Registration number:
Asian Sourcing Link UK Limited
for the Year Ended 31 March 2023
Asian Sourcing Link UK Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Asian Sourcing Link UK Limited
Company Information
Directors |
Mr A N W Pettigrew Mr J Pollock |
Company secretary |
Mr J Pollock |
Registered office |
|
Auditors |
|
Asian Sourcing Link UK Limited
Strategic Report for the Year Ended 31 March 2023
The directors present their strategic report for the year ended 31 March 2023.
Principal activity
The principal activity of the company is the production of advertising and marketing goods.
Fair review of the business
In the year ended 31 March 2023, the company achieved turnover of £10.6m (2022: £8.3m) and generated a gross margin of £2.2m (2022 £1.3m).
The Profit and Loss Account and Other Comprehensive Income of the Company is set out on page 9.
Asian Sourcing Link UK Limited
Strategic Report for the Year Ended 31 March 2023
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Revenue |
£000 |
10,577 |
8,305 |
Gross Margins |
£000 |
2,175 |
1,303 |
Net Profit/(Loss) Before Tax |
£000 |
398 |
(237) |
Principal risks and uncertainties
The management of the business and the execution of the Company's strategy are subject to a number of risks. The key operational business risks and uncertainties that affect the Company are considered to be:
Actions of Competition
The company operates in an industry which has seen considerable consolidation over the last three years, with three major competitors merging together to form a dominant player ($2 billion+ revenues) in our space These mergers have been positive for the company as reduced competition has resulted in new contract wins for the company across multiple regions and increased revenues across our global network. The high cost of entry into the industry means that we expect to maintain this success and exploit the limited competition in the market with significant growth in FY23 and FY24 forecasted.
Exposure to Liquidity Risk
The company has a strong liquidity position, but liquidity risk is present due to potential unforeseen events that could impact cash flow. To counter this the business reviews its liquidity position on a weekly basis and maintains adequate cash reserves to ensure that it can meet its obligations.
Credit Risk
The company has credit risks associated with its customers and suppliers. This risk is mitigated partially due to nature of our clients, who tend to be large multi-national FMCG’s and also by the processes and procedures we have in place. These include weekly reviews of aged debt and pro-active monitoring of payment patterns.
Foreign Currency Risk
The company operates in multiple geographies and is exposed to foreign currency risk. The company manages this risk by using currency hedging instruments such as forward contracts and options.
In conclusion the Company is aware of several risks and uncertainties that could impact the company's operations and financial performance. We continue to monitor these risks closely and implement appropriate measures to mitigate them. We believe that the company's strong focus on innovation, diversification, and operational excellence will position it for continued growth and success.
Approved and authorised by the
......................................... |
Asian Sourcing Link UK Limited
Directors' Report for the Year Ended 31 March 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
Directors of the company
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Asian Sourcing Link UK Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Asian Sourcing Link UK Limited
Independent Auditor's Report to the Members of Asian Sourcing Link UK Limited
Opinion
We have audited the financial statements of Asian Sourcing Link UK Limited (the 'company') for the year ended 31 March 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Asian Sourcing Link UK Limited
Independent Auditor's Report to the Members of Asian Sourcing Link UK Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud are detailed below:
Asian Sourcing Link UK Limited
Independent Auditor's Report to the Members of Asian Sourcing Link UK Limited
• Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims;
• Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
• Reviewing minutes of meetings of those charged with governance;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
30 St Giles'
OX1 3LE
Asian Sourcing Link UK Limited
Profit and Loss Account for the Year Ended 31 March 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
(1,833,884) |
(1,743,181) |
|
Other operating income |
|
|
|
Operating profit/(loss) |
|
( |
|
Interest payable and similar expenses |
( |
|
|
(129,723) |
49,167 |
||
Profit/(loss) before tax |
|
( |
|
Taxation |
- |
( |
|
Profit/(loss) for the financial year |
|
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Asian Sourcing Link UK Limited
(Registration number: 05985054)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Net assets/(liabilities) |
|
( |
|
Capital and reserves |
|||
Called up share capital |
1,000 |
1,000 |
|
Retained earnings |
183,086 |
(214,968) |
|
Shareholders' funds/(deficit) |
184,086 |
(213,968) |
Approved and authorised by the
......................................... |
Asian Sourcing Link UK Limited
Statement of Changes in Equity for the Year Ended 31 March 2023
Share capital |
Retained earnings |
Total |
|
At 1 April 2022 |
|
( |
( |
Profit for the year |
- |
|
|
At 31 March 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 April 2021 |
|
|
|
Loss for the year |
- |
( |
( |
At 31 March 2022 |
|
( |
( |
Asian Sourcing Link UK Limited
Statement of Cash Flows for the Year Ended 31 March 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit/(loss) for the year |
|
( |
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance costs |
|
|
|
Income tax expense |
- |
|
|
|
( |
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Decrease/(increase) in trade debtors |
|
( |
|
Increase in trade creditors |
|
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
- |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Repayment of other borrowing |
( |
|
|
Net cash flows from financing activities |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 April |
|
|
|
Cash and cash equivalents at 31 March |
370,589 |
665,828 |
Asian Sourcing Link UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in the UK.
The address of its registered office is:
The principal place of business is:
The Coach House and Lodge
Grimsbury Green
Banbury
Oxfordshire
OX16 3JQ
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
Going concern
The financial statements have been prepared on a going concern basis as the directors consider this to be appropriate based on their latest assessment of the company forecasts and projections. The company has returned to a net asset position as at 31st March 2023, with profits reported in the year. Continued parent company support is available as required, with the UK entity a key component for its global operations, and there are no indications of any issues with regards to bank finance. Based on this, the directors are satisfied that the company remains a going concern.
Asian Sourcing Link UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenue and expenditure in the year. The nature of estimation means that the actual outcomes could differ on those estimates, although they are continually evaluated and are based on historical experience and other factors.
The only estimate/assumption deemed to have a significant impact on the carrying values in the accounts as at the year end relate to the potential for bad debts on trade debtors, and any associated bad debt provision. As at the year end, trade debtors totalled £3,096k (2022: £3,357k).
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 sales/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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current 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.
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Office equipment |
5 years straight line |
Asian Sourcing Link UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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 creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 profit and loss account 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Asian Sourcing Link UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
The analysis of the company's Turnover for the year by market is as follows:
2023 |
2022 |
|
UK |
|
|
Europe |
|
|
Rest of world |
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2023 |
2022 |
|
Management charges receivable |
|
|
Operating profit/(loss) |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Operating lease expense - property |
|
|
Asian Sourcing Link UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Foreign exchange gains/(losses) |
|
( |
|
( |
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Other departments |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Asian Sourcing Link UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Foreign tax adjustment to prior periods |
- |
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit/(loss) before tax |
|
( |
Corporation tax at standard rate |
|
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
- |
|
Effect of tax losses |
( |
|
Increase in UK and foreign current tax from adjustment for prior periods |
- |
|
Tax increase from effect of capital allowances and depreciation |
- |
|
Total tax charge |
- |
|
The Company has a potential deferred tax asset in respect of taxable losses, which are available to be offset against future UK taxable profits. This has been calculated at a rate of 25% (2022: 19%). As at 31st March 2023 the amount not recognised was c£200,000 (2022: c£250,000).
Asian Sourcing Link UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 April 2022 |
|
|
Additions |
|
|
At 31 March 2023 |
|
|
Depreciation |
||
At 1 April 2022 |
|
|
Charge for the year |
|
|
At 31 March 2023 |
|
|
Carrying amount |
||
At 31 March 2023 |
|
|
At 31 March 2022 |
|
|
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Debtors |
Note |
2023 |
2022 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
- |
|
Prepayments |
|
|
|
|
|
The company sold with recourse trade receivables to a bank for cash proceeds. The trade receivables have not been derecognised from the balance sheet, because the company retains substantially all of the risks and rewards - primarily credit risk. The amount received on transfer has been recognised as factoring financing in note 15. In relation to the financing, the company has given charge on some of the assets.
As at 31 March 2023 the carrying amount of trade receivables transferred to a bank was £627,942 (2022: £1,665,657) and the carrying amount of the associated liabilities was £627,942 (2022: £1,665,657).
Asian Sourcing Link UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Cash and cash equivalents |
2023 |
2022 |
|
Cash at bank |
|
|
Bank overdrafts |
( |
( |
Cash and cash equivalents in statement of cash flows |
370,589 |
665,828 |
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Income tax liability |
- |
128,000 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |
Asian Sourcing Link UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Loans and borrowings |
2023 |
2022 |
|
Current loans and borrowings |
||
Bank overdrafts |
|
|
Factoring financing |
|
|
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
- |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
Key management compensation
2023 |
2022 |
|
Salaries and other short term employee benefits |
|
|
Summary of transactions with other related parties
The company, being a wholly owned subsidiary undertaking of Asian Sourcing Link Limited, has taken advantage of the exemptions available to it under FRS102 with respect to disclosure of transactions with other group entities.
Amounts due to and from group undertakings are repayable on demand and bear no interest.
Asian Sourcing Link UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is