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 2023

ALS MANAGED SERVICES LIMITED

FINANCIAL STATEMENTS

Year ended 31 March 2023

CONTENTS	PAGE

Balance sheet	1

Notes to the financial statements	3

ALS MANAGED SERVICES LIMITED

BALANCE SHEET

31 March 2023

	2023	2022
Note	£	£

FIXED ASSETS

Tangible assets	5	120,971	31,779
Investments	6	65	–
		---------	--------
		121,036	31,779

CURRENT ASSETS

Stocks		14,852	16,110
Debtors	7	4,071,562	3,165,548
Cash at bank and in hand		786,944	2,129,016
		------------	------------
		4,873,358	5,310,674

CREDITORS: amounts falling due within one year	8	( 3,982,958)	( 4,172,434)
		------------	------------
NET CURRENT ASSETS		890,400	1,138,240
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		1,011,436	1,170,019

CREDITORS: amounts falling due after more than one year	9	( 105,859)	( 32,734)

PROVISIONS	( 20,597)	( 1,643)
	------------	------------
NET ASSETS	884,980	1,135,642
	------------	------------

CAPITAL AND RESERVES

Called up share capital	1	1
Profit and loss account	884,979	1,135,641
	---------	------------
SHAREHOLDERS FUNDS	884,980	1,135,642
	---------	------------

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 2023 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 2023

These financial statements were approved by the board of directors and authorised for issue on 21 December 2023 , 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 2023

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Suite 16, Tredomen Innovation & Technology Centre, Tredomen Park, Ystrad Mynach, Hengoed, CF82 7FN.

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.

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
Motor vehicles	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the 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.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 37 (2022: 40 ).

5. TANGIBLE ASSETS

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2022	44,913	20,271	65,184
Additions	4,600	115,484	120,084
Disposals	( 8,773)	–	( 8,773)
	--------	---------	---------
At 31 March 2023	40,740	135,755	176,495
	--------	---------	---------
Depreciation
At 1 April 2022	32,279	1,126	33,405
Charge for the year	5,313	20,510	25,823
Disposals	( 3,704)	–	( 3,704)
	--------	---------	---------
At 31 March 2023	33,888	21,636	55,524
	--------	---------	---------
Carrying amount
At 31 March 2023	6,852	114,119	120,971
	--------	---------	---------
At 31 March 2022	12,634	19,145	31,779
	--------	---------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 March 2023	99,173
	--------
At 31 March 2022	–
	--------

6. INVESTMENTS

	Shares in group undertakings
	£
Cost
At 1 April 2022	–
Additions	65
	----
At 31 March 2023	65
	----
Impairment
At 1 April 2022 and 31 March 2023	–
	----

Carrying amount
At 31 March 2023	65
	----
At 31 March 2022	–
	----

7. DEBTORS

	2023	2022
	£	£
Trade debtors	1,653,792	1,459,732
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,169,756	1,167,837
Other debtors	1,248,014	537,979
	------------	------------
	4,071,562	3,165,548
	------------	------------

8. CREDITORS: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	9,931	9,938
Trade creditors	898,583	1,848,933
Corporation tax	49,777	234,157
Social security and other taxes	593,589	96,915
Other creditors	2,431,078	1,982,491
	------------	------------
	3,982,958	4,172,434
	------------	------------

Included within creditors falling due within one year is a balance of £1,492,849 (2022: £1,257,766) which relates to invoice financing and a hire purchase agreement. The balance relating to invoice financing is secured on the company's debtors, and the balance relating to the hire purchase agreement is secured on the relevant asset.

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

	2023	2022
	£	£
Bank loans and overdrafts	23,274	32,734
Other creditors	82,585	–
	---------	--------
	105,859	32,734
	---------	--------

Included within creditors falling due after more than one year is a balance of £82,585 (2022: £-) which relates to a hire purchase agreement. The balance is secured on the relevant asset.

10. OPERATING LEASES

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

	2023	2022
	£	£
Not later than 1 year	49,051	45,609
Later than 1 year and not later than 5 years	38,588	39,830
	--------	--------
	87,639	85,439
	--------	--------

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other debtors is a balance of £649,680 (2022: £417,782) due from the directors. The following transactions took place between the directors and the company during the year:

	£

Opening balance	417,782
Drawings	231,898
Closing balance	649,680

This balance is interest free and repayable on demand.

12. RELATED PARTY TRANSACTIONS

In accordance with FRS 102, transactions with companies that are wholly owned members within the group are not disclosed. Included within debtors is a balance of £5,000 (2022: £-) due from a party where the company has a participating interest.

13. 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.