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COMPANY REGISTRATION NUMBER: 08709540
ASL Precision Sheet Metal Limited
Filleted Unaudited Financial Statements
30 September 2023
ASL Precision Sheet Metal Limited
Financial Statements
Year ended 30 September 2023
Contents
Pages
Report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 9
ASL Precision Sheet Metal Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of ASL Precision Sheet Metal Limited
Year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ASL Precision Sheet Metal Limited for the year ended 30 September 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
6 March 2024
ASL Precision Sheet Metal Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
140,149
183,290
Current assets
Stocks
19,200
18,200
Debtors
7
423,944
382,371
Cash at bank and in hand
206,975
184,419
---------
---------
650,119
584,990
Creditors: amounts falling due within one year
8
563,893
559,567
---------
---------
Net current assets
86,226
25,423
---------
---------
Total assets less current liabilities
226,375
208,713
Creditors: amounts falling due after more than one year
9
33,250
84,250
---------
---------
Net assets
193,125
124,463
---------
---------
Capital and reserves
Called up share capital
110
110
Profit and loss account
193,015
124,353
---------
---------
Shareholders funds
193,125
124,463
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ASL Precision Sheet Metal Limited
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 6 March 2024 , and are signed on behalf of the board by:
Mr P. A. Salter
Director
Company registration number: 08709540
ASL Precision Sheet Metal Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Chesterfield Buildings, Westbourne Place, Clifton, Bristol, BS8 1RU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
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 estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Finance leased assets - over term of lease
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme for certain of its employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 20 ).
5. Intangible assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
1,003
-------
Amortisation
At 1 October 2022 and 30 September 2023
1,003
-------
Carrying amount
At 30 September 2023
-------
At 30 September 2022
-------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 October 2022
527,306
14,700
542,006
Additions
14,551
14,551
---------
--------
---------
At 30 September 2023
541,857
14,700
556,557
---------
--------
---------
Depreciation
At 1 October 2022
355,041
3,675
358,716
Charge for the year
54,936
2,756
57,692
---------
--------
---------
At 30 September 2023
409,977
6,431
416,408
---------
--------
---------
Carrying amount
At 30 September 2023
131,880
8,269
140,149
---------
--------
---------
At 30 September 2022
172,265
11,025
183,290
---------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
406,653
368,854
Other debtors
17,291
13,517
---------
---------
423,944
382,371
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
229,961
251,180
Trade creditors
83,851
86,741
Corporation tax
64,073
49,601
Social security and other taxes
122,409
109,309
Other creditors
63,599
62,736
---------
---------
563,893
559,567
---------
---------
The company has given security for some of the creditors that fall due within one year. The hire purchase and finance lease creditors totalling £20,250 (2022 - £39,000) are secured on the assets purchased and the company has given a fixed and floating charge on all assets of the company in respect of its invoice discounting of £219,961 (2022 - £241,180).
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
13,000
25,000
Other creditors
20,250
59,250
--------
--------
33,250
84,250
--------
--------
The company has given security for some of the creditors that fall due after more than one year.
The hire purchase and finance lease creditors totalling £20,250 (2022 - £59,250) are secured on the assets purchased.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
38,023
51,819
Later than 1 year and not later than 5 years
69,866
105,323
Later than 5 years
2,567
---------
---------
107,889
159,709
---------
---------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2023
2022
£
£
Mr P. A. Salter
( 945)
( 945)
----
----
All loans are interest free and repayable on demand.