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COMPANY REGISTRATION NUMBER: 05847467
A SHOTTON LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
A SHOTTON LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
A SHOTTON LIMITED
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
7,910
10,128
Current assets
Stocks
7
5,000
5,000
Debtors
8
141,632
176,857
Cash at bank and in hand
3
3
------------
------------
146,635
181,860
Creditors: amounts falling due within one year
9
( 130,784)
( 157,492)
------------
------------
Net current assets
15,851
24,368
------------
------------
Total assets less current liabilities
23,761
34,496
Creditors: amounts falling due after more than one year
10
( 21,667)
( 31,667)
Provisions
Taxation including deferred tax
( 1,140)
( 1,420)
------------
------------
Net assets
954
1,409
------------
------------
A SHOTTON LIMITED
BALANCE SHEET (continued)
31 March 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
12
100
100
Profit and loss account
854
1,309
------------
------------
Shareholders funds
954
1,409
------------
------------
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 profit and loss account has not been delivered.
For the year ending 31 March 2023 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 year 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 .
These financial statements were approved by the board of directors and authorised for issue on 23 November 2023 , and are signed on behalf of the board by:
Mr A J Gray
Mr P S Rank
Director
Director
Company registration number: 05847467
A SHOTTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bridge Works, Fenay Bridge, Huddersfield, HD8 0FA.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises the value of sales excluding value added tax and trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
33% straight line
In the year of acquisition tangible fixed assets are depreciated from 1 April.
Stocks
Stocks are stated at the lower of cost and net realisable value.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.
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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 pension funds The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 9 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
104,000
------------
Amortisation
At 1 April 2022 and 31 March 2023
104,000
------------
Carrying amount
At 31 March 2023
------------
At 31 March 2022
------------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2022
133,584
20,500
2,416
156,500
Additions
469
469
------------
------------
------------
------------
At 31 March 2023
133,584
20,500
2,885
156,969
------------
------------
------------
------------
Depreciation
At 1 April 2022
129,942
14,014
2,416
146,372
Charge for the year
910
1,621
156
2,687
------------
------------
------------
------------
At 31 March 2023
130,852
15,635
2,572
149,059
------------
------------
------------
------------
Carrying amount
At 31 March 2023
2,732
4,865
313
7,910
------------
------------
------------
------------
At 31 March 2022
3,642
6,486
10,128
------------
------------
------------
------------
7. Stocks
2023
2022
£
£
Raw materials and consumables
5,000
5,000
------------
------------
8. Debtors
2023
2022
£
£
Trade debtors
25,864
64,301
Prepayments and accrued income
7,291
2,670
Directors loan accounts
108,477
109,886
------------
------------
141,632
176,857
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
19,603
15,589
Trade creditors
56,035
85,879
Accruals and deferred income
13,920
13,469
Corporation tax
24,326
17,791
Social security and other taxes
15,767
19,947
Obligations under finance leases and hire purchase contracts
3,346
Other creditors
1,133
1,471
------------
------------
130,784
157,492
------------
------------
Obligations under finance leases and hire purchase contracts are secured upon the asset that they relate to.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,667
31,667
------------
------------
Obligations under finance leases and hire purchase contracts are secured upon the asset that they relate to.
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
1,140
1,420
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
1,140
1,420
------------
------------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
11,705
24,474
------------
------------
14. Related party transactions
Transactions with the directors The directors' loan accounts of £108,477 (2022: £109,886) set out in debtors above are unsecured, repayable on demand and bear interest at 2% pa. They have been settled in full since the balance sheet date. Control of the company The company is controlled by the directors.