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Registered number: 07687110
Ashculme Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07687110
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 4,500 6,000
Tangible Assets 5 130,999 144,397
135,499 150,397
CURRENT ASSETS
Stocks 6 750 2,300
Debtors 7 14,660 25,175
Cash at bank and in hand 13,987 23,520
29,397 50,995
Creditors: Amounts Falling Due Within One Year 8 (37,345 ) (28,432 )
NET CURRENT ASSETS (LIABILITIES) (7,948 ) 22,563
TOTAL ASSETS LESS CURRENT LIABILITIES 127,551 172,960
Creditors: Amounts Falling Due After More Than One Year 9 (450 ) (63,803 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (13,146 ) (15,297 )
NET ASSETS 113,955 93,860
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 113,953 93,858
SHAREHOLDERS' FUNDS 113,955 93,860
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
P Durman
Director
7 February 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ashculme Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07687110 . The registered office is Byes Farm, Hemyock, Cullompton, Devon, EX15 3TA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 6 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 0%
Plant & Machinery 20% reducing balance
Fixtures & Fittings 20% reducing balance
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 6)
5 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2024 90,000
As at 31 December 2024 90,000
Amortisation
As at 1 January 2024 84,000
Provided during the period 1,500
As at 31 December 2024 85,500
Net Book Value
As at 31 December 2024 4,500
As at 1 January 2024 6,000
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2024 52,334 236,578 20,229 309,141
Additions - 1,566 583 2,149
As at 31 December 2024 52,334 238,144 20,812 311,290
Depreciation
As at 1 January 2024 - 151,149 13,595 164,744
Provided during the period - 14,104 1,443 15,547
As at 31 December 2024 - 165,253 15,038 180,291
Net Book Value
As at 31 December 2024 52,334 72,891 5,774 130,999
As at 1 January 2024 52,334 85,429 6,634 144,397
Page 4
Page 5
6. Stocks
2024 2023
£ £
Materials 750 2,300
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 12,164 16,584
Prepayments and accrued income 2,496 8,591
14,660 25,175
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,495 28
Corporation tax 15,004 9,198
Other taxes and social security 3,088 4,005
VAT 15,459 12,495
Net wages - 625
Other creditors 284 344
Other creditors (1) 495 487
Accruals and deferred income 1,520 1,250
37,345 28,432
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Directors loan account 450 63,803
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
11. Directors Advances, Credits and Guarantees
Dividends paid to directors
12. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 26,500 20,000
Page 5