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Company No: 04607069 (England and Wales)

ASHLEY JAY LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

ASHLEY JAY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ASHLEY JAY LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
ASHLEY JAY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
Director A J Cullum Jay
Registered office Springfield House
Springfield Road
Horsham
United Kingdom
Company number 04607069 (England and Wales)
Chartered accountants Kreston Reeves LLP
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
ASHLEY JAY LIMITED

BALANCE SHEET

As at 31 December 2023
ASHLEY JAY LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 93,879 76,113
93,879 76,113
Current assets
Stocks 4 17,653 17,393
Debtors 5 31,814 19,644
Cash at bank and in hand 281,377 340,917
330,844 377,954
Creditors: amounts falling due within one year 6 ( 176,448) ( 229,501)
Net current assets 154,396 148,453
Total assets less current liabilities 248,275 224,566
Creditors: amounts falling due after more than one year 7 ( 38,161) ( 47,904)
Provision for liabilities 8 ( 3,749) 0
Net assets 206,365 176,662
Capital and reserves
Called-up share capital 9 1 1
Profit and loss account 206,364 176,661
Total shareholder's funds 206,365 176,662

For the financial 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.

Director's responsibilities:

The financial statements of Ashley Jay Limited (registered number: 04607069) were approved and authorised for issue by the Director on 13 September 2024. They were signed on its behalf by:

A J Cullum Jay
Director
ASHLEY JAY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ASHLEY JAY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
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

Ashley Jay Limited (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 Springfield House, Springfield Road, Horsham, 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

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

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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:

Leasehold improvements 5 years straight line
Plant and machinery 5 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

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

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 7

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2023 30,821 26,836 15,600 138,481 211,738
Additions 3,386 1,777 35,773 13,728 54,664
Disposals ( 1,664) ( 14,158) 0 ( 21,243) ( 37,065)
At 31 December 2023 32,543 14,455 51,373 130,966 229,337
Accumulated depreciation
At 01 January 2023 17,134 20,056 15,600 82,835 135,625
Charge for the financial year 6,938 2,269 5,488 19,544 34,239
Disposals ( 1,664) ( 14,143) 0 ( 18,599) ( 34,406)
Rounding 0 0 0 0 0
At 31 December 2023 22,408 8,182 21,088 83,780 135,458
Net book value
At 31 December 2023 10,135 6,273 30,285 47,186 93,879
At 31 December 2022 13,687 6,780 0 55,646 76,113
Leased assets included above:
Net book value
At 31 December 2023 0 0 30,285 0 30,285
At 31 December 2022 0 0 0 0 0

4. Stocks

2023 2022
£ £
Stocks 17,653 17,393

5. Debtors

2023 2022
£ £
Trade debtors 24,401 2,586
Other debtors 7,413 17,058
31,814 19,644

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 31,549 30,000
Trade creditors 26,331 35,419
Taxation and social security 34,246 43,929
Obligations under finance leases and hire purchase contracts 4,682 0
Other creditors 79,640 120,153
176,448 229,501

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 16,355 47,904
Obligations under finance leases and hire purchase contracts 21,806 0
38,161 47,904

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year 0 0
Charged to the Profit and Loss Account ( 3,749) 0
At the end of financial year ( 3,749) 0

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary Shares share of £ 1.00 1 1

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 800 1,448