REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
ASSIGNS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
ASSIGNS LIMITED |
ASSIGNS LIMITED (REGISTERED NUMBER: 03876828) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ASSIGNS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
19-21 Middle Row |
Stevenage |
Hertfordshire |
SG1 3AW |
ASSIGNS LIMITED (REGISTERED NUMBER: 03876828) |
BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ASSIGNS LIMITED (REGISTERED NUMBER: 03876828) |
BALANCE SHEET - continued |
31ST DECEMBER 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ASSIGNS LIMITED (REGISTERED NUMBER: 03876828) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Assigns Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. |
Therefore the financial statements for the year ended 31st December 2023 have been prepared using the going concern basis of accounting. |
Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
All basic financial instruments including trade and other debtors, cash and cash equivalents, trade and other creditors, are initially recognised at transaction price and thereafter stated at amortised cost if materially different. |
ASSIGNS LIMITED (REGISTERED NUMBER: 03876828) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1st January 2023 |
Additions |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
ASSIGNS LIMITED (REGISTERED NUMBER: 03876828) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
Additions |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | - | 7,846 |
Tax |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 4,936 | 8,879 |
Other creditors |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
ASSIGNS LIMITED (REGISTERED NUMBER: 03876828) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
During June 2020 the company took out a Government-backed Bounce Back Loan, which was available as part of the Government's COVID-19 business support initiatives. The loan is repayable in instalments over six years at a rate of 2.5% interest, with the first 12 months' interest being met by the Government, which also acts as guarantor. |
9. | OTHER FINANCIAL COMMITMENTS |
The company pays a related company for rent of office and warehouse space, though there is not a formal lease in connection therewith.The charges were £950 (2022: £22,000). |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
N Cole is a director of this company, Benchmark Fabrications Limited (BF) and Assigns Associates Limited (AA). |
During the year, the company made sales of £76,538 (2022: £37,986) to and purchased goods/services of £Nil (2022: £10,185) from BF. At the balance sheet date there was a trading balance of £84,561 (2022: £56,640),, whilst there was a trading balance due by the company to BF of £6,660 (2022: £6,660). |
At the balance sheet date there was a loan outstanding due to the company by AA of £85,367 (2022: £55,597). |
11. | IMMEDIATE PARENT UNDERTAKING |
The company's immediate parent company is Assigns Holdings Limited, a company registered in England and Wales, which does not prepare group accounts and whose registered address and place of business is Unit 21 Jubilee Trading Centre, Jubilee Road, Letchworth, Hertfordshire, SG6 1SP. |