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COMPANY REGISTRATION NUMBER: 04555373
ASE INVESTMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 October 2022
ASE INVESTMENTS LIMITED
FINANCIAL STATEMENTS
PERIOD FROM 31 OCTOBER 2021 TO 28 OCTOBER 2022
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
ASE INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
28 October 2022
28 Oct 22
30 Oct 21
Note
£
£
£
FIXED ASSETS
Tangible assets
6
4,584
12,674
CURRENT ASSETS
Stocks
11,200
Debtors
7
86,754
97,950
Cash at bank and in hand
130,020
146,899
---------
---------
216,774
256,049
CREDITORS: amounts falling due within one year
8
( 183,712)
( 147,912)
---------
---------
NET CURRENT ASSETS
33,062
108,137
--------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
37,646
120,811
CREDITORS: amounts falling due after more than one year
9
( 25,964)
( 35,896)
PROVISIONS
Taxation including deferred tax
( 871)
( 2,408)
--------
---------
NET ASSETS
10,811
82,507
--------
---------
CAPITAL AND RESERVES
Called up share capital
100
9
Profit and loss account
10,711
82,498
--------
--------
SHAREHOLDERS FUNDS
10,811
82,507
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 28 October 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ASE INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 October 2022
These financial statements were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:
P Colebrook
Director
Company registration number: 04555373
ASE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 31 OCTOBER 2021 TO 28 OCTOBER 2022
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 26 West Street, West Butterwick, Scunthorpe, DN17 3LA.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of services supplied.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Computer equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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. Government grants are recognised using the accrual model and the performance 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 5 (2021: 3 ).
5. TAX ON PROFIT
Major components of tax expense
Period from
31 Oct 21 to
Year to
28 Oct 22
30 Oct 21
£
£
Current tax:
UK current tax expense
40,994
27,350
Adjustments in respect of prior periods
19
--------
--------
Total current tax
40,994
27,369
--------
--------
Deferred tax:
Origination and reversal of timing differences
( 1,537)
( 1,133)
--------
--------
Tax on profit
39,457
26,236
--------
--------
6. TANGIBLE ASSETS
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 31 October 2021 and 28 October 2022
38,515
2,127
40,642
--------
-------
--------
Depreciation
At 31 October 2021
27,259
709
27,968
Charge for the period
7,381
709
8,090
--------
-------
--------
At 28 October 2022
34,640
1,418
36,058
--------
-------
--------
Carrying amount
At 28 October 2022
3,875
709
4,584
--------
-------
--------
At 30 October 2021
11,256
1,418
12,674
--------
-------
--------
7. DEBTORS
28 Oct 22
30 Oct 21
£
£
Trade debtors
59,062
97,950
Other debtors
27,692
--------
--------
86,754
97,950
--------
--------
8. CREDITORS: amounts falling due within one year
28 Oct 22
30 Oct 21
£
£
Bank loans and overdrafts
10,000
9,960
Corporation tax
68,344
52,248
Social security and other taxes
14,413
26,759
Other creditors
90,955
58,945
---------
---------
183,712
147,912
---------
---------
9. CREDITORS: amounts falling due after more than one year
28 Oct 22
30 Oct 21
£
£
Bank loans and overdrafts
25,964
35,896
--------
--------