Assured Group (Derby) Limited - Accounts to registrar (filleted) - small 23.2

REGISTERED NUMBER: 05959042 (England and Wales)

ASSURED GROUP (DERBY) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

6

DIRECTOR:

S R Booth

SECRETARY:

Mrs A Booth

REGISTERED OFFICE:

Parkway Volkswagen

Locomotive Way

Pride Park

Derby

Derbyshire

DE24 8PU

REGISTERED NUMBER:

05959042 (England and Wales)

SENIOR STATUTORY AUDITOR:

Ian Phillips FCA

AUDITORS:

Duncan & Toplis Limited, Statutory Auditor

3 Princes Court

Royal Way

Loughborough

Leicestershire

LE11 5XR

FIXED ASSETS

Property, plant and equipment

4

156,957

170,589

Investments

5

1

1

156,958

170,590

CURRENT ASSETS

Debtors

6

23,246

32,096

Cash at bank

34,970

136,334

58,216

168,430

CREDITORS

Amounts falling due within one year

7

151,371

273,528

NET CURRENT LIABILITIES

(93,155

)

(105,098

)

TOTAL ASSETS LESS CURRENT LIABILITIES

63,803

65,492

PROVISIONS FOR LIABILITIES

39,239

42,647

NET ASSETS

24,564

22,845

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

24,563

22,844

SHAREHOLDERS' FUNDS

24,564

22,845

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 July 2023 and were signed by:

S R Booth - Director

1.	STATUTORY INFORMATION

Assured Group (Derby) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

The financial statements cover the individual entity.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statement have been prepared on a going concern basis under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Transport revenue and storage revenue is recognised in the period in which services are performed.

Vehicle sales are recognised upon delivery to the customer, or upon collection by the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less provision for impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statment of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position statement of financial positiondate.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2021 - 12 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 December 2021

198,681

Additions

28,816

At 30 November 2022

227,497

DEPRECIATION

At 1 December 2021

28,092

Charge for year

42,448

At 30 November 2022

70,540

NET BOOK VALUE

At 30 November 2022

156,957

At 30 November 2021

170,589

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 December 2021

and 30 November 2022

1

NET BOOK VALUE

At 30 November 2022

1

At 30 November 2021

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

as restated

£

£

Trade debtors

2,983

5,865

Other debtors

11,980

-

VAT

1,620

2,837

Prepayments and accrued income

6,663

23,394

23,246

32,096

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

as restated

£

£

Trade creditors

7,105

12,541

Amounts owed to group undertakings

124,802

248,060

Corporation tax

1,404

-

Accruals and deferred income

18,060

12,927

151,371

273,528

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

as restated

£

£

1

Ordinary

£1

1

1

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ian Phillips FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Limited, Statutory Auditor

10.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Parkway Derby Limited, a company registered in England and Wales which is ultimately controlled by S R Booth.

Parkway Derby Limited prepares group financial statements and copies can be obtained from Locomotive Way, Pride Park, Derby, DE24 8PU.

11.	GOING CONCERN

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The director believes that this basis is appropriate because the company's ultimate parent company, Parkway Derby Limited, has stated that it will provide financial support.