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REGISTERED NUMBER: 06233293 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023

FOR

ASTON ALLOYS LIMITED

ASTON ALLOYS LIMITED (REGISTERED NUMBER: 06233293)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ASTON ALLOYS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2023







DIRECTORS: Mr S G Betts
Mrs H Betts





SECRETARY: Mrs H Betts





REGISTERED OFFICE: Newport House
Newport Road
Stafford
Staffordshire
ST16 1DA





REGISTERED NUMBER: 06233293 (England and Wales)





ACCOUNTANTS: Howards Limited
Chartered Certified Accountants
Newport House
Newport Road
Stafford
Staffordshire
ST16 1DA

ASTON ALLOYS LIMITED (REGISTERED NUMBER: 06233293)

STATEMENT OF FINANCIAL POSITION
31ST MAY 2023

2023 2022
Notes £    £   
Fixed assets
Tangible assets 5 343,948 346,702
Investments 6 66,440 66,440
410,388 413,142

Current assets
Stocks 312,146 297,694
Debtors 7 1,036,919 1,131,559
Prepayments and accrued income 6,757 6,757
Cash at bank 182,079 84,599
1,537,901 1,520,609
Creditors
Amounts falling due within one year 8 (457,311 ) (588,121 )
Net current assets 1,080,590 932,488
Total assets less current liabilities 1,490,978 1,345,630

Creditors
Amounts falling due after more than one
year

9

(86,657

)

(116,365

)

Provisions for liabilities (40,286 ) (29,695 )

Accruals and deferred income (12,658 ) (16,272 )
Net assets 1,351,377 1,183,298

Capital and reserves
Called up share capital 100 100
Revaluation reserve 43,205 45,555
Retained earnings 1,308,072 1,137,643
Shareholders' funds 1,351,377 1,183,298

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ASTON ALLOYS LIMITED (REGISTERED NUMBER: 06233293)

STATEMENT OF FINANCIAL POSITION - continued
31ST MAY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10th August 2023 and were signed on its behalf by:




Mr S G Betts - Director



Mrs H Betts - Director


ASTON ALLOYS LIMITED (REGISTERED NUMBER: 06233293)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023

1. STATUTORY INFORMATION

Aston Alloys Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06233293 and the registered office address is Newport House, Newport Road, Stafford, Staffordshire, ST16 1DA.

The principal activity of the company is that of steel stockholders.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Functional currency
The financial statements are prepared in sterling (£). The functional currency of the company is sterling (£).

Significant judgements and estimates
In determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the company; it may later be determined that a different choice would have been more appropriate. Management considers that certain accounting estimates and assumptions relating to revenue, taxation, tangible fixed assets, provisions and contingent liabilities and accruals are its critical accounting estimates.

Turnover
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on an "first in first out" basis and provision is made for slow moving or obsolete stock where the net realisable value is less than cost.

ASTON ALLOYS LIMITED (REGISTERED NUMBER: 06233293)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Investments
Other investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss with any gain or loss being transferred to a fair value reserve where their value can be measured reliably.

Where a gain is realised upon sale of the investments, a transfer from the non-distributable fair value reserve is made to retained earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

ASTON ALLOYS LIMITED (REGISTERED NUMBER: 06233293)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

3. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Impairment of non financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1st June 2022 200,000 344,039 46,817 23,119 613,975
Additions - 28,288 - 8,956 37,244
At 31st May 2023 200,000 372,327 46,817 32,075 651,219
DEPRECIATION
At 1st June 2022 - 248,516 4,547 14,210 267,273
Charge for year - 28,575 8,057 3,366 39,998
At 31st May 2023 - 277,091 12,604 17,576 307,271
NET BOOK VALUE
At 31st May 2023 200,000 95,236 34,213 14,499 343,948
At 31st May 2022 200,000 95,523 42,270 8,909 346,702

Cost or valuation at 31st May 2023 is represented by:

Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
Valuation in 2018 18,000 - - - 18,000
Valuation in 2019 15,000 - - - 15,000
Valuation in 2021 20,000 - - - 20,000
Cost 147,000 372,327 46,817 32,075 598,219
200,000 372,327 46,817 32,075 651,219

ASTON ALLOYS LIMITED (REGISTERED NUMBER: 06233293)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

5. TANGIBLE FIXED ASSETS - continued

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 147,000 147,000

Freehold property was valued on a best estimate basis on 31st May 2021 by the directors .

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1st June 2022
and 31st May 2023 46,215 27,492 73,707
DEPRECIATION
At 1st June 2022 24,010 1,527 25,537
Charge for year 5,551 3,981 9,532
At 31st May 2023 29,561 5,508 35,069
NET BOOK VALUE
At 31st May 2023 16,654 21,984 38,638
At 31st May 2022 22,205 25,965 48,170

6. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Other investments 66,440 66,440

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 738,257 878,154
Other debtors 298,662 253,405
1,036,919 1,131,559

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 17,012 16,561
Hire purchase contracts and finance leases 12,478 12,049
Trade creditors 250,041 301,350
Taxation and social security 177,702 258,083
Other creditors 78 78
457,311 588,121

ASTON ALLOYS LIMITED (REGISTERED NUMBER: 06233293)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 64,713 82,817
Hire purchase contracts and finance leases 21,944 33,548
86,657 116,365

Amounts falling due in more than five years:

Repayable by instalments
Bank loans repayable more than 5 years 5,048 13,818

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 81,725 99,378
Hire purchase contracts and finance leases 34,422 45,597
116,147 144,975

There exists a debenture in favour of the bank dated 30/09/2013, incorporating fixed and floating charges . Hire purchase liabilities are secured against the fixed assets to which they relate.

11. OTHER FINANCIAL COMMITMENTS

The company has total future operating lease commitments of £18,513 (2022: £1,908).

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st May 2023 and 31st May 2022:

2023 2022
£    £   
Mr S G Betts and Mrs H Betts
Balance outstanding at start of year 102,459 252,524
Amounts advanced 256,500 141,935
Amounts repaid (175,000 ) (292,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 183,959 102,459