Company Registration No. 04154536 (England and Wales)
A.S.H.S. USA LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
A.S.H.S. USA LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
A.S.H.S. USA LIMITED
BALANCE SHEET
AS AT
28 JANUARY 2023
28 January 2023
- 1 -
28 January 2023
22 January 2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
27,606
19,667
Creditors: amounts falling due within one year
4
(11,505,272)
(11,497,677)
Net current liabilities
(11,477,666)
(11,478,010)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(11,477,667)
(11,478,011)
Total equity
(11,477,666)
(11,478,010)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 October 2023 and are signed on its behalf by:
AS Seymour
Director
Company Registration No. 04154536
A.S.H.S. USA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 JANUARY 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 27 December 2020
1
(11,476,207)
(11,476,206)
Period ended 22 January 2022:
Loss and total comprehensive income for the period
-
(1,804)
(1,804)
Balance at 22 January 2022
1
(11,478,011)
(11,478,010)
Period ended 28 January 2023:
Profit and total comprehensive income for the period
-
344
344
Balance at 28 January 2023
1
(11,477,667)
(11,477,666)
A.S.H.S. USA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JANUARY 2023
- 3 -
1
Accounting policies
Company information
A.S.H.S. USA Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Stable Block, The Plough Brewery, 516 Wandsworth Road, London, SW8 3JX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
A.S.H.S. USA Limited is a wholly owned subsidiary of A.S.H.S. Limited and the results of A.S.H.S. USA Limited are included in the consolidated financial statements of A.S.H.S. Limited.
1.2
Going concern
The company ceased trading on 15 January 2019. The company made a profit during the period of £344 and had net liabilities of £11,477,666 at the reporting date. The company continues to be a non-trading entity.
The directors have received assurances from its parent company, A.S.H.S. Limited, that they will continue to provide financial support for at least the next twelve months from the date of approval of the financial statements.
The directors are confident the group has sufficient resources to support this company for the next 12 months.
It is on this basis that the directors consider it appropriate to prepare the accounts on the going concern basis.
1.3
Reporting period
The current period results represent a 53 week period ending 28 January 2023. The company changed its year end date in the prior period and the results are therefore not directly comparable, with the comparative being a 56 week period.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
A.S.H.S. USA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies that are classified as debt, are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
A.S.H.S. USA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2023
- 5 -
2
Employees
The company had 2 directors and there were no employees during the current or prior period.
3
Subsidiaries
Details of the company's subsidiaries at 28 January 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
A.S.H.S. Nevada LLC
USA
Dormant
Ordinary
100.00
A.S.H.S. Madison LLC
USA
Dormant
Ordinary
100.00
A.S.H.S. Downtown LLC
USA
Dormant
Ordinary
100.00
These subsidiaries are held at £nil cost.
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
11,505,272
11,497,677
Included within other creditors are amounts due to group companies totalling £11,505,272 (2022: £11,495,873).
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
1
1
1
1
6
Financial commitments, guarantees and contingent liabilities
The company has entered into a cross guarantee in favour of HSBC Bank plc with A.S.H.S. Limited and ASHS East Coast Limited. At the period end the maximum liability represented by group borrowings under this guarantee was £nil.
7
Related party transactions
The company has taken advantage of the exemption available in FRS 102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company,
At the period end the company owed its parent company £11,399,378 (2022: £11,389,979), and it owed a fellow subsidiary undertaking, £105,894 (2022: £105,894). These amounts are included within other creditors.
A.S.H.S. USA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2023
- 6 -
8
Parent company
The ultimate parent company is A.S.H.S. Limited, a company registered in England and Wales. The registered office is The Stable Block, The Plough Brewery, 516 Wandsworth Road, London, SW8 3JX. A.S.H.S. Limited prepare group financial statements and copies can be obtained from the Registrar of Companies.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
Material uncertainty related to going concern
We draw your attention to note 1.2 in the financial statements, which states that the company had net liabilities of £11,477,666 at the period end, and is a non trading company. As stated in note 1.2, these conditions, along with the other matters as set forth in note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The auditor's report was unqualified.
Senior Statutory Auditor:
Amit Popat
Statutory Auditor:
Rickard Luckin Limited