Company registration number 05604906 (England and Wales)
ASAP STAMPS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 23 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
ASAP STAMPS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ASAP STAMPS LTD
BALANCE SHEET
AS AT
23 APRIL 2024
23 April 2024
- 1 -
23 April 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
360,000
Tangible assets
4
12,495
90,073
12,495
450,073
Current assets
Stocks
193,964
221,607
Debtors
5
236,778
211,658
Cash at bank and in hand
353,182
427,494
783,924
860,759
Creditors: amounts falling due within one year
6
(190,916)
(218,561)
Net current assets
593,008
642,198
Total assets less current liabilities
605,503
1,092,271
Provisions for liabilities
6,700
(800)
Net assets
612,203
1,091,471
Capital and reserves
Called up share capital
7
10,000
10,000
Profit and loss reserves
602,203
1,081,471
Total equity
612,203
1,091,471

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 23 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

ASAP STAMPS LTD
BALANCE SHEET (CONTINUED)
AS AT
23 APRIL 2024
23 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 June 2024 and are signed on its behalf by:
S R Login
Director
Company registration number 05604906 (England and Wales)
ASAP STAMPS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 23 APRIL 2024
- 3 -
1
Accounting policies
Company information

ASAP Stamps Ltd is a private company, limited by shares and incorporated in England and Wales. The registered office is Impression House, 30 Oak Street, Sheffield, S8 9UB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. The useful life of Goodwill has been reviewed and amended resulting in all Goodwill being fully amortised in the period ended 23 April 2024.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

ASAP STAMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% per annum of wdv
Fixtures and equipment
20% per annum of wdv
Motor vehicles
25% per annum of wdv

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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

1.6
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 current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

ASAP STAMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ASAP STAMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
23
22
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023
902,000
Additions
85,000
At 23 April 2024
987,000
Amortisation and impairment
At 1 April 2023
542,000
Amortisation charged for the period
445,000
At 23 April 2024
987,000
Carrying amount
At 23 April 2024
-
0
At 31 March 2023
360,000
ASAP STAMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
208,907
Additions
3,831
Disposals
(98,724)
At 23 April 2024
114,014
Depreciation and impairment
At 1 April 2023
118,834
Depreciation charged in the period
33,131
Eliminated in respect of disposals
(50,446)
At 23 April 2024
101,519
Carrying amount
At 23 April 2024
12,495
At 31 March 2023
90,073
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
177,776
205,864
Other debtors
59,002
5,794
236,778
211,658
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
39,134
46,595
Corporation tax
40,820
65,619
Other taxation and social security
65,128
71,306
Other creditors
45,834
35,041
190,916
218,561
ASAP STAMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2024
- 8 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
8,182
8,182
8,182
8,182
B Ordinary shares of £1 each
1,818
1,818
1,818
1,818
10,000
10,000
10,000
10,000
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