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

ADJUSTING SERVICES LIMITED - Company Information

35 25 January 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2022-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 1200890 2022-05-01 2023-04-30 1200890 2023-04-30 1200890 2022-04-30 1200890 2021-05-01 2022-04-30 1200890 2022-04-30 1200890 2021-04-30 1200890 bus:Director7 2022-05-01 2023-04-30 1200890 bus:Director9 2022-05-01 2023-04-30 1200890 core:LandBuildings 2022-04-30 1200890 core:PlantMachinery 2022-04-30 1200890 core:FurnitureFittings 2022-04-30 1200890 core:LandBuildings 2023-04-30 1200890 core:PlantMachinery 2023-04-30 1200890 core:FurnitureFittings 2023-04-30 1200890 core:LandBuildings 2022-05-01 2023-04-30 1200890 core:PlantMachinery 2022-05-01 2023-04-30 1200890 core:FurnitureFittings 2022-05-01 2023-04-30 1200890 core:WithinOneYear 2023-04-30 1200890 core:WithinOneYear 2022-04-30 1200890 core:ShareCapital 2023-04-30 1200890 core:ShareCapital 2022-04-30 1200890 core:SharePremium 2023-04-30 1200890 core:SharePremium 2022-04-30 1200890 core:CapitalRedemptionReserve 2023-04-30 1200890 core:CapitalRedemptionReserve 2022-04-30 1200890 core:RetainedEarningsAccumulatedLosses 2023-04-30 1200890 core:RetainedEarningsAccumulatedLosses 2022-04-30 1200890 core:BetweenOneFiveYears 2023-04-30 1200890 core:BetweenOneFiveYears 2022-04-30 1200890 core:CostValuation core:Non-currentFinancialInstruments 2023-04-30 1200890 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-04-30 1200890 core:Non-currentFinancialInstruments 2023-04-30 1200890 core:Non-currentFinancialInstruments 2022-04-30 1200890 core:LandBuildings 2022-04-30 1200890 core:PlantMachinery 2022-04-30 1200890 core:FurnitureFittings 2022-04-30 1200890 bus:SmallEntities 2022-05-01 2023-04-30 1200890 bus:Audited 2022-05-01 2023-04-30 1200890 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 1200890 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 1200890 bus:FullAccounts 2022-05-01 2023-04-30 1200890 core:LandBuildings core:LongLeaseholdAssets 2022-05-01 2023-04-30

COMPANY REGISTRATION NUMBER: 1200890

ADJUSTING SERVICES LIMITED

FILLETED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 April 2023

ADJUSTING SERVICES LIMITED

BALANCE SHEET

30 April 2023

	2023		2022
Note	£	£	£	£

Fixed assets

Tangible assets	5	227,347	276,939
Investments	6	65	65
		--------	--------
		227,412	277,004

Current assets

Debtors	7	6,249,226	6,338,564
Cash at bank and in hand		2,454,668	2,021,030
		-----------	-----------
		8,703,894	8,359,594

Creditors: amounts falling due within one year	9	( 1,454,862)		( 1,338,839)
		-----------		-----------
Net current assets			7,249,032		7,020,755
			-----------		-----------
Total assets less current liabilities			7,476,444		7,297,759

Provisions

Taxation including deferred tax	( 26,933)		( 28,858)
Other provisions	( 75,000)		( 67,500)
	--------		-------
		(101,933)		(96,358)
		-----------		-----------
Net assets		7,374,511		7,201,401
		-----------		-----------

Capital and reserves

Called up share capital	10	1,905,360	2,045,360
Share premium account		588,468	588,468
Capital redemption reserve		277,703	137,703
Profit and loss account		4,602,980	4,429,870
		-----------	-----------
Total shareholders' funds		7,374,511	7,201,401
		-----------	-----------

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.

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.

These financial statements were approved by the board of directors and authorised for issue on 25 January 2024 , and are signed on behalf of the board by:

D G Ledger	H Meredith
Director	Director

Company registration number: 1200890

ADJUSTING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 50 St Mary Axe, London, EC3A 8FR.

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

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

The turnover shown in the profit and loss account represents amounts derived from the provision of services to clients during the year, exclusive of Value Added Tax.

Income tax

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.

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:

Leasehold improvements	-	straight line over the lease term
Office equipment	-	2 - 3 years straight line
Office furniture	-	5 years straight line

Investments in subsidiaries

Investments in subsidiaries are accounted for at cost less any accumulated impairment losses.

Investments in associates

Investments in associates are accounted for 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.

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

Basic financial assets, which include trade and other receivables 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. Such assets are subsequently carried at amortised cost using the effective interest method. 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 estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables, 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 payables 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 of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 35 (2022: 34 ).

5. Tangible assets

	Leasehold improvements	Office equipment	Office furniture	Total
	£	£	£	£
Cost
At 1 May 2022	233,607	149,175	113,679	496,461
Additions	–	10,275	954	11,229
	--------	--------	--------	--------
At 30 April 2023	233,607	159,450	114,633	507,690
	--------	--------	--------	--------
Depreciation
At 1 May 2022	42,768	133,409	43,345	219,522
Charge for the year	23,361	14,677	22,783	60,821
	--------	--------	--------	--------
At 30 April 2023	66,129	148,086	66,128	280,343
	--------	--------	--------	--------
Carrying amount
At 30 April 2023	167,478	11,364	48,505	227,347
	--------	--------	--------	--------
At 30 April 2022	190,839	15,766	70,334	276,939
	--------	--------	--------	--------

6. Investments

	Shares in group undertakings	Shares in participating interests	Total
	£	£	£
Cost
At 1 May 2022 and 30 April 2023	65	150,000	150,065
	----	--------	--------
Impairment
At 1 May 2022 and 30 April 2023	–	150,000	150,000
	----	--------	--------

Carrying amount
At 30 April 2023	65	–	65
	----	--------	--------
At 30 April 2022	65	–	65
	----	--------	--------

7. Debtors

	2023	2022
	£	£
Trade debtors	3,931,157	3,665,574
Amounts owed by group undertakings	–	5,178
Called up share capital not paid	641,063	708,400
Prepayments and accrued income	223,749	228,997
Directors loan account	1,044,570	1,277,544
Other debtors	408,687	452,871
	-----------	-----------
	6,249,226	6,338,564
	-----------	-----------

8. Cash at bank and in hand

Included in the cash at bank and in hand figure of £2,454,668 (2022: £2,021,030) is a balance of £22,112 (2022: £21,707) which is held under lien to the bank against facilities availed from the bank.

9. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	155,155	97,512
Corporation tax	130,296	178,195
Social security and other taxes	628,283	586,699
Other creditors	541,128	476,433
	-----------	-----------
	1,454,862	1,338,839
	-----------	-----------

10. Called up share capital

Issued and called up

	2023		2022
	No.	£	No.	£
Ordinary shares of £1 each	1,905,360	1,905,360	2,045,360	2,045,360
	-----------	-----------	-----------	-----------

Shares issued and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £1 each	1,705,360	1,705,360	1,825,360	1,825,360
	-----------	-----------	-----------	-----------

Shares issued and partly paid

	2023		2022
	No.	£	No.	£
Ordinary shares - 1p paid of £1 each	180,000	1,800	200,000	–
Ordinary shares - 5.6875p paid of £1 each	20,000	1,138	20,000	–
	-----------	-----------	-----------	-----------
	200,000	2,938	220,000	–
	-----------	-----------	-----------	-----------

11. Operating leases

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

	2023	2022
	£	£
Not later than 1 year	246,092	240,580
Later than 1 year and not later than 5 years	206,047	446,783
	--------	--------
	452,139	687,363
	--------	--------

12. Summary audit opinion

The auditor's report dated 25 January 2024 was unqualified .

The senior statutory auditor was W J E Kerr , for and on behalf of EK & Co 2003 Ltd .

13. Directors' advances, credits and guarantees

Included in debtors are amounts totalling £1,044,570 (2022: £1,277,544) due from directors. During the year there were advances totalling £122,951 (2022: £75,065) and repayments totalling £355,925 (2022: £125,000) made.