Registered number
02165040
Aspen A.C. Limited
Filleted Accounts
31 December 2023
Aspen A.C. Limited
Registered number: 02165040
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,908 13,991
Investments 4 85 85
10,993 14,076
Current assets
Stocks 19,860 7,100
Debtors 5 678,209 763,698
Cash at bank and in hand 31 44
698,100 770,842
Creditors: amounts falling due within one year 6 (483,527) (542,802)
Net current assets 214,573 228,040
Net assets 225,566 242,116
Capital and reserves
Called up share capital 470,002 470,002
Profit and loss account (244,436) (227,886)
Shareholder's funds 225,566 242,116
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B Cecil
Director
Approved by the board on 16 September 2024
Aspen A.C. Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33% straight line
Fixtures, fittings, tools and equipment 15% reducing balance
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 14 14
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 61,428 10,999 72,427
At 31 December 2023 61,428 10,999 72,427
Depreciation
At 1 January 2023 57,290 1,146 58,436
Charge for the year 620 2,463 3,083
At 31 December 2023 57,910 3,609 61,519
Net book value
At 31 December 2023 3,518 7,390 10,908
At 31 December 2022 4,138 9,853 13,991
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2023 85
At 31 December 2023 85
5 Debtors 2023 2022
£ £
Trade debtors 232,257 358,256
Amounts owed by group undertakings and undertakings in which the company has a participating interest 372,107 345,247
Deferred tax asset 48,796 48,796
Other debtors 25,049 11,399
678,209 763,698
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 52,372 52,522
Trade creditors 123,991 173,458
Amounts owed to group undertakings and undertakings in which the company has a participating interest 96,869 130,922
Taxation and social security costs 11,635 15,617
Other creditors 198,660 170,283
483,527 542,802
The company's bankers, Nat West plc, have a debenture dated 17 June 2011 for all monies due or becoming due from the company to the bank. The bank holds a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, uncalled capital, buildings, fixtures & fixed plant and machinery.
7 Related party transactions
During the year the company entered into the following transactions with related parties:

Purchases from related parties £42,736 (2022 £31,863). At the balance sheet date the company owed £16,089 (2022 £13,039) in respect of related party trade creditors.

The company owed £187,280 (2022 £167,280) to the directors at the balance sheet date.

There are no specific terms or conditions attached to the amounts owed to related parties. The company has taken advantage of the exemptions of FRS 102 section 33.1A from disclosing transactions with fellow group companies.
8 Controlling party
The ultimate parent company is Perbeck Holdings Limited, Unit 1 Apex Way, Hailsham, East Sussex BN27 3WA, a company incorporated in England which is also the ultimate parent company of the group. The group is a small group and it has therefore taken advantage of the exemptions available not to prepare consolidated accounts.
9 Other information
Aspen A.C. Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 Apex Way
Hailsham
East Sussex
BN27 3WA
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