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Company registration number: 03959793
Ashlyne Fabrications Limited
Unaudited filleted financial statements
31 December 2023
Ashlyne Fabrications Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Ashlyne Fabrications Limited
Directors and other information
Director D Beaumont
Company number 03959793
Registered office Unit D Fromac Works Hyde Ind Estate
Victoria Road
Dunkinfield
Cheshire
SK16 4UP
Accountants Turner and Brown Ltd
105 Garstang Road
Preston
PR1 1LD
Ashlyne Fabrications Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Ashlyne Fabrications Limited
Period ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ashlyne Fabrications Limited for the period ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the director of Ashlyne Fabrications Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ashlyne Fabrications Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ashlyne Fabrications Limited and its director as a body for our work or for this report.
It is your duty to ensure that Ashlyne Fabrications Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ashlyne Fabrications Limited. You consider that Ashlyne Fabrications Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Ashlyne Fabrications Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Turner and Brown Ltd
Chartered Accountants
105 Garstang Road
Preston
PR1 1LD
Ashlyne Fabrications Limited
Statement of financial position
31 December 2023
31/12/23 31/03/23
Note £ £ £ £
Fixed assets
Tangible assets 5 6,744 39,805
_______ _______
6,744 39,805
Current assets
Stocks 10,000 30,800
Debtors 6 439,648 393,423
Cash at bank and in hand 628 18,272
_______ _______
450,276 442,495
Creditors: amounts falling due
within one year 7 ( 431,778) ( 362,632)
_______ _______
Net current assets 18,498 79,863
_______ _______
Total assets less current liabilities 25,242 119,668
Creditors: amounts falling due
after more than one year 8 ( 3,912) ( 22,659)
Provisions for liabilities - ( 7,563)
_______ _______
Net assets 21,330 89,446
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 20,330 88,446
_______ _______
Shareholders funds 21,330 89,446
_______ _______
For the period ending 31 December 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 financial statements for the period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 09 September 2024 , and are signed on behalf of the board by:
D Beaumont
Director
Company registration number: 03959793
Ashlyne Fabrications Limited
Notes to the financial statements
Period 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 Unit D Fromac Works Hyde Ind Estate, Victoria Road, Dunkinfield, Cheshire, SK16 4UP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
Despite the losses sustained throughout the period the director believes that the outlook of the company remains positive and profitable moving forward and the company continues to receive the financial support of the group as a whole as and when required. The director is satisfied that this support will continue, if required, and on that basis the accounts have been prepared on a going concern basis.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 and machinery - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
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 in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 9 (2023: 9 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2023 115,611 42,678 158,289
Disposals ( 115,611) - ( 115,611)
_______ _______ _______
At 31 December 2023 - 42,678 42,678
_______ _______ _______
Depreciation
At 1 April 2023 84,107 34,377 118,484
Charge for the year 2,625 1,557 4,182
Disposals ( 86,732) - ( 86,732)
_______ _______ _______
At 31 December 2023 - 35,934 35,934
_______ _______ _______
Carrying amount
At 31 December 2023 - 6,744 6,744
_______ _______ _______
At 31 March 2023 31,504 8,301 39,805
_______ _______ _______
6. Debtors
31/12/23 31/03/23
£ £
Trade debtors 114,814 128,747
Amounts owed by group undertakings 289,071 249,271
Other debtors 35,763 15,405
_______ _______
439,648 393,423
_______ _______
7. Creditors: amounts falling due within one year
31/12/23 31/03/23
£ £
Bank loans and overdrafts 72,718 120,779
Trade creditors 35,544 112,198
Amounts owed to group undertakings 211,450 28,000
Social security and other taxes 95,085 85,521
Other creditors 16,981 16,134
_______ _______
431,778 362,632
_______ _______
8. Creditors: amounts falling due after more than one year
31/12/23 31/03/23
£ £
Bank loans and overdrafts 3,912 22,659
_______ _______
9. Related party transactions
During the period the company received and made payments to the loan from the ultimate parent company of the group, leaving a closing balance at the year end of £211,450. Separately, the company made a further advance to its direct parent company, leaving a balance at the year end of £289,071. Both of these loans were interest free and repayable on demand.
10. Controlling party
The company is ulitmately controlled by Westella Limited, a company registered in England and Wales under registration number 12325657.