J.H.Ashworth & Son Limited 00416786 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Manufacture of man made fibres Digita Accounts Production Advanced 6.30.9574.0 true true true 00416786 2023-01-01 2023-12-31 00416786 2023-12-31 00416786 bus:OrdinaryShareClass1 2023-12-31 00416786 core:CurrentFinancialInstruments 2023-12-31 00416786 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 00416786 core:FurnitureFittings 2023-12-31 00416786 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 00416786 core:PlantMachinery 2023-12-31 00416786 bus:SmallEntities 2023-01-01 2023-12-31 00416786 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00416786 bus:FilletedAccounts 2023-01-01 2023-12-31 00416786 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00416786 bus:RegisteredOffice 2023-01-01 2023-12-31 00416786 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 00416786 bus:Director2 2023-01-01 2023-12-31 00416786 bus:Director4 2023-01-01 2023-12-31 00416786 bus:Director6 2023-01-01 2023-12-31 00416786 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 00416786 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00416786 core:FurnitureFittings 2023-01-01 2023-12-31 00416786 core:LandBuildings 2023-01-01 2023-12-31 00416786 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 00416786 core:PlantMachinery 2023-01-01 2023-12-31 00416786 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-01 2023-12-31 00416786 core:ParentEntities 2023-01-01 2023-12-31 00416786 1 2023-01-01 2023-12-31 00416786 countries:England 2023-01-01 2023-12-31 00416786 2022-12-31 00416786 core:FurnitureFittings 2022-12-31 00416786 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 00416786 core:PlantMachinery 2022-12-31 00416786 2022-01-01 2022-12-31 00416786 2022-12-31 00416786 bus:OrdinaryShareClass1 2022-12-31 00416786 core:CurrentFinancialInstruments 2022-12-31 00416786 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 00416786 core:FurnitureFittings 2022-12-31 00416786 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 00416786 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00416786

J.H.Ashworth & Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

J.H.Ashworth & Son Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

J.H.Ashworth & Son Limited

Company Information

Directors

Ms E Ashworth

Ms C Ashworth

Mr RF Ashworth

Mr JD Ashworth

Company secretary

Ms C Ashworth

Registered office

Kingston Mills
Manchester Road
Hyde
Cheshire
SK14 2BZ

Accountants

Horne Brooke Shenton
Chartered Accountants
15 Olympic Court Boardmans Way
Whitehills Business Park
Blackpool
FY4 5GU

 

J.H.Ashworth & Son Limited

(Registration number: 00416786)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

81,130

98,369

Current assets

 

Stocks

5

407,021

457,383

Debtors

6

495,852

400,744

Investments

7

11,249

10,127

Cash at bank and in hand

 

853,134

779,229

 

1,767,256

1,647,483

Creditors: Amounts falling due within one year

8

(379,419)

(344,015)

Net current assets

 

1,387,837

1,303,468

Total assets less current liabilities

 

1,468,967

1,401,837

Provisions for liabilities

(20,282)

(24,593)

Net assets

 

1,448,685

1,377,244

Capital and Reserves

 

Called up share capital

9

950

950

Retained Earnings

1,447,735

1,376,294

Shareholders' funds

 

1,448,685

1,377,244

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

J.H.Ashworth & Son Limited

(Registration number: 00416786)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................

Ms E Ashworth

Director

 

J.H.Ashworth & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Kingston Mills
Manchester Road
Hyde
Cheshire
SK14 2BZ
England

These financial statements were authorised for issue by the Board on 25 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Other operating income

Other operating income is represented by rental income; paletised storage income; grants receivable and miscellaneous sundry income.

 

J.H.Ashworth & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold land & buildings

6 years straight line

Plant & machinery

20% reducing balance / 10% straight line / 7 years straight line

Fixtures & fittings

20% reducing balance / 25% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

J.H.Ashworth & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

J.H.Ashworth & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

Financial instruments

Recognition and measurement
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 15).

 

J.H.Ashworth & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible Assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

21,326

111,136

784,435

916,897

Additions

-

1,132

-

1,132

Disposals

-

-

(3,400)

(3,400)

At 31 December 2023

21,326

112,268

781,035

914,629

Depreciation

At 1 January 2023

21,325

101,875

695,328

818,528

Charge for the year

-

2,640

15,682

18,322

Eliminated on disposal

-

-

(3,351)

(3,351)

At 31 December 2023

21,325

104,515

707,659

833,499

Carrying amount

At 31 December 2023

1

7,753

73,376

81,130

At 31 December 2022

1

9,261

89,107

98,369

Included within the net book value of land and buildings above is £1 (2022 - £1) in respect of short leasehold land and buildings.
 

 

J.H.Ashworth & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Raw materials and consumables

372,255

431,681

Work in progress

12,535

12,928

Finished goods and goods for resale

22,231

12,774

407,021

457,383

6

Debtors

Current

Note

2023
£

2022
£

Trade Debtors

 

403,580

254,455

Directors loan accounts

12

-

6,019

Prepayments

 

74,526

126,952

Other debtors

 

17,746

13,318

   

495,852

400,744

7

Current asset investments

2023
£

2022
£

Other investments

11,249

10,127

 

J.H.Ashworth & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

55,603

45,919

Owed by/(from) parent undertakings

12

36

36

PAYE and NIC creditor

 

5,844

7,873

VAT Control account

 

60,351

66,638

Pensions contributions unpaid

 

66

20,131

Wages and salaries control

 

10,397

26,915

Income tax liability

 

53,316

51,389

Accruals

 

188,469

119,777

Other creditors

 

5,337

5,337

 

379,419

344,015

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary £1 of £1 each

950

950

950

950

       

10

Dividends

   

2023

 

2022

   

£

 

£

Dividends paid

 

110,333

 

108,000

         

 

J.H.Ashworth & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments in respect of capital commitments and operating leases as at 31st December 2023 was £220,000 (2022 - £220,000).

12

Related party transactions

Directors advances and credits

At the begining of the year, one of the directors loan accounts was overdrawn by £6,019. This loan advance was repaid in September 2023. No interest was charged on this unsecured loan.
 

Summary of transactions with parent

Ashworth Filament Yarns Limited
 JH Ashworth & Son Limited is a wholly owned subsidiary of Ashworth Filament Yarns Limited
An intercompany dividend of £110,333 was paid during the period between Ashworth Filament Yarns Limited and JH Ashworth & Son Limited.

At the balance sheet date the amount due to Ashworth Filament Yarns Limited was £36 (2022: £36).

Ashworth Filament Yarns Limited has the same registered office as JH Ashworth & Son Limited.


 

13

Parent and ultimate parent undertaking

The company's immediate parent is Ashworth Filament Yarns Limited, incorporated in England and Wales.