2022-04-012023-03-312023-03-31false09011278AS3 Group 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AS3 Group Limited

(formerly AS3 PERFORMANCE LIMITED)

Registered Number
09011278
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

AS3 Group Limited
Company Information
for the year from 1 April 2022 to 31 March 2023

Director

Mr B Allinson

Registered Address

Unit 6a Appleby Business Park
Appleby-In-Westmorland
CA16 6HT

Registered Number

09011278 (England and Wales)
AS3 Group Limited
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets641,24634,720
Investments7100100
41,34634,820
Current assets
Stocks798,150595,783
Debtors10144,80239,780
Cash at bank and on hand436,443242,812
1,379,395878,375
Creditors amounts falling due within one year11(255,962)(119,542)
Net current assets (liabilities)1,123,433758,833
Total assets less current liabilities1,164,779793,653
Creditors amounts falling due after one year12(176,828)-
Provisions for liabilities13(7,223)(8,680)
Net assets980,728784,973
Capital and reserves
Called up share capital100100
Profit and loss account980,628784,873
Shareholders' funds980,728784,973
The financial statements were approved and authorised for issue by the Director on 17 November 2023, and are signed on its behalf by:
Mr B Allinson
Director
Registered Company No. 09011278
AS3 Group Limited
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Smallest group in which results are consolidated
The company, and the group headed by it, qualify as a small group as such the parent and the group are exempt from producing group accounts.
3.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Vehicles20
Office Equipment20
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
Taxation policy
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 policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Government grants and other government assistance policy
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
5.Employee information

20232022
Average number of employees during the year55
6.Property, plant and equipment

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 April 2234,98321,87456,857
Additions15,89588816,783
Disposals(12,315)-(12,315)
At 31 March 2338,56322,76261,325
Depreciation and impairment
At 01 April 2212,8139,32422,137
Charge for year3,6902,5326,222
On disposals(8,280)-(8,280)
At 31 March 238,22311,85620,079
Net book value
At 31 March 2330,34010,90641,246
At 31 March 2222,17012,55034,720
7.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 April 22100100
At 31 March 23100100
Net book value
At 31 March 23100100
At 31 March 22100100

Notes

1Investments in group undertakings and participating interests
8.Off balance sheet pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £782 (2022 - £351).
9.Directors advances, credits and guarantees
On 1 April 2022 the director owed the company £22,821. During the year the director was advanced a further £530,912 and repaid £461,784. As of 31 March 2023, the director owed the company £91,949. The company charged the director interest of £3,972 (2022 - £588) in accordance with HMRC's official interest rate for beneficial loan arrangements.
10.Debtors

2023

2022

££
Trade debtors / trade receivables22,21810,788
Other debtors103,26522,821
Prepayments and accrued income2,977-
Other debtors (Non-current)16,3426,171
Total144,80239,780
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables51,95239,482
Taxation and social security146,69972,910
Finance lease and HP contracts-803
Other creditors49,46947
Accrued liabilities and deferred income7,8426,300
Total255,962119,542
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Other loans are secured by a personal guarantee from the director.
12.Creditors after one year

2023

2022

££
Other creditors176,828-
Total176,828-
Other loans are secured by a personal guarantee from the director.
13.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. The provision for deferred tax is £7,223 (2022 - £8,680) and is in respect of accelerated capital allowances.

2023

2022

££
Net deferred tax liability (asset)7,2238,680
Total7,2238,680