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Registration number: 09724252

Martyn Ashcroft Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Martyn Ashcroft Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Martyn Ashcroft Ltd

Company Information

Director

Mr William Martyn Ashcroft

Registered office

Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

Accountants

Neil Wilson Accountancy Limited
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Martyn Ashcroft Ltd

(Registration number: 09724252)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

188,331

189,187

Current assets

 

Debtors

5

93,537

65,553

Cash at bank and in hand

 

3,108

447

 

96,645

66,000

Creditors: Amounts falling due within one year

6

(38,447)

(65,599)

Net current assets

 

58,198

401

Total assets less current liabilities

 

246,529

189,588

Provisions for liabilities

(25,000)

-

Net assets

 

221,529

189,588

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

221,429

189,488

Shareholders' funds

 

221,529

189,588

For the financial year ending 31 August 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 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 director acknowledges his 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 August 2024
 

.........................................
Mr William Martyn Ashcroft
Director

 

Martyn Ashcroft Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU
United Kingdom

These financial statements were authorised for issue by the director on 28 August 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Martyn Ashcroft Ltd

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

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

Plant and machinery

25% reducing balance basis

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.

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Martyn Ashcroft Ltd

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

185,764

12,789

198,553

At 31 August 2023

185,764

12,789

198,553

Depreciation

At 1 September 2022

-

9,366

9,366

Charge for the year

-

856

856

At 31 August 2023

-

10,222

10,222

Carrying amount

At 31 August 2023

185,764

2,567

188,331

At 31 August 2022

185,764

3,423

189,187

Included within the net book value of land and buildings above is £185,764 (2022 - £185,764) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Other debtors

93,537

65,553

 

Martyn Ashcroft Ltd

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

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

34,984

47,603

Accruals and deferred income

1,575

6,200

Other creditors

1,888

11,796

38,447

65,599

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £Nil (2022 - £Nil) per ordinary share

 

-

 

-

         

9

Related party transactions

Transactions with the director

2023

At 1 September 2022
£

Advances to director
£

At 31 August 2023
£

Mr William Martyn Ashcroft

Director loan

65,553

27,984

93,537

       
     

 

 

Martyn Ashcroft Ltd

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

2022

At 1 September 2021
£

Advances to director
£

At 31 August 2022
£

Mr William Martyn Ashcroft

Director loan

(131,248)

196,801

65,553

       
     

 

Dividends paid to the director

   

2023
£

 

2022
£

Mr William Martyn Ashcroft

       

Dividend paid

 

-

 

-