11 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 183,864 183,864 183,864 xbrli:pure xbrli:shares iso4217:GBP 02322620 2023-01-01 2023-12-31 02322620 2023-12-31 02322620 2022-12-31 02322620 2022-01-01 2022-12-31 02322620 2022-12-31 02322620 2021-12-31 02322620 core:PlantMachinery 2023-01-01 2023-12-31 02322620 core:FurnitureFittings 2023-01-01 2023-12-31 02322620 core:MotorVehicles 2023-01-01 2023-12-31 02322620 bus:Director3 2023-01-01 2023-12-31 02322620 bus:Director5 2023-01-01 2023-12-31 02322620 core:PlantMachinery 2022-12-31 02322620 core:FurnitureFittings 2022-12-31 02322620 core:MotorVehicles 2022-12-31 02322620 core:PlantMachinery 2023-12-31 02322620 core:FurnitureFittings 2023-12-31 02322620 core:MotorVehicles 2023-12-31 02322620 core:WithinOneYear 2023-12-31 02322620 core:WithinOneYear 2022-12-31 02322620 core:AfterOneYear 2023-12-31 02322620 core:ShareCapital 2023-12-31 02322620 core:ShareCapital 2022-12-31 02322620 core:SharePremium 2023-12-31 02322620 core:SharePremium 2022-12-31 02322620 core:RetainedEarningsAccumulatedLosses 2023-12-31 02322620 core:RetainedEarningsAccumulatedLosses 2022-12-31 02322620 core:BetweenOneFiveYears 2023-12-31 02322620 core:BetweenOneFiveYears 2022-12-31 02322620 core:PlantMachinery 2022-12-31 02322620 core:FurnitureFittings 2022-12-31 02322620 core:MotorVehicles 2022-12-31 02322620 bus:SmallEntities 2023-01-01 2023-12-31 02322620 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02322620 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02322620 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02322620 bus:FullAccounts 2023-01-01 2023-12-31 02322620 core:LeaseholdImprovements 2023-01-01 2023-12-31 02322620 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 02322620 core:IntangibleAssetsOtherThanGoodwill 2023-12-31 02322620 core:LeaseholdImprovements 2023-12-31
COMPANY REGISTRATION NUMBER: 02322620
ASAMS Limited
Unaudited financial statements
31 December 2023
ASAMS Limited
Statement of financial position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
5
183,864
Tangible assets
6
52,781
39,416
---------
-------
236,645
39,416
Current assets
Stocks
4,255
3,921
Debtors
7
222,101
150,869
Cash at bank and in hand
29,489
308,747
---------
---------
255,845
463,537
Creditors: Amounts falling due within one year
8
( 84,162)
( 119,007)
---------
---------
Net current assets
171,683
344,530
---------
---------
Total assets less current liabilities
408,328
383,946
Creditors: Amounts falling due after more than one year
9
( 25,000)
Provisions
Taxation including deferred tax
( 6,833)
( 4,809)
---------
---------
Net assets
376,495
379,137
---------
---------
Capital and reserves
Called up share capital
26,902
26,902
Share premium account
22,098
22,098
Profit and loss account
327,495
330,137
---------
---------
Shareholders funds
376,495
379,137
---------
---------
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 income statement has not been delivered.
For the year ending 31 December 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 .
ASAMS Limited
Statement of financial position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
Mr A W F Page
Mr T Whiskin
Director
Director
Company registration number: 02322620
ASAMS Limited
Notes to the financial statements
Year ended 31 December 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 Sixty Six, North Quay, Great Yarmouth, Norfolk, United Kingdom, NR30 1HE. The trading address is Marine Building, Owen Road, Harfreys Industrial Estate, Great Yarmouth, Norfolk, NR31 0NA.
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 for services rendered, net of discounts and Value Added Tax.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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
-
20% straight line
Fixtures & fittings
-
20% straight line
Motor vehicles
-
20% straight line
Improvements to leasehold property
-
10% straight line
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Average number of employees
The average number of employees during the year was 11 (2022: 9 ).
5. Intangible assets
Software development
£
Cost
Additions
Additions from internal developments
183,864
---------
At 31 December 2023
183,864
---------
Amortisation
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
183,864
---------
At 31 December 2022
---------
Development costs capitalised above represent expenditure on an ongoing project. The expected useful life of the development shall be assessed upon completion and an appropriate amortisation rate determined accordingly.
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Improvements to leasehold property
Total
£
£
£
£
£
Cost
At 1 January 2023
329,915
107,128
18,361
455,404
Additions
20,831
6,000
6,542
33,373
---------
---------
-------
------
---------
At 31 December 2023
350,746
113,128
18,361
6,542
488,777
---------
---------
-------
------
---------
Depreciation
At 1 January 2023
308,480
92,425
15,083
415,988
Charge for the year
12,594
6,425
701
288
20,008
---------
---------
-------
------
---------
At 31 December 2023
321,074
98,850
15,784
288
435,996
---------
---------
-------
------
---------
Carrying amount
At 31 December 2023
29,672
14,278
2,577
6,254
52,781
---------
---------
-------
------
---------
At 31 December 2022
21,435
14,703
3,278
39,416
---------
---------
-------
------
---------
7. Debtors
2023
2022
£
£
Trade debtors
159,678
121,131
Amounts owed by group undertakings and undertakings in which the company has a participating interest
11,894
11,894
Other debtors
50,529
17,844
---------
---------
222,101
150,869
---------
---------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
15,805
33,638
Social security and other taxes
59,520
74,545
Other creditors
8,837
10,824
-------
---------
84,162
119,007
-------
---------
9. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Other creditors
25,000
-------
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
26,413
8,697
Later than 1 year and not later than 5 years
37,789
14,664
-------
-------
64,202
23,361
-------
-------
11. Directors' advances, credits and guarantees
During the year, the company operated loan accounts with its directors. At at the 31 December 2023, one of the directors owed the company £23,745 (2022: £nil). Beneficial loan interest of £96 (2022: £nil) was charged on the loan during the year at H M Revenue and Customs standard rate. There are no formal repayment terms in place.
12. Controlling party
The immediate and ultimate parent company is ASAMS (Holdings) Limited, a company incorporated in England and Wales. They own 100% of the share capital of ASAMS Limited . Their registered office is Sixty Six, North Quay, Great Yarmouth, Norfolk, United Kingdom, NR30 1HE.