Company registration number 06856796 (England and Wales)
ASHTON & BENTLEY DISTRIBUTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ASHTON & BENTLEY DISTRIBUTION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ASHTON & BENTLEY DISTRIBUTION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,800
2,400
Tangible assets
4
310,457
50,317
312,257
52,717
Current assets
Stocks
169,955
213,515
Debtors
5
609,233
573,661
Cash at bank and in hand
57,061
779,188
844,237
Creditors: amounts falling due within one year
6
(719,445)
(603,168)
Net current assets
59,743
241,069
Total assets less current liabilities
372,000
293,786
Creditors: amounts falling due after more than one year
7
(135,402)
(180,537)
Provisions for liabilities
(77,331)
(12,278)
Net assets
159,267
100,971
Capital and reserves
Called up share capital
124
124
Profit and loss reserves
159,143
100,847
Total equity
159,267
100,971
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ASHTON & BENTLEY DISTRIBUTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 February 2025 and are signed on its behalf by:
Mr Edward Carey
Director
Company registration number 06856796 (England and Wales)
ASHTON & BENTLEY DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Ashton & Bentley Distribution Limited is a private company limited by shares incorporated in England and Wales. The registered office is 29 Waterloo Road, Wolverhampton, WV1 4DJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
20% straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
5% straight line
Fixtures and fittings
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The tooling depreciation rate has been changed from 12.5% straight line to 5% straight line to better reflect the useful economic life.
ASHTON & BENTLEY DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
ASHTON & BENTLEY DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
10
3
Intangible fixed assets
Other
£
Cost
At 1 April 2023 and 31 March 2024
3,000
Amortisation and impairment
At 1 April 2023
600
Amortisation charged for the year
600
At 31 March 2024
1,200
Carrying amount
At 31 March 2024
1,800
At 31 March 2023
2,400
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
362,601
59,322
421,923
Additions
8,800
19,966
28,766
At 31 March 2024
371,401
79,288
450,689
Depreciation and impairment
At 1 April 2023
333,304
38,302
371,606
Depreciation charged in the year
14,850
12,679
27,529
Revaluation
(258,903)
(258,903)
At 31 March 2024
89,251
50,981
140,232
Carrying amount
At 31 March 2024
282,150
28,307
310,457
At 31 March 2023
29,297
21,020
50,317
ASHTON & BENTLEY DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
261,924
263,660
Other debtors
309,792
307,031
Prepayments and accrued income
37,517
2,970
609,233
573,661
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
54,097
44,000
Other borrowings
25,516
18,463
Advances re debtors
202,385
178,623
Trade creditors
250,931
193,699
Corporation tax
6,206
31,492
Other taxation and social security
31,202
24,282
Other creditors
85,184
86,329
Accruals and deferred income
63,924
26,280
719,445
603,168
The bank loan is secured by a fixed and floating charge over the company assets and is payable by instalments.
The advances re debtors are also secured by a fixed and floating charge over the company assets.
Included in other creditors is a loan from a shareholder pension scheme which is repayable by equal instalments over 5 years.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
55,000
99,000
Other creditors
80,402
81,537
135,402
180,537
The bank loan is secured by a fixed and floating charge over the company assets and is payable by instalments.
Included in other creditors is a loan from a shareholder pension scheme which is repayable by equal instalments over 5 years.