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Ashfield Products Ltd.
Unaudited Financial Statements
For The Year Ended 30 June 2023
Ian Roper & Company Ltd
Chartered Accountants
37 Fore Street
Sidmouth
Devon
EX10 8AQ
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 06614187
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 473,616 560,809
Investment Properties 5 164,775 -
638,391 560,809
CURRENT ASSETS
Stocks 6 635,187 624,589
Debtors 7 752,387 539,127
Investments 8 20,061 -
Cash at bank and in hand 365,791 283,236
1,773,426 1,446,952
Creditors: Amounts Falling Due Within One Year 9 (468,001 ) (382,971 )
NET CURRENT ASSETS (LIABILITIES) 1,305,425 1,063,981
TOTAL ASSETS LESS CURRENT LIABILITIES 1,943,816 1,624,790
Creditors: Amounts Falling Due After More Than One Year 10 (3,207 ) (49,005 )
NET ASSETS 1,940,609 1,575,785
CAPITAL AND RESERVES
Called up share capital 12 4 4
Profit and Loss Account 1,940,605 1,575,781
SHAREHOLDERS' FUNDS 1,940,609 1,575,785
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For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Andre Beard
Director
28th March 2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Ashfield Products Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 06614187 . The registered office is Unit 4 Gloucester Court, Heathpark Ind Estate, Honiton, Devon, EX14 1SJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% Reducing Balance Method
Plant & Machinery 15% Reducing Balance Method
Motor Vehicles 25% Reducing Balance Method
Computer Equipment 20% Reducing Balance Method
2.4. Investment Properties
Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.
Investment properties shall be included in the balance sheet at their market value.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 4 4
Sales, marketing and distribution 11 11
Manufacturing 2 2
17 17
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2022 62,132 861,963 443,311 20,581 1,387,987
Additions - 48,368 - 269 48,637
Disposals - (90,619 ) - - (90,619 )
As at 30 June 2023 62,132 819,712 443,311 20,850 1,346,005
...CONTINUED
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Depreciation
As at 1 July 2022 24,944 561,348 232,411 8,475 827,178
Provided during the period 3,313 47,356 53,033 254 103,956
Disposals - (58,745 ) - - (58,745 )
As at 30 June 2023 28,257 549,959 285,444 8,729 872,389
Net Book Value
As at 30 June 2023 33,875 269,753 157,867 12,121 473,616
As at 1 July 2022 37,188 300,615 210,900 12,106 560,809
5. Investment Property
2023
£
Fair Value
As at 1 July 2022 -
Additions 164,775
As at 30 June 2023 164,775
6. Stocks
2023 2022
£ £
Materials 635,187 624,589
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 731,076 523,282
Tax recoverable 357 357
Prepayments and accrued income 9,982 7,744
Goods in Transit - 7,744
Other debtors (1) 10,501 -
Other debtors (2) 471 -
752,387 539,127
8. Current Asset Investments
2023 2022
£ £
Unlisted investments 20,061 -
20,061 -
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9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 46,656 51,653
Trade creditors 47,369 77,100
Bank loans and overdrafts - 70,879
Corporation tax 121,472 30,143
Other taxes and social security 16,218 14,641
VAT 190,671 120,092
Other creditors 14,108 14,679
Accruals and deferred income 31,090 3,526
Director's loan account 417 258
468,001 382,971
10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 3,207 49,005
3,207 49,005
11. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 49,726 48,286
Later than one year and not later than five years 3,418 58,605
53,144 106,891
Less: Finance charges allocated to future periods 3,281 6,233
49,863 100,658
12. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 4 4
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13. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 32,500 32,500
32,500 32,500
14. Related Party Transactions
15. Ultimate Controlling Party
The company's ultimate controlling party is Andre Beard by virtue of his ownership of 100% of the issued share capital in the company.
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