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REGISTERED NUMBER: 07053634 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

ASSURED PRODUCTS LIMITED

ASSURED PRODUCTS LIMITED (REGISTERED NUMBER: 07053634)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ASSURED PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: Mr P Graham
Mr S R Blake
Mrs S E Blake
Mrs F J Graham



REGISTERED OFFICE: 62 The Street
Ashtead
Surrey
KT21 1AT



REGISTERED NUMBER: 07053634 (England and Wales)



ACCOUNTANTS: David Beckman & Co Ltd
62 The Street
Ashtead
Surrey
KT21 1AT



BANKERS: HSBC
18 North Street
Leatherhead
Surrey
KT22 7AR

ASSURED PRODUCTS LIMITED (REGISTERED NUMBER: 07053634)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 5 - 9,500
Tangible assets 6 102,830 40,060
102,830 49,560

CURRENT ASSETS
Stocks 828,688 782,143
Debtors 7 1,118,774 512,051
Cash at bank 1,167,251 500,237
3,114,713 1,794,431
CREDITORS
Amounts falling due within one year 8 (2,691,908 ) (1,592,715 )
NET CURRENT ASSETS 422,805 201,716
TOTAL ASSETS LESS CURRENT
LIABILITIES

525,635

251,276

CREDITORS
Amounts falling due after more than one year 9 (19,930 ) (37,657 )

PROVISIONS FOR LIABILITIES (18,739 ) (7,612 )
NET ASSETS 486,966 206,007

CAPITAL AND RESERVES
Called up share capital 231 231
Share premium 9,900 9,900
Retained earnings 476,835 195,876
SHAREHOLDERS' FUNDS 486,966 206,007

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ASSURED PRODUCTS LIMITED (REGISTERED NUMBER: 07053634)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 October 2023 and were signed on its behalf by:





Mr P Graham - Director


ASSURED PRODUCTS LIMITED (REGISTERED NUMBER: 07053634)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Assured Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis if required.

The accounts have been prepared on a going concern basis dependent on the continued financial support of the directors, the bank and the Assured Products Pension Scheme. The company has improved its profitability and cash position over the year and was not utilising its overdraft facility at the year end. The directors are not aware of any reason why the overdraft facility should not be extended if needed.

Significant judgements and estimates
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates if necessary. It also requires management to exercise judgement in applying the Company accounting policies.

The items in the financial statements where these judgements and estimates have been made include:

Judgements and Estimates

- The useful life of fixed assets.
- Asset residual values
- Stock obsolescence

Changes in accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied within the same accounts.

ASSURED PRODUCTS LIMITED (REGISTERED NUMBER: 07053634)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. ACCOUNTING POLICIES - continued

Income recognition
Turnover represents the net invoiced sales of goods, excluding value added tax, and discounts.
Income is recognised when goods have been delivered to customers, such that the risks and rewards of ownership have transferred to them.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks are being amortised evenly over their estimated useful life of five years.

The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, or if there is a significant change since the last reporting date.

Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets over their expected useful lives as follows:.

- Plant and machinery - 20% on cost
- Computer equipment - 25% on cost

Impairment of Assets
At each reporting date, fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment been recognised for the asset in prior years.

All impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and from factored debts.

Financial Assets
Basic financial assets, including trade and other receivables, and cash and bank balances are recognised at transaction price, less any impairment.

Financial Liabilities
Basic financial liabilities, including trade and other payables, are recognised at transaction price, less any impairment., unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

ASSURED PRODUCTS LIMITED (REGISTERED NUMBER: 07053634)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals charged under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

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.

Operating leases
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Employee Benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 20 ) .

ASSURED PRODUCTS LIMITED (REGISTERED NUMBER: 07053634)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2022
and 30 June 2023 95,000
AMORTISATION
At 1 July 2022 85,500
Charge for year 9,500
At 30 June 2023 95,000
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 9,500

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 82,608
Additions 77,826
At 30 June 2023 160,434
DEPRECIATION
At 1 July 2022 42,548
Charge for year 15,056
At 30 June 2023 57,604
NET BOOK VALUE
At 30 June 2023 102,830
At 30 June 2022 40,060

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 819,520 432,059
Amounts owed by group undertakings 67,111 -
Other debtors 232,143 79,992
1,118,774 512,051

ASSURED PRODUCTS LIMITED (REGISTERED NUMBER: 07053634)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,160 9,997
Trade creditors 2,222,211 1,284,552
Taxation and social security 370,058 195,355
Other creditors 89,479 102,811
2,691,908 1,592,715

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 19,930 30,090
Other creditors - 7,567
19,930 37,657

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 126,437 70,798
Between one and five years 306,780 132,592
In more than five years 313,350 -
746,567 203,390

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 30,090 40,087
Other loans - 24,506
30,090 64,593

The bank overdraft facility of £125,000 for HSBC Bank PLC is secured by personal guarantees given by the directors.

HSBC Bank PLC has a fixed and floating charges over all of the assets of the company.

If any assets in the company remain after the above charges, then Assured Products Pension Scheme has a fixed and floating charge over the remaining assets.