Advanced Solutions UPS Limited
Advanced Solutions UPS Limited
Registered number: 08839821
Financial Statements
For the Period
1 February 2022
to
31 March 2023
Advanced Solutions UPS Limited
Financial Statements
For the Period
1 February 2022
to
31 March 2023
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Advanced Solutions UPS Limited
Balance Sheet
As At
31 March 2023
Balance Sheet
Registered number:
08839821
For the period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 31 March 2023 | 31 January 2022 as restated |
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 9 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 26,238 | 1,047,604 | |||
Advanced Solutions UPS Limited
Balance Sheet (continued)
As At
31 March 2023
On behalf of the board
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Director
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The notes on pages 3 to 7 form part of these financial statements.
Advanced Solutions UPS Limited
Notes to the Financial Statements
For the Period
1 February 2022
to
31 March 2023
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Maintenance
Turnover in respect of the supply of maintenance contracts is spread evenly over the agreed period of supply.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.4.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Advanced Solutions UPS Limited
Notes to the Financial Statements (continued)
For the Period
1 February 2022
to
31 March 2023
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.7.
Pensions
For defined contribution schemes the amount charged to the profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.
1.8.
Government Grant
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before recognition criteria are satisfied is recognised as a liability.
1.9.
Dividends
Dividends are recognised as liabilities once they are no longer at the discretion of the company.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 14 (2022: 12)
3.
Prior Period Adjustment
In the prior year a motor vehicle was incorrectly disclosed as an operating lease. A prior period adjustment has been made restating net assets at 31 January 2022 from £1,034,569 to £1,047,604.
An advance to the director at 31 January 2022 of £319,411 previously classified as a current liability has been reclassified to current assets.
A Construction Industry Scheme balance owed to the company at 31 January 2022 of £162 previously classified as a current liability has been reclassified as a current asset.
Advanced Solutions UPS Limited
Notes to the Financial Statements (continued)
For the Period
1 February 2022
to
31 March 2023
4.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
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| £ | £ | £ | £ | £ | |
| Cost | |||||
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| Depreciation | |||||
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| Provided during the period |
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| Disposals |
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| Net Book Value | |||||
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5.
Debtors
| 31 March 2023 | 31 January 2022 as restated |
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Amounts owed by group undertakings | 865,449 | - | |
| Amounts owed by participating interests | 99,000 | - | |
| Other debtors | 22,127 | 336,733 | |
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6.
Creditors: Amounts Falling Due Within One Year
| 31 March 2023 | 31 January 2022 as restated |
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors | 207,895 | 167,396 | |
| Taxation and social security |
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Advanced Solutions UPS Limited
Notes to the Financial Statements (continued)
For the Period
1 February 2022
to
31 March 2023
7.
Creditors: Amounts Falling Due After More Than One Year
| 31 March 2023 | 31 January 2022 as restated |
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| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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8.
Obligations Under Finance Leases and Hire Purchase
| 31 March 2023 | 31 January 2022 as restated |
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| The maturity of these amounts is as follows: | |||
| Within one year |
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| Between one and five years |
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9.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 31 March 2023 | 31 January 2022 as restated |
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| Accelerated capital allowances |
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11.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Land and buildings | Other | |||
|---|---|---|---|---|
| 31 March 2023 | 31 January 2022 | 31 March 2023 | 31 January 2022 | |
| £ | £ | £ | £ | |
| Within 1 year | 17,000 | - | 32,332 | - |
| Between 1 and 5 years | 51,000 | - | 50,267 | - |
| 68,000 | - | 82,599 | - | |
Advanced Solutions UPS Limited
Notes to the Financial Statements (continued)
For the Period
1 February 2022
to
31 March 2023
12.
Dividends
| 31 March 2023 | 31 January 2022 as restated |
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| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
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| 1,455,000 | 6,079 | ||
13.
Securities
The company has issued a debenture to FIBR Capital Limited on 21 December 2021 in order to secure loan facilities with the company. At 31 March 2023 these amounted to £208,404.
14.
General Information
Advanced Solutions UPS Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
08839821
. The registered office is Unit L53 Glenmore Business Park, Chichester By Pass, Chichester, PO19 7BJ.