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ROAD ASSESSMENT SERVICES LIMITED |
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Financial Statements |
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for the Year Ended 31 December 2019 |
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ROAD ASSESSMENT SERVICES LIMITED |
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Financial Statements |
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for the Year Ended 31 December 2019 |
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ROAD ASSESSMENT SERVICES LIMITED (REGISTERED NUMBER: 08070356) |
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Contents of the Financial Statements |
for the year ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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ROAD ASSESSMENT SERVICES LIMITED |
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Company Information |
for the year ended 31 December 2019 |
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Directors: |
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Secretary: |
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Registered office: |
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Registered number: |
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Auditors: |
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Chartered Accountants and Statutory Auditor |
Sterling House |
177-181 Farnham Road |
Slough |
Berkshire |
SL1 4XP |
ROAD ASSESSMENT SERVICES LIMITED (REGISTERED NUMBER: 08070356) |
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Balance Sheet |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Debtors | 5 |
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Cash 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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Capital and reserves |
Called up share capital | 8 |
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Retained earnings | 9 |
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Shareholders' funds |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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ROAD ASSESSMENT SERVICES LIMITED (REGISTERED NUMBER: 08070356) |
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Notes to the Financial Statements |
for the year ended 31 December 2019 |
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1. | Statutory information |
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Road Assessment Services Limited is a private company, limited by shares, registered in England and Wales. |
The company's registered number is 08070356 and registered office address is 60 Trafalgar Square, London, |
WC2N 5DS. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Going concern |
The company is dependent on the continued support of its parent undertaking, International Road Assessment |
Programme. The trustees of that entity have confirmed their intention to continue to support the company for |
the foreseeable future and accordingly the Directors consider the going concern concept to be appropriate. |
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The financial statements have been prepared on a going concern basis. The Directors have reviewed and |
considered relevant information, including the annual budget and future cash flows in making their assessment. |
In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take |
into account the impact on their business of possible scenarios brought on by the impact of COVID-19, |
alongside the measures that they can take to mitigate the impact. Based on these assessments, given the |
measures that could be undertaken to mitigate the current adverse conditions, and the current resources |
available, the Directors have concluded that they can continue to adopt the going concern basis in preparing |
the annual report and accounts. |
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Turnover |
Turnover is recognised once the company has entitlement to the income, it is probable that the income will be |
received and the amount of income receivable can be measured reliably. Project income is recognised on the |
stage of completion of the project, which is calculated based on the estimated margin at completion of the |
project. |
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Tangible fixed assets |
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is |
provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their |
expected useful lives. |
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Assets under construction | - | To be depreciated once the asset is available for use |
Computer equipment | - | 2 years straight line |
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Foreign currencies |
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 of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
ROAD ASSESSMENT SERVICES LIMITED (REGISTERED NUMBER: 08070356) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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2. | Accounting policies - continued |
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Key sources of estimation uncertainty and judgements |
Preparation of the financial statements requires management to make significant judgements and estimates in |
determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the |
effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's |
estimates and assumptions are based on historical experience and expectation of future events and are |
reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of |
measuring financial instruments. |
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There is estimation uncertainty in calculating depreciation, as monthly calculations are based on the estimated |
useful life of assets. Whilst every attempt is made to ensure that the depreciation policy is as accurate as |
possible, there remains a risk that the policy does not match the useful life of the assets. |
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There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is |
carried out at the end of each month and whilst every attempt is made to ensure that the bad debt provision is |
as accurate as possible, there remains a risk that the provisions will not match the level of debts which |
ultimately prove to be collectable. |
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Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a |
party to the contractual provisions of the instrument. |
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Trade and other debtors are classified as basic financial instruments and measured at initial recognition at |
transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective |
interest rate method. A provision is established when there is objective evidence that the company will not be |
able to collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank |
which are an integral part of the company's cash management. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the |
substance of the contractual arrangements entered into and the definitions of a financial liability and an equity |
instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company |
after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds |
received, net of direct issue costs. |
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3. | Employees and directors |
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The average number of employees during the year was NIL (2018 -
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4. | Tangible fixed assets |
Computer | Asset under |
equipment | construction | Totals |
£ | £ | £ |
Cost |
At 1 January 2019 |
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Reclassification/transfer |
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At 31 December 2019 |
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Depreciation |
Charge for year |
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At 31 December 2019 |
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Net book value |
At 31 December 2019 |
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At 31 December 2018 |
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ROAD ASSESSMENT SERVICES LIMITED (REGISTERED NUMBER: 08070356) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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4. | Tangible fixed assets - continued |
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Asset under construction relates to the new accounting system, Microsoft Dynamics GP, that was implemented |
at the beginning of the year. |
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5. | Debtors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments and accrued income |
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6. | Creditors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Accruals and deferred income |
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7. | Leasing agreements |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
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8. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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ordinary | £1 | 100,001 | 100,001 |
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9. | Reserves |
Retained |
earnings |
£ |
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At 1 January 2019 |
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Profit for the year |
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Distribution | (23,997 | ) |
At 31 December 2019 |
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ROAD ASSESSMENT SERVICES LIMITED (REGISTERED NUMBER: 08070356) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
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The Auditors' Report was unqualified. |
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for and on behalf of
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The following wording was included in the section of the audit report headed "Conclusions relating to going |
concern": |
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We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to |
report to you where: |
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- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not |
appropriate; or |
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- the directors have not disclosed in the financial statements any identified material uncertainties that may cast |
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a |
period of at least twelve months from the date when the financial statements are authorised for issue. |
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However, not all future events or conditions can be predicted. The COVID-19 viral pandemic is one of the most |
significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore |
difficult to evaluate all of the potential implications on the company's trade, customers, suppliers and wider |
economy. The directors' view on the impact of COVID-19 is disclosed in note 2 to the financial statements. |
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11. | Related party disclosures |
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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 group companies. |
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Included within other debtors at year end is £301 (2018: £nil) owed from a related party. |
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12. | Ultimate parent undertaking and controlling party |
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The company is a wholly owned subsidiary of International Road Assessment Programme, a charitable |
company incorporated in the United Kingdom. |