Ashore Limited 05690917 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is retailing jewellery and giftware Digita Accounts Production Advanced 6.30.9574.0 true true 05690917 2022-06-01 2023-05-31 05690917 2023-05-31 05690917 bus:OrdinaryShareClass1 2023-05-31 05690917 bus:Original 2023-05-31 05690917 core:CurrentFinancialInstruments 2023-05-31 05690917 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 05690917 core:Non-currentFinancialInstruments 2023-05-31 05690917 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 05690917 core:Goodwill 2023-05-31 05690917 core:FurnitureFittingsToolsEquipment 2023-05-31 05690917 bus:SmallEntities 2022-06-01 2023-05-31 05690917 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 05690917 bus:FullAccounts 2022-06-01 2023-05-31 05690917 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 05690917 bus:RegisteredOffice 2022-06-01 2023-05-31 05690917 bus:Director1 2022-06-01 2023-05-31 05690917 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 05690917 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 05690917 core:Goodwill 2022-06-01 2023-05-31 05690917 core:FurnitureFittings 2022-06-01 2023-05-31 05690917 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 05690917 countries:England 2022-06-01 2023-05-31 05690917 2022-05-31 05690917 core:Goodwill 2022-05-31 05690917 core:FurnitureFittingsToolsEquipment 2022-05-31 05690917 2021-06-01 2022-05-31 05690917 2022-05-31 05690917 bus:OrdinaryShareClass1 2022-05-31 05690917 core:CurrentFinancialInstruments 2022-05-31 05690917 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 05690917 core:Non-currentFinancialInstruments 2022-05-31 05690917 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 05690917 core:FurnitureFittingsToolsEquipment 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05690917

Ashore Limited

trading as Ashore Jewellery

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Ashore Limited

trading as Ashore Jewellery

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Ashore Limited

trading as Ashore Jewellery

Company Information

Director

Mr A Parker

Registered office

26 Spinney Close
Roundswell
Barnstaple
Devon
EX31 3RT

Accountants

PGD Accountants
Certified Accountants
26 Spinney Close
Roundswell
Barnstaple
Devon
EX31 3RT

 

Ashore Limited

trading as Ashore Jewellery

(Registration number: 05690917)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,925

3,191

Current assets

 

Stocks

6

39,588

35,322

Debtors

-

1,411

Cash at bank and in hand

 

418

2,240

 

40,006

38,973

Creditors: Amounts falling due within one year

7

(27,693)

(28,899)

Net current assets

 

12,313

10,074

Total assets less current liabilities

 

15,238

13,265

Creditors: Amounts falling due after more than one year

7

(13,864)

(18,079)

Provisions for liabilities

326

-

Net assets/(liabilities)

 

1,700

(4,814)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,600

(4,914)

Shareholders' funds/(deficit)

 

1,700

(4,814)

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.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 February 2024
 

 

Ashore Limited

trading as Ashore Jewellery

(Registration number: 05690917)
Balance Sheet as at 31 May 2023

.........................................
Mr A Parker
Director

 

Ashore Limited

trading as Ashore Jewellery

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.

The address of its registered office is:
26 Spinney Close
Roundswell
Barnstaple
Devon
EX31 3RT

These financial statements were authorised for issue by the director on 22 February 2024.

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. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Government grants

Goverment grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

Ashore Limited

trading as Ashore Jewellery

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

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.

 

Ashore Limited

trading as Ashore Jewellery

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Ashore Limited

trading as Ashore Jewellery

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 the director) during the year, was 1 (2022 - 1).

 

Ashore Limited

trading as Ashore Jewellery

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

25,000

25,000

At 31 May 2023

25,000

25,000

Amortisation

At 1 June 2022

25,000

25,000

At 31 May 2023

25,000

25,000

Carrying amount

At 31 May 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

17,699

17,699

Additions

250

250

At 31 May 2023

17,949

17,949

Depreciation

At 1 June 2022

14,508

14,508

Charge for the year

516

516

At 31 May 2023

15,024

15,024

Carrying amount

At 31 May 2023

2,925

2,925

At 31 May 2022

3,191

3,191

6

Stocks

2023
£

2022
£

Other inventories

39,588

35,322

 

Ashore Limited

trading as Ashore Jewellery

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

20,437

18,164

Trade creditors

 

1,464

7,364

Taxation and social security

 

3,017

575

Accruals and deferred income

 

2,161

2,063

Other creditors

 

614

733

 

27,693

28,899

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

13,864

18,079

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

13,039

15,304

Other borrowings

825

2,775

13,864

18,079

 

Ashore Limited

trading as Ashore Jewellery

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,404

2,345

Bank overdrafts

3,662

-

Other borrowings

14,371

15,819

20,437

18,164

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £10.00 (2022 - £Nil) per ordinary share

 

1,000

 

-