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REGISTERED NUMBER: 07053634 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

ASSURED PRODUCTS LIMITED

ASSURED PRODUCTS LIMITED (REGISTERED NUMBER: 07053634)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ASSURED PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mr P Graham
Mr S R Blake
Mrs S E Blake
Mrs F J Graham



REGISTERED OFFICE: 62 The Street
Ashtead
Surrey
KT21 1AT



REGISTERED NUMBER: 07053634 (England and Wales)



ACCOUNTANTS: David Beckman & Co Ltd
62 The Street
Ashtead
Surrey
KT21 1AT



BANKERS: HSBC
18 North Street
Leatherhead
Surrey
KT22 7AR

ASSURED PRODUCTS LIMITED (REGISTERED NUMBER: 07053634)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 433,311 102,830
Investments 7 752 752
434,063 103,582

CURRENT ASSETS
Stocks 732,879 828,688
Debtors 8 1,202,789 1,118,022
Cash at bank 1,228,394 1,167,251
3,164,062 3,113,961
CREDITORS
Amounts falling due within one year 9 (2,733,235 ) (2,691,908 )
NET CURRENT ASSETS 430,827 422,053
TOTAL ASSETS LESS CURRENT
LIABILITIES

864,890

525,635

CREDITORS
Amounts falling due after more than one
year

10

(245,577

)

(19,930

)

PROVISIONS FOR LIABILITIES (102,614 ) (18,739 )
NET ASSETS 516,699 486,966

CAPITAL AND RESERVES
Called up share capital 231 231
Share premium 9,900 9,900
Retained earnings 506,568 476,835
SHAREHOLDERS' FUNDS 516,699 486,966

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

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.

ASSURED PRODUCTS LIMITED (REGISTERED NUMBER: 07053634)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2024 and were signed on its behalf by:





Mr P Graham - Director


ASSURED PRODUCTS LIMITED (REGISTERED NUMBER: 07053634)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Assured Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis if required.

Preparation of consolidated financial statements
The financial statements contain information about Assured Products Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
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.

Significant judgements and estimates
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates if necessary. It also requires management to exercise judgement in applying the Company accounting policies.

The items in the financial statements where these judgements and estimates have been made include:

Judgements and Estimates

- The useful life of fixed assets.
- Asset residual values
- Stock obsolescence

Changes in accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied within the same accounts.

ASSURED PRODUCTS LIMITED (REGISTERED NUMBER: 07053634)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Income recognition
Turnover represents the net invoiced sales of goods, excluding value added tax, and discounts.
Income is recognised when goods have been delivered to customers, such that the risks and rewards of ownership have transferred to them.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks are being amortised evenly over their estimated useful life of five years.

The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, or if there is a significant change since the last reporting date.

Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets over their expected useful lives as follows:.

- Plant and machinery - 20% on cost
- Computer equipment - 25% on cost

Impairment of Assets
At each reporting date, fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment been recognised for the asset in prior years.

All impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and from factored debts.

Financial Assets
Basic financial assets, including trade and other receivables, and cash and bank balances are recognised at transaction price, less any impairment.

Financial Liabilities
Basic financial liabilities, including trade and other payables, are recognised at transaction price, less any impairment., 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.


ASSURED PRODUCTS LIMITED (REGISTERED NUMBER: 07053634)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals charged under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

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.

Operating leases
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Employee Benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 20 ) .

ASSURED PRODUCTS LIMITED (REGISTERED NUMBER: 07053634)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2023
and 30 June 2024 95,000
AMORTISATION
At 1 July 2023
and 30 June 2024 95,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 160,434
Additions 369,440
At 30 June 2024 529,874
DEPRECIATION
At 1 July 2023 57,604
Charge for year 38,959
At 30 June 2024 96,563
NET BOOK VALUE
At 30 June 2024 433,311
At 30 June 2023 102,830

7. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 July 2023
and 30 June 2024 752
NET BOOK VALUE
At 30 June 2024 752
At 30 June 2023 752

ASSURED PRODUCTS LIMITED (REGISTERED NUMBER: 07053634)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 940,085 819,520
Amounts owed by group undertakings 145,803 66,359
Other debtors 116,901 232,143
1,202,789 1,118,022

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,325 10,160
Trade creditors 2,292,478 2,222,211
Taxation and social security 315,925 370,058
Other creditors 114,507 89,479
2,733,235 2,691,908

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 9,605 19,930
Other creditors 235,972 -
245,577 19,930

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 145,503 145,503
Between one and five years 347,045 340,475
In more than five years 250,680 194,580
743,228 680,558

ASSURED PRODUCTS LIMITED (REGISTERED NUMBER: 07053634)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

12. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 19,930 30,090

Morgan Lloyd Trustees Limited as Trustees of Assured Products Pension Scheme has a first fixed and floating over all the property of the company.

Close Brothers Limited has a fixed and floating charges over all the property of the company.

HSBC Bank PLC has a fixed and floating charge over all the property of the company, and has a legal assignment of contract monies.