Ascot Autoclaves Ltd. 02902032 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is servicing and manufacturing of autoclaves. Digita Accounts Production Advanced 6.30.9574.0 true 02902032 2022-04-01 2023-03-31 02902032 2023-03-31 02902032 core:RetainedEarningsAccumulatedLosses 2023-03-31 02902032 core:ShareCapital 2023-03-31 02902032 core:SharePremium 2023-03-31 02902032 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 02902032 core:CurrentFinancialInstruments 2023-03-31 02902032 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02902032 core:Goodwill 2023-03-31 02902032 core:MotorVehicles 2023-03-31 02902032 core:PlantMachinery 2023-03-31 02902032 bus:SmallEntities 2022-04-01 2023-03-31 02902032 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 02902032 bus:FullAccounts 2022-04-01 2023-03-31 02902032 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 02902032 bus:RegisteredOffice 2022-04-01 2023-03-31 02902032 bus:Director2 2022-04-01 2023-03-31 02902032 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02902032 core:Goodwill 2022-04-01 2023-03-31 02902032 core:MotorVehicles 2022-04-01 2023-03-31 02902032 core:PlantMachinery 2022-04-01 2023-03-31 02902032 countries:EnglandWales 2022-04-01 2023-03-31 02902032 2022-03-31 02902032 core:Goodwill 2022-03-31 02902032 core:MotorVehicles 2022-03-31 02902032 core:PlantMachinery 2022-03-31 02902032 2021-04-01 2022-03-31 02902032 2022-03-31 02902032 core:RetainedEarningsAccumulatedLosses 2022-03-31 02902032 core:ShareCapital 2022-03-31 02902032 core:SharePremium 2022-03-31 02902032 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 02902032 core:CurrentFinancialInstruments 2022-03-31 02902032 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 02902032 core:Goodwill 2022-03-31 02902032 core:MotorVehicles 2022-03-31 02902032 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 02902032

Ascot Autoclaves Ltd.

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2023

 

Ascot Autoclaves Ltd.

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Ascot Autoclaves Ltd.

(Registration number: 02902032)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

1,736

Tangible assets

5

40,288

88,830

 

40,288

90,566

Current assets

 

Stocks

6

82,385

10,800

Debtors

7

149,616

304,592

Cash at bank and in hand

 

441,450

425,417

 

673,451

740,809

Creditors: Amounts falling due within one year

8

(163,784)

(254,692)

Net current assets

 

509,667

486,117

Total assets less current liabilities

 

549,955

576,683

Provisions for liabilities

(170)

(1,704)

Net assets

 

549,785

574,979

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

4,995

4,995

Profit and loss account

544,690

569,884

Shareholders' funds

 

549,785

574,979

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 1 December 2023 and signed on its behalf by:
 

 

Ascot Autoclaves Ltd.

(Registration number: 02902032)
Statement of Financial Position as at 31 March 2023

.........................................
Mr R D Warren
Director

 

Ascot Autoclaves Ltd.

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: 6 The Lawrence Centre, Oaklands Park, Wokingham, Berkshire, RG41 2FE.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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 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

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

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.

 

Ascot Autoclaves Ltd.

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

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 statement of financial position 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

Plant and machinery

33% Straight line

Motor vehicles

33% Straight line

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

25% Straight line

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 debtors

Short term debtors are measured at transaction price, less any impairment.

 

Ascot Autoclaves Ltd.

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

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

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 debtors and creditors, loans from banks and other third parties and loans to related parties.

 

Ascot Autoclaves Ltd.

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

63,669

63,669

At 31 March 2023

63,669

63,669

Amortisation

At 1 April 2022

61,933

61,933

Amortisation charge

1,736

1,736

At 31 March 2023

63,669

63,669

Carrying amount

At 31 March 2023

-

-

At 31 March 2022

1,736

1,736

The aggregate amount of research and development expenditure recognised as an expense during the period is £5,716 (2022 - £-).
 

 

Ascot Autoclaves Ltd.

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

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

180,014

278,012

458,026

Additions

1,485

-

1,485

At 31 March 2023

181,499

278,012

459,511

Depreciation

At 1 April 2022

180,014

189,182

369,196

Charge for the year

495

49,532

50,027

At 31 March 2023

180,509

238,714

419,223

Carrying amount

At 31 March 2023

990

39,298

40,288

At 31 March 2022

-

88,830

88,830

6

Stocks

2023
£

2022
£

Work in progress

82,385

10,800

7

Debtors

2023
£

2022
£

Trade debtors

127,960

163,466

Other debtors

757

115,834

Prepayments

20,899

25,292

149,616

304,592

8

Creditors

Creditors: amounts falling due within one year

 

Ascot Autoclaves Ltd.

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

Note

2023
£

2022
£

Bank loans and overdrafts

9

10,570

47,795

Trade creditors

 

26,602

27,531

Taxation and social security

 

38,388

33,503

Accruals and deferred income

 

67,057

130,553

Other creditors

 

21,167

15,310

 

163,784

254,692

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

10,570

47,795

10

Related party transactions

Other transactions with directors

An Interest free loan was made to the company by Mr R Warren. The amount due at the year end was £325 (2022 - £325).