13 form part of these financial statements.
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ALLIED SURVEYORS DILIGENCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2020
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Comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 5 to 13 form part of these financial statements.
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ALLIED SURVEYORS DILIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Allied Surveyors Diligence Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is Building 2, Riverside Court, Bowling Hill, Chipping Sodbury, Bristol, BS37 6JX.
2.Accounting policies
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Basis of preparation of financial statements
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These financial statements are prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” as applied in the context of the small entities regime.
The directors have reviewed business projections going forward and have put in place measures to ensure the business is not impacted by further COVID-19 restrictions. Therefore, the directors are satisfied that the company is a going concern and any disruptions to the ordinary activities of the business will not affect the company such that it will not be able to continue for at least 12 months.
The financial statements have been prepared on a going concern basis.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The company is exempt under section 399 of the companies act from the requirement to prepare consolidated financial statements by virtue of the fact that it is subject to the small companies regime. These financial statements contain information about the company as an individual undertaking and not about its group.
Management fee revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Management fee revenue 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 revenue is recognised:
Rendering of services
Management fee revenue 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 revenue 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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ALLIED SURVEYORS DILIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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.
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 profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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, loans to related parties and investments in ordinary shares.
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ALLIED SURVEYORS DILIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2.Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Interest income is recognised in profit or loss using the effective interest method.
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ALLIED SURVEYORS DILIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 income 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.
This represents shares returned to the company for Nil consideration that have subsequently been reissued at nominal value.
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.
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ALLIED SURVEYORS DILIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2.Accounting policies (continued)
When a company issues shares, those shares should be accounted for at the value of consideration received in exchange. Any excess over the nominal value of the shares issued is recorded in the share premium account. Merger relief under section 615 of the Companies Act 2006 and FRS 102 paragraph A3.24 provides relief from the creation of a share premium account on the issue of shares providing it meets all of the following criteria:
∙A company (known either as the issuing company or the acquiring company) secures at least 90% of the nominal value of each class of the equity share capital of another company as a result of the arrangement.
∙The arrangement provides for the allotment of equity shares in the issuing company (such allotment will normally be made to the acquired company’s shareholders).
∙The consideration for the shares allotted is either the issue or the transfer to the issuing company of equity shares in the acquired company; or the cancellation of those equity shares in the acquired company that the issuing company does not already hold.
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The average monthly number of employees, including directors, during the year was 29 (2020 - 29).
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ALLIED SURVEYORS DILIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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At 1 July 2020 (restated)
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At 1 July 2020 (restated)
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Charge for the year on owned assets
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ALLIED SURVEYORS DILIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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At 1 July 2020 (restated)
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At 1 July 2020 (restated)
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Charge for the year on owned assets
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Investments in subsidiary companies
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On 1 December 2020, the company was acquired by a new parent undertaking via a share for share exchange arrangement. As part of this group re-organisation, the new parent entity acquired 100% of a subsidiary previously held by the company.
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ALLIED SURVEYORS DILIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Other taxation and social security
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £31,960 (2020 - £26,165). Contributions totalling £Nil (2020 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.
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ALLIED SURVEYORS DILIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
The directors reviewed the classification of purchases during the year ended 30 June 2020 and 2021 which were presented as office equipment in the financial statements. They concluded that purchases relating to the development of a website meet the definition of an intangible asset because it enabled the company's e-commerce activities. These additions have been subsequently reclassified from tangible assets in the financial statements for the year ended 30 June 2021. The impact on profit was £Nil.
On 1 December 2020 the group was restructured via a share for share exchange and the ownership of the share capital of the company was transferred to a new limited company, Property Group Holdings Ltd. The ultimate shareholding of the company has not been impacted. The address of the registered office for Property Group Holdings Ltd is Building 2, Riverside Court, Bowling Hill, Chipping Sodbury, Bristol, BS37 6JX.
The company met all of the conditions required for merger relief such that no share premium was accounted for on the issue of the shares in Property Group Holdings Ltd.
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Off balance sheet arrangements
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As a result of the group restructuring on 1 December 2020, funds were transferred to trust accounts held in the company's name. The company acts as an agent on behalf of the members of the trust and therefore the funds held in the balance sheet are no longer considered assets of the company and no longer presented in the financial statements. The impact on profit was £Nil.
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