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Registered number: 06219597
Asv (Uk) Ltd
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06219597
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 270,000 337,500
Tangible Assets 5 47,787 42,871
317,787 380,371
CURRENT ASSETS
Stocks 6 20,154 34,250
Debtors 7 79,842 64,112
Cash at bank and in hand 30,680 78,705
130,676 177,067
Creditors: Amounts Falling Due Within One Year 8 (629,415 ) (688,691 )
NET CURRENT ASSETS (LIABILITIES) (498,739 ) (511,624 )
TOTAL ASSETS LESS CURRENT LIABILITIES (180,952 ) (131,253 )
Creditors: Amounts Falling Due After More Than One Year 9 (11,786 ) (22,048 )
NET LIABILITIES (192,738 ) (153,301 )
CAPITAL AND RESERVES
Called up share capital 10 4 4
Profit and Loss Account (192,742 ) (153,305 )
SHAREHOLDERS' FUNDS (192,738) (153,301)
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Pareshkumar Patel
Director
31st December 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Asv (Uk) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06219597 . The registered office is 109 Coleman Road, Leicester, LE5 4LE.
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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from 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 .... 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:
Plant & Machinery 20% straight line
Motor Vehicles 20% reducing balance
Fixtures & Fittings 20% straight line
Office Equipment 20% straight line
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 years 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
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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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
2.8. Creditors
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially are fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.9. Going concern
The company's ongoing losses have been funded by a series of shareholder loans.  Financial statements have been prepared on a going concern basis, which assumes the continued support of its shareholders.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 68 (2023: 64)
68 64
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 675,000
As at 31 March 2024 675,000
Amortisation
As at 1 April 2023 337,500
Provided during the period 67,500
As at 31 March 2024 405,000
Net Book Value
As at 31 March 2024 270,000
As at 1 April 2023 337,500
Page 4
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Office Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 17,133 30,000 13,355 4,816 65,304
Additions 16,876 - 2,998 - 19,874
As at 31 March 2024 34,009 30,000 16,353 4,816 85,178
Depreciation
As at 1 April 2023 9,299 500 9,381 3,253 22,433
Provided during the period 6,317 6,000 2,095 546 14,958
As at 31 March 2024 15,616 6,500 11,476 3,799 37,391
Net Book Value
As at 31 March 2024 18,393 23,500 4,877 1,017 47,787
As at 1 April 2023 7,834 29,500 3,974 1,563 42,871
6. Stocks
2024 2023
£ £
Stock 20,154 34,250
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 18,000
Other debtors 79,842 46,112
79,842 64,112
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 35,417 16,898
Bank loans and overdrafts 21,377 30,097
Other creditors 511,070 591,241
Taxation and social security 61,551 50,455
629,415 688,691
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 11,786 22,048
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10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
Page 6