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COMPANY REGISTRATION NUMBER: 3304253
Askens Limited
Filleted Unaudited Financial Statements
31 December 2023
Askens Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Askens Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
2,019,953
2,082,246
Investments
7
550,000
550,000
------------
------------
2,569,953
2,632,246
Current assets
Stocks
3,411,538
2,971,512
Debtors
8
856,229
758,115
Cash at bank and in hand
1,523,331
2,559,944
------------
------------
5,791,098
6,289,571
Creditors: amounts falling due within one year
9
( 1,307,503)
( 1,462,657)
------------
------------
Net current assets
4,483,595
4,826,914
------------
------------
Total assets less current liabilities
7,053,548
7,459,160
Creditors: amounts falling due after more than one year
10
( 14,167)
( 794,113)
------------
------------
Net assets
7,039,381
6,665,047
------------
------------
Capital and reserves
Called up share capital
11
2
2
Profit and loss account
7,039,379
6,665,045
------------
------------
Shareholders funds
7,039,381
6,665,047
------------
------------
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.
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Askens Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mr NM Evans
Director
Company registration number: 3304253
Askens 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 Property House, Victoria Place, Haverfordwest, Pembrokeshire, SA61 2LP.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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 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.
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.
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:
Freehold Property
-
2% straight line
Property Improvements
-
2% straight line
Motor Vehicles
-
25% reducing balance
Fittings, Furniture & Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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 stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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 as a finance cost 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 year amounted to 3 (2022: 3 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
134,810
126,890
---------
---------
Tax on profit
134,810
126,890
---------
---------
6. Tangible assets
Freehold Property
Property Improvements
Motor Vehicles
Fittings, Furniture & Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
2,337,609
279,337
75,000
190,877
2,882,823
Additions
2,165
2,165
------------
---------
--------
---------
------------
At 31 December 2023
2,337,609
279,337
75,000
193,042
2,884,988
------------
---------
--------
---------
------------
Depreciation
At 1 January 2023
511,025
69,990
32,813
186,749
800,577
Charge for the year
46,752
5,587
10,546
1,573
64,458
------------
---------
--------
---------
------------
At 31 December 2023
557,777
75,577
43,359
188,322
865,035
------------
---------
--------
---------
------------
Carrying amount
At 31 December 2023
1,779,832
203,760
31,641
4,720
2,019,953
------------
---------
--------
---------
------------
At 31 December 2022
1,826,584
209,347
42,187
4,128
2,082,246
------------
---------
--------
---------
------------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
550,000
---------
Impairment
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
550,000
---------
At 31 December 2022
550,000
---------
Subsidiary undertaking
The company's investment in its subsidiary company represents the cost of acquisition of 50% of the ordinary share capital of NBD Developments Limited, which is a property development company.
At 31 December 2023 the aggregate share capital and reserves of NBD Developments Limited amounted to £1,287,453 (2022 - £1,217,010) and the profit for the year to that date was £71,115 (2022 - £215,319).
8. Debtors
2023
2022
£
£
Trade debtors
27,811
35,040
Other debtors
828,418
723,075
---------
---------
856,229
758,115
---------
---------
Other debtors include an amount of £772,458 (2022 - £662,458) falling due after more than one year.
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts (secured)
10,000
199,045
Trade creditors
47,784
20,708
Corporation tax
134,810
126,890
Social security and other taxes
33,265
35,442
Other creditors
1,081,644
1,080,572
------------
------------
1,307,503
1,462,657
------------
------------
The bank facilities are secured by legal charges held by Barclays Bank PLC over the properties of the company.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts (secured)
14,167
794,113
--------
---------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
12. Related party transactions
The company was under the control of Mr NM Evens throughout the current and previous year. Mr NM Evens is the director and sole shareholder. During the year the company paid dividends of £12,200 (2022 - £2,000) to Mr NM Evens, the director.