Asian Craft Supplies Limited 09717859 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is online retail of handicrafts Digita Accounts Production Advanced 6.30.9574.0 true 09717859 2023-10-01 2024-09-30 09717859 2024-09-30 09717859 bus:OrdinaryShareClass1 2024-09-30 09717859 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 09717859 core:FurnitureFittingsToolsEquipment 2024-09-30 09717859 bus:SmallEntities 2023-10-01 2024-09-30 09717859 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 09717859 bus:FilletedAccounts 2023-10-01 2024-09-30 09717859 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 09717859 bus:RegisteredOffice 2023-10-01 2024-09-30 09717859 bus:Director2 2023-10-01 2024-09-30 09717859 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 09717859 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 09717859 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 09717859 core:OfficeEquipment 2023-10-01 2024-09-30 09717859 core:PlantMachinery 2023-10-01 2024-09-30 09717859 countries:England 2023-10-01 2024-09-30 09717859 2023-09-30 09717859 core:FurnitureFittingsToolsEquipment 2023-09-30 09717859 2022-10-01 2023-09-30 09717859 2023-09-30 09717859 bus:OrdinaryShareClass1 2023-09-30 09717859 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 09717859 core:FurnitureFittingsToolsEquipment 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09717859

Asian Craft Supplies Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Asian Craft Supplies Limited

(Registration number: 09717859)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,938

2,422

Current assets

 

Stocks

5

4,500

12,500

Cash at bank and in hand

 

128,709

157,715

 

133,209

170,215

Creditors: Amounts falling due within one year

6

(206,118)

(239,389)

Net current liabilities

 

(72,909)

(69,174)

Total assets less current liabilities

 

(70,971)

(66,752)

Provisions for liabilities

(368)

(460)

Net liabilities

 

(71,339)

(67,212)

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

(71,349)

(67,222)

Shareholders' deficit

 

(71,339)

(67,212)

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 

.........................................
Paula Michelle Fearn
Director

 

Asian Craft Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
7 Montpelier
Quarndon
Derby
DE22 5JW

The principal place of business is:
Manor House
113b London Road
Shardlow
Derby
DE72 2GP

These financial statements were authorised for issue by the Board on 25 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Asian Craft Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Office equipment

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Asian Craft Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

7,438

7,438

At 30 September 2024

7,438

7,438

Depreciation

At 1 October 2023

5,015

5,015

Charge for the year

485

485

At 30 September 2024

5,500

5,500

Carrying amount

At 30 September 2024

1,938

1,938

At 30 September 2023

2,422

2,422

5

Stocks

2024
£

2023
£

Other inventories

4,500

12,500

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

1,625

1,606

Other creditors

204,493

237,783

206,118

239,389

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

10

10

10

10