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Registration number: 04776601

Sublime Aspect Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Sublime Aspect Limited

Contents

Company Information

1

Directors' Report

2

Profit and Loss Account and Statement of Retained Earnings

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 9

Detailed Profit and Loss Account

10 to 11

 

Sublime Aspect Limited

Company Information

Directors

Mr Jason Lloyd

Mrs Helen Lloyd

Registered office

Grange Farm Cottage
Higher Lane
Dalton
Wigan
Greater Manchester
WN8 7TW

Accountants

DSM CA Limited
Station House Station Road
Whalley
Clitheroe
Lancashire
BB7 9RT

 

Sublime Aspect Limited

Directors' Report for the Year Ended 31 May 2023

The directors present their report and the financial statements for the year ended 31 May 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Jason Lloyd

Mrs Helen Lloyd

Principal activity

The principal activity of the company is manufacturing, installation and property related services

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 11 July 2023 and signed on its behalf by:
 

.........................................
Mr Jason Lloyd
Director

 

Sublime Aspect Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 May 2023

Note

2023
£

2022
£

Turnover

 

83,180

79,180

Cost of sales

 

(27,869)

(13,848)

Gross profit

 

55,311

65,332

Administrative expenses

 

23,313

24,820

Operating profit

 

31,998

40,512

Other interest receivable and similar income

 

10

-

Interest payable and similar charges

 

(485)

(389)

 

(475)

(389)

Profit before tax

31,523

40,123

Taxation

 

(5,801)

(7,623)

Profit for the financial year

 

25,722

32,500

Retained earnings brought forward

 

10,490

9,990

Dividends paid

 

(23,000)

(32,000)

Retained earnings carried forward

 

13,212

10,490

 

Sublime Aspect Limited

(Registration number: 04776601)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,973

3,467

Current assets

 

Debtors

5

26,738

22,100

Cash at bank and in hand

 

14,362

15,625

 

41,100

37,725

Creditors: Amounts falling due within one year

6

(20,959)

(13,276)

Net current assets

 

20,141

24,449

Total assets less current liabilities

 

26,114

27,916

Creditors: Amounts falling due after more than one year

6

(11,667)

(16,667)

Provisions for liabilities

(1,135)

(659)

Net assets

 

13,312

10,590

Capital and reserves

 

Called up share capital

100

100

Retained earnings

13,212

10,490

Shareholders' funds

 

13,312

10,590

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 11 July 2023 and signed on its behalf by:
 

.........................................
Mr Jason Lloyd
Director

 

Sublime Aspect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Grange Farm Cottage
Higher Lane
Dalton
Wigan
Greater Manchester
WN8 7TW

These financial statements were authorised for issue by the Board on 11 July 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Sublime Aspect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Sublime Aspect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Sublime Aspect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

4,767

4,767

Additions

3,298

3,298

At 31 May 2023

8,065

8,065

Depreciation

At 1 June 2022

1,300

1,300

Charge for the year

792

792

At 31 May 2023

2,092

2,092

Carrying amount

At 31 May 2023

5,973

5,973

At 31 May 2022

3,467

3,467

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

26,049

22,100

Prepayments

 

689

-

   

26,738

22,100

 

Sublime Aspect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

5,000

5,000

Amounts due to related parties

1,249

193

Accruals

 

9,396

827

Corporation tax

5,314

7,256

 

20,959

13,276

Due after one year

 

Loans and borrowings

11,667

16,667

7

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

5,325

7,255

Deferred taxation

Arising from origination and reversal of timing differences

476

368

Tax expense in the income statement

5,801

7,623

 

Sublime Aspect Limited

Detailed Profit and Loss Account for the Year Ended 31 May 2023

2023
£

2022
£

Turnover(analysed below)

83,180

79,180

Cost of sales (analysed below)

27,869

13,848

Gross profit

55,311

65,332

Gross profit (%)

66.5%

82.51%

Administrative expenses

Establishment costs (analysed below)

7,430

7,116

General administrative expenses (analysed below)

14,989

16,996

Finance charges (analysed below)

102

96

Depreciation costs (analysed below)

792

612

23,313

24,820

Operating profit

31,998

40,512

Other interest receivable and similar income (analysed below)

(10)

-

Interest payable and similar expenses (analysed below)

485

389

475

389

Profit before tax

31,523

40,123

 

Sublime Aspect Limited

Detailed Profit and Loss Account for the Year Ended 31 May 2023

2023
£

2022
£

   

Turnover

Service management charges

83,180

79,180

   

Cost of sales

Materials, repairs and purchases

18,768

8,198

Subcontract cost

9,101

5,650

27,869

13,848

   

Establishment costs

Rent

6,000

6,000

Light, heat and power

-

(314)

Use of home as office

1,430

1,430

7,430

7,116

   

General administrative expenses

Telephone and fax

960

960

Office expenses

141

146

Printing, postage and stationery

154

73

Charitable donations

130

55

Sundry expenses

194

173

Travel and subsistence

11,510

11,464

Advertising

20

1,681

Staff entertaining (allowable for tax)

800

793

Accountancy fees

1,366

1,651

Prior year over accrual

(286)

-

14,989

16,996

   

Finance charges

Bank charges

102

96

   

Depreciation costs

Depreciation of fixtures and fittings (owned)

792

612

   

Other interest receivable and similar income

Other interest receivable

(10)

-

   

Interest payable and similar expenses

Bank loan interest payable

485

389