Company Registration No. 06746170 (England and Wales)
Assentech Sales Ltd
Unaudited accounts
for the year ended 31 December 2023
Assentech Sales Ltd
Unaudited accounts
Contents
Assentech Sales Ltd
Company Information
for the year ended 31 December 2023
Directors
Deborah Cox
Ewart Cox
Company Number
06746170 (England and Wales)
Registered Office
Mount Pleasant Farm
Gorran
St. Austell
Cornwall
PL26 6LR
England
Accountants
Wessex Commercial Solutions Limited
Yeovil Innovation Centre
Barracks Close
Yeovil
BA22 8RN
Assentech Sales Ltd
Statement of financial position
as at 31 December 2023
Intangible assets
27,464
44,780
Tangible assets
814,319
172,321
Inventories
303,492
40,000
Cash at bank and in hand
472,675
240,705
Creditors: amounts falling due within one year
(1,612,268)
(580,621)
Net current liabilities
(484,913)
(32,031)
Total assets less current liabilities
356,871
185,071
Creditors: amounts falling due after more than one year
(33,195)
(10,097)
Provisions for liabilities
Deferred tax
(28,219)
(19,008)
Net assets
295,457
155,966
Called up share capital
3
3
Profit and loss account
295,454
155,963
Shareholders' funds
295,457
155,966
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2024 and were signed on its behalf by
Deborah Cox
Director
Company Registration No. 06746170
Assentech Sales Ltd
Notes to the Accounts
for the year ended 31 December 2023
Assentech Sales Ltd is a private company, limited by shares, registered in England and Wales, registration number 06746170. The registered office is Mount Pleasant Farm, Gorran, St. Austell, Cornwall, PL26 6LR, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Plant & machinery
20% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
10%-33% reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Amortisation - 33% straight line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Expenditure on research and development is written off in the year in which it is incurred.
Assentech Sales Ltd
Notes to the Accounts
for the year ended 31 December 2023
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Investments in shares are included at fair value.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
4
Intangible fixed assets
Other
At 31 December 2023
96,590
Charge for the year
17,316
At 31 December 2023
69,126
At 31 December 2023
27,464
At 31 December 2022
44,780
Assentech Sales Ltd
Notes to the Accounts
for the year ended 31 December 2023
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
154,564
117,881
71,183
44,684
388,312
Additions
660,497
-
-
3,542
664,039
At 31 December 2023
815,061
117,881
71,183
48,226
1,052,351
At 1 January 2023
58,273
81,543
37,676
38,499
215,991
Charge for the year
10,214
7,527
1,163
3,137
22,041
At 31 December 2023
68,487
89,070
38,839
41,636
238,032
At 31 December 2023
746,574
28,811
32,344
6,590
814,319
At 31 December 2022
96,291
36,338
33,507
6,185
172,321
6
Investments
Subsidiary undertakings
Valuation at 1 January 2023
1
Valuation at 31 December 2023
1
Amounts falling due within one year
Trade debtors
187,344
235,502
Accrued income and prepayments
106,719
11,459
Other debtors
22,949
20,924
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
8,224
115,135
Obligations under finance leases and hire purchase contracts
1,523
4,957
Trade creditors
371,298
193,695
Amounts owed to group undertakings and other participating interests
493,263
201,406
Taxes and social security
90,827
26,957
Other creditors
353,303
4,218
Assentech Sales Ltd
Notes to the Accounts
for the year ended 31 December 2023
9
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
10,220
8,308
10
Average number of employees
During the year the average number of employees was 10 (2022: 11).