Sublime Aspect Limited 04776601 false 2021-06-01 2022-05-31 2022-05-31 The principal activity of the company is manufacturing, installation and property related services Digita Accounts Production Advanced 6.30.9574.0 true 04776601 2021-06-01 2022-05-31 04776601 2022-05-31 04776601 core:RetainedEarningsAccumulatedLosses 2022-05-31 04776601 core:ShareCapital 2022-05-31 04776601 core:CurrentFinancialInstruments 2022-05-31 04776601 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 04776601 core:Non-currentFinancialInstruments 2022-05-31 04776601 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 04776601 core:FurnitureFittingsToolsEquipment 2022-05-31 04776601 bus:SmallEntities 2021-06-01 2022-05-31 04776601 bus:AuditExemptWithAccountantsReport 2021-06-01 2022-05-31 04776601 bus:FullAccounts 2021-06-01 2022-05-31 04776601 bus:SmallCompaniesRegimeForAccounts 2021-06-01 2022-05-31 04776601 bus:RegisteredOffice 2021-06-01 2022-05-31 04776601 bus:Director1 2021-06-01 2022-05-31 04776601 bus:Director2 2021-06-01 2022-05-31 04776601 bus:PrivateLimitedCompanyLtd 2021-06-01 2022-05-31 04776601 core:FurnitureFittings 2021-06-01 2022-05-31 04776601 core:FurnitureFittingsToolsEquipment 2021-06-01 2022-05-31 04776601 countries:AllCountries 2021-06-01 2022-05-31 04776601 2021-05-31 04776601 core:FurnitureFittingsToolsEquipment 2021-05-31 04776601 2020-06-01 2021-05-31 04776601 2021-05-31 04776601 core:RetainedEarningsAccumulatedLosses 2021-05-31 04776601 core:ShareCapital 2021-05-31 04776601 core:CurrentFinancialInstruments 2021-05-31 04776601 core:CurrentFinancialInstruments core:WithinOneYear 2021-05-31 04776601 core:Non-currentFinancialInstruments 2021-05-31 04776601 core:Non-currentFinancialInstruments core:AfterOneYear 2021-05-31 04776601 core:FurnitureFittingsToolsEquipment 2021-05-31 iso4217:GBP xbrli:pure

Registration number: 04776601

Sublime Aspect Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2022

 

Sublime Aspect Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Sublime Aspect Limited

Company Information

Directors

Mr Jason Lloyd

Mrs Helen Lloyd

Registered office

57a Library Street
Wigan
Greater Manchester
WN1 1NU

 

Sublime Aspect Limited

(Registration number: 04776601)
Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

3,467

1,528

Current assets

 

Stocks

5

-

25,000

Debtors

6

22,100

7,100

Cash at bank and in hand

 

15,625

16,964

 

37,725

49,064

Creditors: Amounts falling due within one year

7

(13,276)

(17,711)

Net current assets

 

24,449

31,353

Total assets less current liabilities

 

27,916

32,881

Creditors: Amounts falling due after more than one year

7

(16,667)

(22,500)

Provisions for liabilities

(659)

(291)

Net assets

 

10,590

10,090

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

10,490

9,990

Shareholders' funds

 

10,590

10,090

 

Sublime Aspect Limited

(Registration number: 04776601)
Balance Sheet as at 31 May 2022

For the financial year ending 31 May 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 July 2022 and signed on its behalf by:
 

.........................................
Mr Jason Lloyd
Director

 

Sublime Aspect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
57a Library Street
Wigan
Greater Manchester
WN1 1NU
England

These financial statements were authorised for issue by the Board on 25 July 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Sublime Aspect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Sublime Aspect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

 

Sublime Aspect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2021

2,217

2,217

Additions

2,550

2,550

At 31 May 2022

4,767

4,767

Depreciation

At 1 June 2021

689

689

Charge for the year

611

611

At 31 May 2022

1,300

1,300

Carrying amount

At 31 May 2022

3,467

3,467

At 31 May 2021

1,528

1,528

5

Stocks

2022
£

2021
£

Work in progress

-

25,000

6

Debtors

Note

2022
£

2021
£

Inter company loan account

22,100

7,100

Total current trade and other debtors

 

22,100

7,100

 

Sublime Aspect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

8

5,000

2,500

Directors loan account

193

6,370

Accruals

 

827

375

Corporation tax liability

 

7,256

8,466

 

13,276

17,711

Due after one year

 

Loans and borrowings

8

16,667

22,500

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

16,667

22,500

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

16,667

22,500

2022
£

2021
£

Current loans and borrowings

Bank borrowings

5,000

2,500