ASTON & JAMES OFFICE SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023
Company Registration Number: 07923532
ASTON & JAMES OFFICE SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
ASTON & JAMES OFFICE SUPPLIES LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
DIRECTOR
D Aston
SECRETARY
M Aston
REGISTERED OFFICE
Unit 1 Nimrod Business Park
De Havilland Way
Witney
Oxon
OX29 0YG
COMPANY REGISTRATION NUMBER
07923532 England and Wales
ASTON & JAMES OFFICE SUPPLIES LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
Notes 2023 2022
£ £
FIXED ASSETS
Intangible assets 5 173,243 230,990
Tangible assets 6 660,455 680,775
833,698 911,765
CURRENT ASSETS
Stock 53,843 106,432
Debtors 7 367,398 361,543
Cash at bank and in hand 408,355 407,398
829,596 875,373
CREDITORS: Amounts falling due within one year 8 276,742 296,049
NET CURRENT ASSETS 552,854 579,324
TOTAL ASSETS LESS CURRENT LIABILITIES 1,386,552 1,491,089
CREDITORS: Amounts falling due after more than one year 9 441,869 499,971
Provisions for liabilities and charges 3,626 4,461
NET ASSETS 941,057 986,657
CAPITAL AND RESERVES
Called up share capital 110 110
Distributable profit and loss account 740,957 786,557
Capital redemption reserve 199,990 199,990
SHAREHOLDERS' FUNDS 941,057 986,657
ASTON & JAMES OFFICE SUPPLIES LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
D Aston
Director
Date approved by the board: 16 February 2024
ASTON & JAMES OFFICE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
1 GENERAL INFORMATION
Aston & James Office Supplies Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Unit 1 Nimrod Business Park
De Havilland Way
Witney
Oxon
OX29 0YG
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the sale of stationery and office supplies, stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Grant Income
Grant income has been recognised under the accrual model, where income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Grant income of £nil (2022 - £11,277) was recognised during the year, received from the governments Job Retention Scheme. This was a scheme introduced due to the COVID-19 pandemic, where employers are able to claim grants of up to 80% of furloughed employees wages costs.
ASTON & JAMES OFFICE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Intangible fixed assets
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be (10) years.
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 expectations.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Freehold property Straight line basis at 2% per annum
Fixtures, fittings, tools and equipment Straight line basis at 25% per annum
Motor vehicles Reducing balance basis at 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
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 are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost 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 balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
ASTON & JAMES OFFICE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
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 the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, 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 the profit and loss account.
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 the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
ASTON & JAMES OFFICE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Provisions
A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use is recognised. The provision is measured at the salary cost payable for the period of absence.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2023 2022
Average number of employees 16 15
ASTON & JAMES OFFICE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
5 INTANGIBLE FIXED ASSETS
Goodwill
£
Cost
At 1 July 2022 739,369
At 30 June 2023 739,369
Accumulated amortisation and impairments
At 1 July 2022 508,379
Charge for year 57,747
At 30 June 2023 566,126
Net book value
At 1 July 2022 230,990
At 30 June 2023 173,243
6 TANGIBLE ASSETS
Freehold property Fixtures, fittings, tools and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 848,963 136,053 25,500 1,010,516
Additions - 3,465 - 3,465
Disposals - (11,663) - (11,663)
At 30 June 2023 848,963 127,855 25,500 1,002,318
Accumulated depreciation
At 1 July 2022 186,030 129,772 13,939 329,741
Charge for year 16,979 3,918 2,890 23,787
Disposals - (11,663) - (11,663)
At 30 June 2023 203,009 122,027 16,829 341,865
Net book value
At 1 July 2022 662,933 6,281 11,561 680,775
At 30 June 2023 645,954 5,828 8,671 660,453
ASTON & JAMES OFFICE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
7 DEBTORS
2023 2022
£ £
Trade debtors 346,411 351,218
Prepayments and accrued income 18,774 4,636
Other debtors 2,213 5,689
367,398 361,543
8 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 55,459 55,458
Trade creditors 163,011 171,088
Taxation and social security 53,630 62,303
Accruals and deferred income 4,597 7,200
Other creditors 45 -
276,742 296,049
9 CREDITORS: Amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 441,869 499,971
Analysis of creditors falling due after more than five years:
2023 2022
Aggregate of non-instalment debts that fall due for repayment after five years: £ £
Bank loans and overdrafts 109,780 180,983
10 SECURED DEBTS
The company has a bank loan with Barclays Bank PLC which is secured with a fixed and floating charge over the undertaking and all property and assets present and future.
11 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2023 2022
£ £
In less than one year 38,166 41,212
In more than one but less than five years 12,350 33,860
50,516 75,072
ASTON & JAMES OFFICE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
12 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year
Balance at 1 July 2022 Amounts advanced Amounts repaid Balance at 30 June 2023
£ £ £ £
D Aston 655 - 655 -
This advance is interest free and repayable on demand.
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