ALS Managed Services Limited Filleted accounts for Companies House (small and micro)

ALS MANAGED SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08453742

ALS MANAGED SERVICES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2021

ALS MANAGED SERVICES LIMITED

FINANCIAL STATEMENTS

Year ended 31 March 2021

CONTENTS	PAGE

Balance sheet	1

Notes to the financial statements	3

ALS MANAGED SERVICES LIMITED

BALANCE SHEET

31 March 2021

	2021	2020
Note	£	£

FIXED ASSETS

Tangible assets	5	11,430	12,861

CURRENT ASSETS

Stocks		17,292	8,706
Debtors	6	4,116,193	2,435,962
Cash at bank and in hand		878,617	608,473
		------------	------------
		5,012,102	3,053,141

CREDITORS: amounts falling due within one year	7	( 4,846,566)	( 2,883,302)
		------------	------------
NET CURRENT ASSETS		165,536	169,839
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		176,966	182,700

CREDITORS: amounts falling due after more than one year	8	( 41,126)	–

PROVISIONS	( 2,032)	( 1,918)
	---------	---------
NET ASSETS	133,808	180,782
	---------	---------

CAPITAL AND RESERVES

Called up share capital	1	1
Profit and loss account	133,807	180,781
	---------	---------
SHAREHOLDERS FUNDS	133,808	180,782
	---------	---------

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 profit and loss account has not been delivered.

For the year ending 31 March 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 .

ALS MANAGED SERVICES LIMITED

BALANCE SHEET (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 21 December 2021 , and are signed on behalf of the board by:

Mr S P Lanigan Director

Company registration number: 08453742

ALS MANAGED SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 March 2021

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Cambria House, First Floor Block C, Caerphilly Business Park, Caerphilly, CF83 3ED.

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparation

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

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

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

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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

Depreciation

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

	Fixtures and fittings	-	33% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

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

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. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

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

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 37 (2020: 32 ).

5. TANGIBLE ASSETS

	Fixtures and fittings
	£
Cost
At 1 April 2020	29,309
Additions	8,204
	--------
At 31 March 2021	37,513
	--------
Depreciation
At 1 April 2020	16,448
Charge for the year	9,635
	--------
At 31 March 2021	26,083
	--------
Carrying amount
At 31 March 2021	11,430
	--------
At 31 March 2020	12,861
	--------

6. DEBTORS

	2021	2020
	£	£
Trade debtors	3,076,092	1,483,725
Amounts owed by group undertakings and undertakings in which the company has a participating interest	891,611	461,925
Other debtors	148,490	490,312
	------------	------------
	4,116,193	2,435,962
	------------	------------

7. CREDITORS: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	8,874	–
Trade creditors	1,215,692	1,152,577
Corporation tax	179,325	3,501
Social security and other taxes	332,528	26,932
Other creditors	3,110,147	1,700,292
	------------	------------
	4,846,566	2,883,302
	------------	------------

Included within creditors due within one year is a balance of £1,509,962 (2020 - £1,276,178) relating to invoice financing. This balance is secured on the company's debtors.

8. CREDITORS: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	41,126	–
	--------	----

9. OPERATING LEASES

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

	2021	2020
	£	£
Not later than 1 year	50,384	45,116
Later than 1 year and not later than 5 years	39,656	17,419
	--------	--------
	90,040	62,535
	--------	--------

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within debtors is a balance of £67,662 (2020 - £60,000) due from the directors. This balance is interest free and repayable on demand. The following transactions took place between the directors and the company during the year:

	£

Opening balance		60,000
Repayments		(0)
Drawings		7,662
Closing balance		67,662

11. RELATED PARTY TRANSACTIONS

In accordance with FRS 102, transactions with companies that are wholly owned members within the group are not disclosed.

12. CONTROLLING PARTY

The Company's ultimate parent company and ultimate controlling party is ALS Managed Services (Topco) Limited, a company incorporated in England and Wales. The Company's immediate controlling party is ALS Managed Services (Holdings) Limited.