Company registration number 02237317 (England and Wales)
ASHTONS (SHEFFIELD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ASHTONS (SHEFFIELD) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ASHTONS (SHEFFIELD) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,680
1,899
Current assets
Stocks
15,588
32,930
Debtors
5
36,183
54,118
Cash at bank and in hand
2,095
7,289
53,866
94,337
Creditors: amounts falling due within one year
6
(38,118)
(64,992)
Net current assets
15,748
29,345
Total assets less current liabilities
17,428
31,244
Creditors: amounts falling due after more than one year
7
(855,992)
(886,312)
Net liabilities
(838,564)
(855,068)
Capital and reserves
Called up share capital
50,000
50,000
Other reserves
20,834
21,612
Profit and loss reserves
(909,398)
(926,680)
Total equity
(838,564)
(855,068)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year 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.
ASHTONS (SHEFFIELD) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
Mr T A Wills
Director
Company Registration No. 02237317
ASHTONS (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Ashtons (Sheffield) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Ashton Building, Cortonwood Drive, Brampton, Barnsley, S73 0UF.
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
Going concern
The directors have prepared forecasts for 2024 and consider that with the support of its holding company Thomas A Ashton Limited, the company has adequate resources to continue in operational existance for the forseeable future. For these reasons, the going concern basis is adopted in preparing the annual report and accounts,
1.3
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.
1.4
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
over 10 years straight line
Fixtures, fittings & equipment
over 3 to 10 years straight line
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
ASHTONS (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
6
ASHTONS (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
571,697
Disposals
(12,037)
At 31 December 2023
559,660
Depreciation and impairment
At 1 January 2023
569,798
Depreciation charged in the year
219
Eliminated in respect of disposals
(12,037)
At 31 December 2023
557,980
Carrying amount
At 31 December 2023
1,680
At 31 December 2022
1,899
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
33,403
51,266
Other debtors
2,780
2,852
36,183
54,118
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,371
28,125
Trade creditors
12,253
16,697
Taxation and social security
9,339
13,109
Other creditors
7,155
7,061
38,118
64,992
The bank overdraft is secured by a fixed and floating charge over the company's assets.
ASHTONS (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
855,992
886,312
8
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
3,529
3,480
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
9
Financial commitments, guarantees and contingent liabilities
The company is party to a composite cross guarantee for any overdraft of the holding company and some of its fellow subsidiaries, and also acted as a guarantor for bank loans of £758,240 obtained by Ashton Seals Limited.
10
Parent company
The ultimate parent company is Thomas A Ashton Limited, a company registered in England and Wales, and has a registered office of The Ashton Building, Cortonwood Drive, Brampton, Barnsley, S73 0UF.