10 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 171,784 171,783 1 1 1,996,659 1,996,659 1,996,659 xbrli:pure xbrli:shares iso4217:GBP 04391276 2023-04-01 2024-03-31 04391276 2024-03-31 04391276 2023-03-31 04391276 2022-04-01 2023-03-31 04391276 2023-03-31 04391276 2022-03-31 04391276 core:PlantMachinery 2023-04-01 2024-03-31 04391276 core:FurnitureFittings 2023-04-01 2024-03-31 04391276 core:MotorVehicles 2023-04-01 2024-03-31 04391276 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 04391276 bus:Director1 2023-04-01 2024-03-31 04391276 bus:Director2 2023-04-01 2024-03-31 04391276 core:NetGoodwill 2024-03-31 04391276 core:LandBuildings 2023-03-31 04391276 core:PlantMachinery 2023-03-31 04391276 core:FurnitureFittings 2023-03-31 04391276 core:MotorVehicles 2023-03-31 04391276 core:LandBuildings 2024-03-31 04391276 core:PlantMachinery 2024-03-31 04391276 core:FurnitureFittings 2024-03-31 04391276 core:MotorVehicles 2024-03-31 04391276 core:WithinOneYear 2024-03-31 04391276 core:WithinOneYear 2023-03-31 04391276 core:AfterOneYear 2024-03-31 04391276 core:AfterOneYear 2023-03-31 04391276 core:ShareCapital 2024-03-31 04391276 core:ShareCapital 2023-03-31 04391276 core:RetainedEarningsAccumulatedLosses 2024-03-31 04391276 core:RetainedEarningsAccumulatedLosses 2023-03-31 04391276 core:NetGoodwill 2023-03-31 04391276 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 04391276 core:Non-currentFinancialInstruments 2024-03-31 04391276 core:Non-currentFinancialInstruments 2023-03-31 04391276 core:LandBuildings 2023-03-31 04391276 core:PlantMachinery 2023-03-31 04391276 core:FurnitureFittings 2023-03-31 04391276 core:MotorVehicles 2023-03-31 04391276 bus:Director1 2023-03-31 04391276 bus:Director1 2024-03-31 04391276 bus:Director2 2023-03-31 04391276 bus:Director2 2024-03-31 04391276 bus:Director1 2022-03-31 04391276 bus:Director1 2023-03-31 04391276 bus:Director2 2022-03-31 04391276 bus:Director2 2023-03-31 04391276 bus:Director1 2022-04-01 2023-03-31 04391276 bus:Director2 2022-04-01 2023-03-31 04391276 bus:SmallEntities 2023-04-01 2024-03-31 04391276 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04391276 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04391276 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04391276 bus:FullAccounts 2023-04-01 2024-03-31 04391276 bus:OrdinaryShareClass1 2024-03-31 04391276 bus:OrdinaryShareClass1 2023-03-31
COMPANY REGISTRATION NUMBER: 04391276
ASK (GB) Limited
Filleted Unaudited Financial Statements
31 March 2024
ASK (GB) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed Assets
Intangible assets
5
1
1
Tangible assets
6
321,449
348,092
Investments
7
1,996,659
1,996,659
-------------
-------------
2,318,109
2,344,752
Current Assets
Stocks
2,091,275
1,720,758
Debtors
8
2,086,616
3,185,449
Cash at bank and in hand
2,169,460
1,034,168
-------------
-------------
6,347,351
5,940,375
Creditors: amounts falling due within one year
9
978,605
983,031
-------------
-------------
Net Current Assets
5,368,746
4,957,344
-------------
-------------
Total Assets Less Current Liabilities
7,686,855
7,302,096
Creditors: amounts falling due after more than one year
10
355,055
386,593
Provisions
Taxation including deferred tax
73,806
76,458
-------------
-------------
Net Assets
7,257,994
6,839,045
-------------
-------------
Capital and Reserves
Called up share capital
11
100
100
Profit and loss account
7,257,894
6,838,945
-------------
-------------
Shareholders Funds
7,257,994
6,839,045
-------------
-------------
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.
ASK (GB) Limited
Statement of Financial Position (continued)
31 March 2024
For the year ending 31st March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 January 2025 , and are signed on behalf of the board by:
Mr A.D.K. Smith
Director
Company registration number: 04391276
ASK (GB) Limited
Notes to the Financial Statements
Year ended 31st March 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 125 Hereford Road, Shrewsbury, Shropshire, SY3 7QZ.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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 presented in sterling which is the functional currency of the company and rounded to the nearest £.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably. Revenue from the sale of property transactions is recognised as the properties are sold
Income Tax
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.
Operating Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Plant & Machinery
-
25% straight line
Fixtures & Fittings
-
33% straight line
Motor Vehicles
-
15% straight line
Equipment
-
33% straight line
Freehold buildings are not depreciated as they are well maintained and the costs of the maintenance are recognised as an expense in the profit and loss account. In the opinion of the directors this represents a fair and accurate policy of valuing the property.
Stocks
Stock and work-in-progress is 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.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government Grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payments is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 11 ).
5. Intangible Assets
Goodwill
£
Cost
At 1st April 2023 and 31st March 2024
171,784
----------
Amortisation
At 1st April 2023 and 31st March 2024
171,783
----------
Carrying amount
At 31st March 2024
1
----------
At 31st March 2023
1
----------
6. Tangible Assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
162,144
85,857
3,921
219,810
6,848
478,580
Additions
467
43,677
44,144
Disposals
( 696)
( 1,851)
( 49,690)
( 52,237)
----------
---------
-------
----------
-------
----------
At 31 Mar 2024
162,144
85,161
2,537
213,797
6,848
470,487
----------
---------
-------
----------
-------
----------
Depreciation
At 1 Apr 2023
71,983
3,366
50,039
5,100
130,488
Charge for the year
13,874
258
26,358
1,230
41,720
Disposals
( 696)
( 1,852)
( 20,622)
( 23,170)
----------
---------
-------
----------
-------
----------
At 31 Mar 2024
85,161
1,772
55,775
6,330
149,038
----------
---------
-------
----------
-------
----------
Carrying amount
At 31 Mar 2024
162,144
765
158,022
518
321,449
----------
---------
-------
----------
-------
----------
At 31 Mar 2023
162,144
13,874
555
169,771
1,748
348,092
----------
---------
-------
----------
-------
----------
7. Investments
Other investments other than loans
£
Cost
At 1st April 2023 and 31st March 2024
1,996,659
-------------
Impairment
At 1st April 2023 and 31st March 2024
-------------
Carrying amount
At 31st March 2024
1,996,659
-------------
At 31st March 2023
1,996,659
-------------
On 31st March 2024 investment properties were revalued by Mr A Smith, a director of the company, on an open market value basis in the sum of £1,996,557 (2023 - £1,996,557).
8. Debtors
2024
2023
£
£
Trade debtors
28,286
26,259
Other debtors
2,058,330
3,159,190
-------------
-------------
2,086,616
3,185,449
-------------
-------------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
59,973
56,787
Trade creditors
127,157
189,691
Social security and other taxes
11,088
23,201
Other creditors
780,387
713,352
----------
----------
978,605
983,031
----------
----------
The bank loans and overdrafts are secured against property included within work in progress, freehold assets and investment assets. Included within other creditors is a hire purchase and finance lease amounting to £8,324 (2023 - £16,285) secured against the fixed assets to which they relate.
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
324,250
384,448
Other creditors
30,805
2,145
----------
----------
355,055
386,593
----------
----------
Included within creditors: amounts falling due after more than one year is an amount of £98,881 (2023 - £144,244) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loans and overdrafts are secured against property included within work in progress, freehold assets and investment assets. Included within other creditors is a hire purchase and a finance lease amounting to £30,805 (2023 - £2,145) secured against the fixed assets to which they relate.
11. Called Up Share Capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
12. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A.D.K. Smith
846,408
180,528
( 42,302)
984,634
Mrs T Smith
373,260
180,528
( 42,302)
511,486
-------------
----------
---------
-------------
1,219,668
361,056
( 84,604)
1,496,120
-------------
----------
---------
-------------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A.D.K. Smith
714,823
219,041
( 87,456)
846,408
Mrs T Smith
241,676
219,040
( 87,456)
373,260
----------
----------
----------
-------------
956,499
438,081
( 174,912)
1,219,668
----------
----------
----------
-------------
Interest has been charged on the loans at a rate of 2.25%. The loans are repayable on demand.