Registered number |
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ACS Technology Group Ltd | |
Report and accounts | |
Contents | |
Page | |
Company information | 1 |
Directors' report | 2 |
Strategic report | 4 |
Independent auditor's report | 5 |
Income statement | 8 |
Statement of comprehensive income | 9 |
Statement of financial position | 10 |
Statement of changes in equity | 12 |
Statement of cash flows | 13 |
Notes to the financial statements | 14 |
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Company Information |
Directors |
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Auditors |
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Chartered Accountants & Statutory Auditors |
82 Wandsworth Bridge Road |
London |
SW6 2TF |
Bankers |
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25 Gresham Street |
London |
EC2V 7HN |
Registered office |
Kismet Buildings |
Otley Road |
Baildon |
West Yorkshire |
BD17 7HB |
Registered number |
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Registered number: |
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Directors' Report | |||||||
The directors present their report and financial statements for the year ended |
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Principal activities | |||||||
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Dividends | |||||||
Particulars of dividends paid are detailed in note |
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Directors | |||||||
The following persons served as directors during the year: | |||||||
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Directors' responsibilities |
The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations. | |||||||
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: | |||||||
● | select suitable accounting policies and then apply them consistently; | ||||||
● | make judgements and estimates that are reasonable and prudent; | ||||||
● | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; | ||||||
● | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. | ||||||
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Disclosure of information to auditors |
Each person who was a director at the time this report was approved confirms that: | |||||||
● | so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and | ||||||
● | he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. |
This report was approved by the board on |
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M Hussain | |||||||
Director | |||||||
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Strategic Report | |||||||
The directors present their strategic report for ACS Business Supplies Limited for the year ended 31 December 2021. | |||||||
BUSINESS REVIEW | |||||||
The company's principal activity during the year continued to be that of the distribution and sale of Information Technology services, equipment and office products. 2021 was a further challenging year with the Covid-19 pandemic continuing to have an impact on the industry in general primarily due to office closures and lockdowns. During the year the company experienced a decrease in its sales mainly due to a drop off of Covid-19 related supplies achieved last year. The company has increased its Balance Sheet position and the directors have continued to pursue the business restructure plan despite the challenges faced and continues to win new public sector business which will provide strong and longer term returns. The core business has evolved with the company now positioning itself as a technology business. The company has adequate facilities in place to take advantage of business opportunities as they arise and consider the state of affairs to be satisfactory. The company faces a number of risks and uncertainties and the directors believe that the key business risks are in respect of the recovery of the economy as it moves out of the effects caused by the pandemic and subsequent turbulence. In view of these risks and uncertainties, the directors are aware that the development of the company may be affected by factors outside their control. The directors anticipate the business environment will be extremely competitive but believe that the company is in a good financial position and they remain confident that the company will continue to grow at reasonable rates going forward whilst remaining profitable. |
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Principal risks and uncertainties | |||||||
The company faces a number of business risks and uncertainties due to competition and economic climate, which has been increased by the pandemic. In view of this, the directors continue to look at both existing and potential new markets to mitigate the risks. | |||||||
Financial instruments | |||||||
The company continues to have a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are only conducted in sterling. The company does not enter into any hedging transactions. | |||||||
Future developments | |||||||
The company has undertaken developments to improve the performance of its trading activities and whilst trading conditions will be challenging the directors feel the ground work has been laid to take advantage of opportunities as they arise. | |||||||
This report was approved by the board on 25 October 2022 and signed on its behalf. | |||||||
M Hussain | |||||||
Director | |||||||
ACS Technology Group Ltd | ||
Independent auditor's report | ||
to the members of ACS Technology Group Ltd | ||
Opinion |
We have audited the financial statements of ACS Technology Group Ltd (the 'company') for the year ended 31 December 2021 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). | ||
In our opinion the financial statements: | ||
● | give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended; | |
● | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; | |
● | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion | ||
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. | ||
Conclusions relating to going concern | ||
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. | ||
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. | ||
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. | ||
Other information | ||
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. | ||
We have nothing to report in this regard. | ||
Opinions on other matters prescribed by the Companies Act 2006 | ||
In our opinion, based on the work undertaken in the course of the audit: | ||
● | the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and | |
● | the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. | |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report. | ||
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: | ||
● | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or | |
● | the financial statements are not in agreement with the accounting records and returns; or | |
● | certain disclosures of directors’ remuneration specified by law are not made; or | |
● | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors | ||
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. | ||
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. | ||
Auditor’s responsibilities for the audit of the financial statements | ||
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: | ||
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. |
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Use of our report | ||
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. | ||
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(Senior Statutory Auditor) | 82 Wandsworth Bridge Road | |
for and on behalf of | ||
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London | |
Statutory Auditor | ||
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SW6 2TF | |
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Income Statement | ||||||||
for the year ended |
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Notes | 2021 | 2020 | ||||||
£ | £ | |||||||
Turnover | 2 |
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Cost of sales | ( |
( |
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Gross profit |
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Administrative expenses | ( |
( |
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Other operating income | 3 |
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Operating profit | 4 |
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(Loss)/profit on sale of fixed assets | ( |
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Distribution on redemption of shares | - |
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Interest receivable |
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Interest payable | 7 | ( |
( |
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Directors' loans written off | - | (300,000) | ||||||
Profit on ordinary activities before taxation |
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Tax on profit on ordinary activities | 8 | ( |
( |
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Profit for the financial year |
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Statement of Comprehensive Income | |||||||
for the year ended |
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Notes | 2021 | 2020 | |||||
£ | £ | ||||||
Profit for the financial year |
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Other comprehensive income | - | - | |||||
Total comprehensive income for the year |
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Statement of Financial Position | |||||||
as at |
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Notes | 2021 | 2020 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 9 |
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Investments | 10 |
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Current assets | |||||||
Stocks | 11 |
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Debtors | 12 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 13 | ( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 14 | ( |
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Provisions for liabilities | |||||||
Deferred taxation | 17 | ( |
( |
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Net assets |
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Capital and reserves | |||||||
Called up share capital | 18 |
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Profit and loss account | 19 |
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Total equity |
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M Hussain | |||||||
Director | |||||||
Approved by the board on |
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Statement of Changes in Equity | ||||||||||
for the year ended |
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Share | Share | Other | Profit | Total | ||||||
capital | premium | reserves | and loss | |||||||
account | ||||||||||
£ | £ | £ | £ | £ | ||||||
At 1 January 2020 |
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- | - |
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Profit for the financial year | 480,882 | 480,882 | ||||||||
Dividends | ( |
( |
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At 31 December 2020 | 1,000 | - | - | 1,143,755 | 1,144,755 | |||||
At 1 January 2021 |
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- | - |
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Profit for the financial year |
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Dividends | ( |
( |
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At 31 December 2021 |
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- | - |
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Statement of Cash Flows | |||||
for the year ended |
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Notes | 2021 | 2020 | |||
£ | £ | ||||
Operating activities | |||||
Profit for the financial year | 105,183 | 480,882 | |||
Adjustments for: | |||||
Loss/(profit) on sale of fixed assets | 39,667 | (15,417) | |||
Income from investments | - | (179,888) | |||
Interest receivable | (382) | (200) | |||
Interest payable | 25,235 | 19,993 | |||
Tax on profit on ordinary activities | 40,400 | 162,672 | |||
Depreciation | 197,929 | 184,565 | |||
Amortisation of goodwill | - | - | |||
Decrease/(increase) in stocks | 97,046 | (380,641) | |||
(Increase)/decrease in debtors | (216,706) | 1,308,381 | |||
(Decrease)/increase in creditors | (2,280,552) | 619,311 | |||
( |
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Dividends received | - |
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Interest received |
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Interest paid | ( |
( |
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Corporation tax paid | ( |
( |
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Cash (used in)/generated by operating activities | ( |
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Investing activities | |||||
Payments to acquire tangible fixed assets | ( |
( |
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Proceeds from sale of tangible fixed assets |
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Proceeds from sale of investments | - |
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Cash used in investing activities | ( |
( |
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Financing activities | |||||
Equity dividends paid | ( |
( |
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Proceeds from new loans | - |
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Repayment of loans |
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( |
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Capital element of finance lease payments | ( |
( |
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Cash generated by/(used in) financing activities |
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( |
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Net cash (used)/generated | |||||
Cash (used in)/generated by operating activities | ( |
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Cash used in investing activities | ( |
( |
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Cash generated by/(used in) financing activities |
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( |
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Net cash (used)/generated | ( |
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Cash and cash equivalents at 1 January | 2,155,163 | 179,686 | |||
Cash and cash equivalents at 31 December | 143,626 | 2,155,163 | |||
ACS Technology Group Ltd | |||||||||
Notes to the Accounts | |||||||||
for the year ended 31 December 2021 | |||||||||
1 | Summary of significant accounting policies | ||||||||
Basis of preparation | |||||||||
Group accounts have not been prepared as the susidiary undertakings are non-trading entities or not materially trading entities and as such would not materially impact on the reported figures. Therefore the accounts present information about the company as an individual undertaking and not about its group. |
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Group accounts have not been prepared as the susidiary undertakings are non-trading entities or not materially trading entities and as such would not materially impact on the reported figures. Therefore the accounts present information about the company as an individual undertaking and not about its group. | |||||||||
Turnover | |||||||||
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. Income from operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, is credited to the profit and loss account over the period of the lease on a straight line basis. |
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Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Leasehold property | 10% straight line |
Integral features | 10% straight line |
Motor vehicles | 25% reducing balance |
Fixtures, fittings, tools and equipment | 15-25% reducing balance | ||||||||
Leased equipment | 20-33% straight line over lease term | ||||||||
Investments | |||||||||
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Stocks | |||||||||
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation | |||||||||
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions | |||||||||
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Foreign currency translation | |||||||||
At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets | |||||||||
The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions | |||||||||
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The company has entered into an arrangement with its bankers to assign its entitlement to funds receivable from its invoices to its bankers for which the company receives advanced funds. The terms of the agreement are that the company retains the ultimate responsibility for the assigned debt and as such the assigned debtors are included gross as assets and advances received from the company's bankers are included as liabilities within creditors. Interest charged by the bank under this arrangement is accrued and charged to the profit and loss account as interest payable. | |||||||||
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. The company has recognised government grants (Corona Virus Job Retention Scheme Grants) using the accrual 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. |
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2 | Analysis of turnover | 2021 | 2020 | ||||||
£ | £ | ||||||||
Sale of goods |
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Operating lease rentals |
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By geographical market: | |||||||||
UK |
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Europe |
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3 | Other operating income | 2021 | 2020 | ||||||
£ | £ | ||||||||
Government grants | 444,242 | 585,621 | |||||||
444,242 | 585,621 | ||||||||
4 | Operating profit | 2021 | 2020 | ||||||
£ | £ | ||||||||
This is stated after charging: | |||||||||
Depreciation of owned fixed assets |
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Depreciation of assets held under finance leases and hire purchase contracts |
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Operating lease rentals - plant and machinery |
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Operating lease rentals - land and buildings |
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Auditors' remuneration for audit services |
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5 | Directors' emoluments | 2021 | 2020 | ||||||
£ | £ | ||||||||
Emoluments |
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Company contributions to defined contribution pension plans |
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Highest paid director: | |||||||||
Emoluments |
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Company contributions to defined contribution pension plans |
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Number of directors to whom retirement benefits accrued: | 2021 | 2020 | |||||||
Number | Number | ||||||||
Defined contribution plans |
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6 | Staff costs | 2021 | 2020 | ||||||
£ | £ | ||||||||
Wages and salaries |
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Social security costs |
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Other pension costs |
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Average number of employees during the year | 2021 | 2020 | |||||||
Number | Number | ||||||||
Administration |
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Sales |
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7 | Interest payable | 2021 | 2020 | ||||||
£ | £ | ||||||||
Bank loans and overdrafts |
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Other loans |
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8 | Taxation | 2021 | 2020 | ||||||
£ | £ | ||||||||
Analysis of charge in period | |||||||||
Current tax: | |||||||||
UK corporation tax on profits of the period |
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Adjustments in respect of previous periods | ( |
- | |||||||
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Deferred tax: | |||||||||
Origination and reversal of timing differences | ( |
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Tax on profit on ordinary activities |
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Factors affecting tax charge for period | |||||||||
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: | |||||||||
2021 | 2020 | ||||||||
£ | £ | ||||||||
Profit on ordinary activities before tax |
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£ | £ | ||||||||
Profit on ordinary activities multiplied by the standard rate of corporation tax |
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Effects of: | |||||||||
Expenses not deductible for tax purposes |
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Capital allowances and depreciation |
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( |
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Adjustments to tax charge in respect of previous periods | ( |
- | |||||||
Current tax charge for period |
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9 | Tangible fixed assets | ||||||||
Land and buildings | Plant and machinery | Fixtures, fittings, tools and equipment | Total | Total | |||||
At cost | At cost | At cost | |||||||
£ | £ | £ | £ | £ | |||||
Cost or valuation | |||||||||
At 1 January 2021 |
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Additions |
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Disposals | - | ( |
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( |
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At 31 December 2021 |
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Depreciation | |||||||||
At 1 January 2021 |
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Charge for the year |
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On disposals | - | ( |
( |
( |
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At 31 December 2021 |
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Carrying amount | |||||||||
At 31 December 2021 |
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At 31 December 2020 |
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2021 | 2020 | ||||||||
£ | £ | ||||||||
Carrying value of plant and machinery included above held under finance leases and hire purchase contracts |
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10 | Investments | ||||||||
Investments in | |||||||||
subsidiary | Other | ||||||||
undertakings | investments | Total | Total | ||||||
£ | £ | £ | £ | ||||||
Cost | |||||||||
At 31 December 2021 |
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Historical cost | |||||||||
At 1 January 2021 | 300 | 18 | |||||||
At 31 December 2021 | 300 | 18 | |||||||
The company holds 20% or more of the share capital of the following companies: | |||||||||
Capital and | Profit (loss) | Profit (loss) | |||||||
Company | Shares held | reserves | for the year | for the year | |||||
Class | % | £ | £ | £ | |||||
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- | |||||
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- | |||||
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( |
- | |||||
11 | Stocks | 2021 | 2020 | ||||||
£ | £ | ||||||||
Finished goods and goods for resale |
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12 | Debtors | 2021 | 2020 | ||||||
£ | £ | ||||||||
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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13 | Creditors: amounts falling due within one year | 2021 | 2020 | ||||||
£ | £ | ||||||||
Bank loans |
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Obligations under finance lease and hire purchase contracts |
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Trade creditors |
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Corporation tax |
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Other taxes and social security costs |
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Other creditors |
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Accruals and deferred income |
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The bank facility is secured on the company's book debts and other assets. Also Rozy Futures Limited, where director M Hussain is a director and majority shareholder, provided a cross guarantee over the bank borrowings of the company. Bank interest was charged at 2.16% - 2.25% per annum. The £100,000 third party loan matured in October 2017 and is repayable on demand. | |||||||||
14 | Creditors: amounts falling due after one year | 2021 | 2020 | ||||||
£ | £ | ||||||||
Bank loans |
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Obligations under finance lease and hire purchase contracts |
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Amounts included above are analysed as follows: | 2021 | 2020 | |||||||
£ | £ | ||||||||
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- |
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731,203 | 940,981 | ||||||||
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15 | Obligations under finance leases and hire purchase | 2021 | 2020 | ||||||
contracts | £ | £ | |||||||
Amounts payable: | |||||||||
Within one year |
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Within two to five years |
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16 | Analysis of changes in net debt | ||||||||
At 1 Jan 2021 | Cash flows | At 31 Dec 2021 | |||||||
Cash at bank and in hand | 2,155,163 | (2,011,537) | 143,626 | ||||||
Debt due within one year | (425,288) | (487,470) | (912,758) | ||||||
Debt due after one year | (940,981) | 209,778 | (731,203) | ||||||
788,894 | (2,289,229) | (1,500,335) | |||||||
17 | Deferred taxation | 2021 | 2020 | ||||||
£ | £ | ||||||||
Accelerated capital allowances |
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2021 | 2020 | ||||||||
£ | £ | ||||||||
At 1 January |
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(Credited)/charged to the profit and loss account | ( |
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At 31 December |
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18 | Share capital | Nominal | 2021 | 2021 | 2020 | ||||
value | Number | £ | £ | ||||||
Allotted, called up and fully paid: | |||||||||
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£ |
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£ |
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19 | Profit and loss account | 2021 | 2020 | ||||||
£ | £ | ||||||||
At 1 January |
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Profit for the financial year |
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Dividends | ( |
( |
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At 31 December |
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20 | Dividends | 2021 | 2020 | ||||||
£ | £ | ||||||||
Dividends on ordinary shares (note 19) |
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21 | Employee benefits | ||||||||
Defined contribution plans | |||||||||
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22 | Operating leases | ||||||||
As lessee | |||||||||
The total future minimum lease payments under non-cancellable operating leases are as follows: | |||||||||
Land and buildings | Land and buildings | Other | Other | ||||||
2021 | 2020 | 2021 | 2020 | ||||||
£ | £ | £ | £ | ||||||
Within one year |
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Within two to five years |
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After five years |
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- | - | |||||
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As lessor | |||||||||
The total future minimum lease payments receivable under non-cancellable operating leases are as follows: |
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2021 | 2020 | ||||||||
£ | £ | ||||||||
Within one year | 24,392 | 76,995 | |||||||
Within two to five years | 2,588 | 31,730 | |||||||
26,980 | 108,725 | ||||||||
23 | Loans to directors | ||||||||
Unsecured, interest free and repayable on demand | B/fwd | Paid | Repaid/Written off | C/fwd | C/fwd | ||||
£ | £ | £ | £ | £ | |||||
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- | - |
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- | ( |
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35,000 | - | (5,000) | 30,000 | ||||||
24 | Related party transactions | ||||||||
The company holds 10% interest in Stacked Limited registered in the Republic of Ireland. Sales and fees to the related party amounted to £11,163 (2020: £81,442) and purchases £16,317 (2020: Nil). The balance due from Stacked Ltd as at 31 December 2021 was £303 (2020: Nil). Scribble and Print Limited During the year the company has paid expenses on behalf of its wholly owned subsidiary Scribble and Print Limited. The balance due from Scribble and Print Limited as at 31 December 2021 was £5,078 (2020: £5,078) Rozy Futures Limited Mr Hussain, the company's director and shareholder has a significant interest in Rozy Futures Limited. The company has rental lease agreement with Rozy Futures Limited for its premises and the rent charged to the company during the period amounted to £115,310 (2020:£114,609). Rozy Futures Limited has a loan balance with the company on an interest free and unsecured basis which is repayable on demand. At the year end the balance owed to the company amounted to £168,328 (2020: £240,328). Also during the period Rozy Futures Limited charged the company management charge of £162,963 (2020: £209,876) and balance outstanding as at 31 December 2021 was £Nil (2020: £61,728). Organon Pension Trustees Ltd Mr M Hussain, the company's director and shareholder is a trustee and beneficiary of Organon Pension SIPP re M. Hussain. The Pension Scheme and Rozy Futures Limited own the property and charge rent jointly to the company under a lease agreement. Rent paid to the Pension Scheme in 2021 amounted to £44,690 (2020: £43,625). There was no outstanding balance at the year end. JC Assets Ltd During the year the company loaned £50,000 to JC Assets Ltd, a company in which shareholder Sohaib Hussain has an interest. The balance outstanding as at 31 December 2021 was £50,000. |
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25 | Controlling party | ||||||||
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26 | Presentation currency | ||||||||
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27 | Legal form of entity and country of incorporation | ||||||||
ACS Technology Group Ltd is a private company limited by shares and incorporated in England. | |||||||||
28 | Principal place of business | ||||||||
The address of the company's principal place of business and registered office is: Kismet Buildings, Otley Road, Baildon, West Yorkshire, United Kingdom, BD17 7HB |