Silverfin false 31/10/2022 01/11/2021 31/10/2022 D W Anderton 07/08/2002 08 March 2024 The principal activity of the Company during the financial year was that of structural repair services. 04505430 2022-10-31 04505430 bus:Director1 2022-10-31 04505430 2021-10-31 04505430 core:CurrentFinancialInstruments 2022-10-31 04505430 core:CurrentFinancialInstruments 2021-10-31 04505430 core:Non-currentFinancialInstruments 2022-10-31 04505430 core:Non-currentFinancialInstruments 2021-10-31 04505430 core:ShareCapital 2022-10-31 04505430 core:ShareCapital 2021-10-31 04505430 core:RetainedEarningsAccumulatedLosses 2022-10-31 04505430 core:RetainedEarningsAccumulatedLosses 2021-10-31 04505430 core:Goodwill 2021-10-31 04505430 core:Goodwill 2022-10-31 04505430 core:PlantMachinery 2021-10-31 04505430 core:Vehicles 2021-10-31 04505430 core:FurnitureFittings 2021-10-31 04505430 core:OfficeEquipment 2021-10-31 04505430 core:PlantMachinery 2022-10-31 04505430 core:Vehicles 2022-10-31 04505430 core:FurnitureFittings 2022-10-31 04505430 core:OfficeEquipment 2022-10-31 04505430 2021-11-01 2022-10-31 04505430 bus:FullAccounts 2021-11-01 2022-10-31 04505430 bus:SmallEntities 2021-11-01 2022-10-31 04505430 bus:AuditExemptWithAccountantsReport 2021-11-01 2022-10-31 04505430 bus:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 04505430 bus:Director1 2021-11-01 2022-10-31 04505430 core:Goodwill core:TopRangeValue 2021-11-01 2022-10-31 04505430 core:Goodwill 2021-11-01 2022-10-31 04505430 core:PlantMachinery 2021-11-01 2022-10-31 04505430 core:Vehicles 2021-11-01 2022-10-31 04505430 core:FurnitureFittings 2021-11-01 2022-10-31 04505430 core:OfficeEquipment core:TopRangeValue 2021-11-01 2022-10-31 04505430 2020-11-01 2021-10-31 04505430 core:OfficeEquipment 2021-11-01 2022-10-31 04505430 core:Non-currentFinancialInstruments 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure

Company No: 04505430 (England and Wales)

ASRS (YEOVIL) LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2022
Pages for filing with the registrar

ASRS (YEOVIL) LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2022

Contents

ASRS (YEOVIL) LIMITED

BALANCE SHEET

As at 31 October 2022
ASRS (YEOVIL) LIMITED

BALANCE SHEET (continued)

As at 31 October 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 4 130,992 95,360
130,992 95,360
Current assets
Stocks 5 3,543 9,183
Debtors 6 801,481 670,659
Cash at bank and in hand 66,173 66,692
871,197 746,534
Creditors: amounts falling due within one year 7 ( 498,125) ( 389,007)
Net current assets 373,072 357,527
Total assets less current liabilities 504,064 452,887
Creditors: amounts falling due after more than one year 8 ( 92,334) ( 68,569)
Provision for liabilities ( 19,247) ( 23,687)
Net assets 392,483 360,631
Capital and reserves
Called-up share capital 101 101
Profit and loss account 392,382 360,530
Total shareholders' funds 392,483 360,631

For the financial year ending 31 October 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of ASRS (YEOVIL) Limited (registered number: 04505430) were approved and authorised for issue by the Director on 08 March 2024. They were signed on its behalf by:

D W Anderton
Director
ASRS (YEOVIL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2022
ASRS (YEOVIL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

ASRS (YEOVIL) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Albert Goodman, Hendford Manor, Hendford, Yeovil, BA20 1UN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
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 financial statements. 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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Goodwill is fully amortised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 10 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 10 - 20 % reducing balance
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including the director 11 10

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 November 2021 150,800 150,800
At 31 October 2022 150,800 150,800
Accumulated amortisation
At 01 November 2021 150,800 150,800
At 31 October 2022 150,800 150,800
Net book value
At 31 October 2022 0 0
At 31 October 2021 0 0

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 November 2021 47,773 140,844 60,002 33,109 281,728
Additions 0 65,000 0 0 65,000
At 31 October 2022 47,773 205,844 60,002 33,109 346,728
Accumulated depreciation
At 01 November 2021 34,164 68,508 52,099 31,597 186,368
Charge for the financial year 1,361 26,384 1,280 343 29,368
At 31 October 2022 35,525 94,892 53,379 31,940 215,736
Net book value
At 31 October 2022 12,248 110,952 6,623 1,169 130,992
At 31 October 2021 13,609 72,336 7,903 1,512 95,360

5. Stocks

2022 2021
£ £
Raw materials 3,543 9,183

6. Debtors

2022 2021
£ £
Trade debtors 235,749 199,395
Corporation tax 108,069 65,594
Other debtors 457,663 405,670
801,481 670,659

7. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans and overdrafts 10,000 10,639
Trade creditors 107,239 98,168
Taxation and social security 315,268 226,719
Obligations under finance leases and hire purchase contracts 23,704 23,316
Other creditors 41,914 30,165
498,125 389,007

8. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans (secured) 25,833 35,833
Obligations under finance leases and hire purchase contracts (secured) 66,501 32,736
92,334 68,569

Within bank borrowings is a balance of £35,833 (out of total loan of £50,000) relating to an outstanding amount due from a Coronavirus Bounce Back Loan. The UK government guaranteed 100% of the value of the loan as well as agreeing to pay interest and fees for the first 12 months.

The obligations under finances leases and hire purchase contracts are secured on the assets financed. These are shown in motor vehicles and have a net book value of £108,569 (2021 - £69,357).

9. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £144,500. This relates to a non-cancellable operating lease over the property. The total commitment is due over the following periods: £51,000 in less than one year and £93,500 in two to five years.

10. Related party transactions

Transactions with the entity's director

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 01 November 2021, the balance owed by the director was £336,045. During the year, £204,606 was advanced to the director, and £116,752 was repaid by the director. At 31 October 2022, the balance owed by the director was £423,899.

At 01 November 2020, the balance owed by the director was £327,168. During the year, £107,846 was advanced to the director, and £98,969 was repaid by the director. At 31 October 2021, the balance owed by the director was £336,045.