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Company No: 10160574 (England and Wales)

ASH LIFE SCIENCES LTD

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

ASH LIFE SCIENCES LTD

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

ASH LIFE SCIENCES LTD

BALANCE SHEET

As at 31 May 2024
ASH LIFE SCIENCES LTD

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 44,452 21,716
44,452 21,716
Current assets
Stocks 4 500 1,000
Debtors 5 29,866 49,383
Cash at bank and in hand 118,124 110,800
148,490 161,183
Creditors: amounts falling due within one year 6 ( 78,726) ( 65,720)
Net current assets 69,764 95,463
Total assets less current liabilities 114,216 117,179
Provision for liabilities 7 ( 4,572) ( 3,326)
Net assets 109,644 113,853
Capital and reserves
Called-up share capital 80 80
Share premium account 15,000 15,000
Capital redemption reserve 20 20
Profit and loss account 94,544 98,753
Total shareholders' funds 109,644 113,853

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Ash Life Sciences Ltd (registered number: 10160574) were approved and authorised for issue by the Board of Directors on 29 August 2024. They were signed on its behalf by:

A R Hill
Director
S M Hill
Director
ASH LIFE SCIENCES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
ASH LIFE SCIENCES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
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

Ash Life Sciences Ltd (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 6 Office 1-34, The Hive, Beaufighter Road, Weston-Super-Mare, BS24 8EE, England, 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 goods and services provided in the normal course of business, and is shown net of VAT.

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

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.

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 15 % reducing balance
Fixtures and fittings 25 % reducing balance

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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

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

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 5

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 June 2023 38,226 12,162 50,388
Additions 25,000 3,194 28,194
At 31 May 2024 63,226 15,356 78,582
Accumulated depreciation
At 01 June 2023 23,592 5,080 28,672
Charge for the financial year 3,446 2,012 5,458
At 31 May 2024 27,038 7,092 34,130
Net book value
At 31 May 2024 36,188 8,264 44,452
At 31 May 2023 14,634 7,082 21,716

4. Stocks

2024 2023
£ £
Stocks 500 1,000

5. Debtors

2024 2023
£ £
Trade debtors 24,797 43,074
Other debtors 5,069 6,309
29,866 49,383

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 10,052 4,017
Taxation and social security 39,067 40,107
Other creditors 29,607 21,596
78,726 65,720

7. Provision for liabilities

2024 2023
£ £
Deferred tax 4,572 3,326