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COMPANY REGISTRATION NUMBER: 07029698
Ashbourne Foods Limited
Filleted Unaudited Financial Statements
30 June 2023
Ashbourne Foods Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
4
7,113
8,368
Investments
6
5
5
-------
-------
7,118
8,373
Current assets
Stocks
41,847
37,066
Debtors
7
119,055
53,367
Cash at bank and in hand
29,900
47,048
---------
---------
190,802
137,481
Creditors: amounts falling due within one year
8
143,729
100,914
---------
---------
Net current assets
47,073
36,567
--------
--------
Total assets less current liabilities
54,191
44,940
Creditors: amounts falling due after more than one year
9
19,777
30,017
--------
--------
Net assets
34,414
14,923
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
34,314
14,823
--------
--------
Shareholder funds
34,414
14,923
--------
--------
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 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ashbourne Foods Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 28 February 2024 , and are signed on behalf of the board by:
Mr M J Madylus
Director
Company registration number: 07029698
Ashbourne Foods Limited
Notes to the Financial Statements
Year ended 30 June 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 185 Gloucester Crescent, Wigston, Leicester, LE18 4YH.
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. 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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
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:
Patents Costs
-
20% straight line
Development Costs
-
15% reducing balance
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.
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:
Exhibition Stands
-
25% reducing balance
Fixtures & Fitting
-
15% reducing balance
Computer Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Intangible assets
Patents and licences
Development costs
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
9,767
56,377
66,144
-------
--------
--------
Amortisation
At 1 July 2022
9,767
48,009
57,776
Charge for the year
1,255
1,255
-------
--------
--------
At 30 June 2023
9,767
49,264
59,031
-------
--------
--------
Carrying amount
At 30 June 2023
7,113
7,113
-------
--------
--------
At 30 June 2022
8,368
8,368
-------
--------
--------
5. Tangible assets
Exhibition Stands
Fixtures & Fittings
Computer Equipment
Total
£
£
£
£
Cost
At 1 July 2022 and 30 June 2023
9,223
2,476
5,432
17,131
-------
-------
-------
--------
Depreciation
At 1 July 2022 and 30 June 2023
9,223
2,476
5,432
17,131
-------
-------
-------
--------
Carrying amount
At 30 June 2023
-------
-------
-------
--------
At 30 June 2022
-------
-------
-------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 July 2022 and 30 June 2023
5
----
Impairment
At 1 July 2022 and 30 June 2023
----
Carrying amount
At 30 June 2023
5
----
At 30 June 2022
5
----
7. Debtors
2023
2022
£
£
Trade debtors
51,953
42,533
Other debtors
67,102
10,834
---------
--------
119,055
53,367
---------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,848
9,608
Trade creditors
94,221
23,303
Corporation tax
4,846
4,605
Other creditors
34,814
63,398
---------
---------
143,729
100,914
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,777
30,017
--------
--------