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Registration number: 04440589

J Ascroft & Son Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2025

Pages for filing with Registrar

 

J Ascroft & Son Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

J Ascroft & Son Limited

Company Information

Directors

Mr J B Ascroft

Mrs J Ascroft

Mr M J Ascroft

Mr P W Ascroft

Company secretary

Mrs J Ascroft

Registered office

26 Fermor Road
Tarleton
Preston
Lancashire
PR4 6AP

 

J Ascroft & Son Limited

(Registration number: 04440589)
Abridged Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

185,480

208,080

Current assets

 

Stocks

29,059

30,752

Debtors

16,780

27,491

Cash at bank and in hand

 

188,877

159,649

 

234,716

217,892

Prepayments and accrued income

 

9,926

4,104

Creditors: Amounts falling due within one year

(68,451)

(47,774)

Net current assets

 

176,191

174,222

Total assets less current liabilities

 

361,671

382,302

Provisions for liabilities

(45,789)

(51,295)

Accruals and deferred income

 

(8,395)

(15,948)

Net assets

 

307,487

315,059

Capital and reserves

 

Called up share capital

100

100

Retained earnings

307,387

314,959

Shareholders' funds

 

307,487

315,059

 

J Ascroft & Son Limited

(Registration number: 04440589)
Abridged Balance Sheet as at 31 March 2025 (continued)

For the financial year ending 31 March 2025 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

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 30 July 2025 and signed on its behalf by:
 

.........................................
Mr J B Ascroft
Director

 

J Ascroft & Son Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025

1

General information

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

The address of its registered office is:
26 Fermor Road
Tarleton
Preston
Lancashire
PR4 6AP

These financial statements were authorised for issue by the Board on 30 July 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 abridged 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.

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 £.

 

J Ascroft & Son Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

Key sources of estimation uncertainty

Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. The carrying amount is £185,480 (2024 -£208,080).

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

Government grants

The company recognises government grants on the accruals model under FRS102.

Grants that compensate the company for expenses incurred are recognised in profit or loss on a systematic basis in the periods in which the expenses are recognised.

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.

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

25% and 10% Reducing balance

Motor vehicles

25% Reducing balance

 

J Ascroft & Son Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

Office equipment

33% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

J Ascroft & Son Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
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 statement of financial position 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 liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2024 - 6).

 

J Ascroft & Son Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025 (continued)

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2024

100,000

At 31 March 2025

100,000

Amortisation

At 1 April 2024

100,000

At 31 March 2025

100,000

Carrying amount

At 31 March 2025

-

5

Tangible assets

Total
£

Cost or valuation

At 1 April 2024

736,499

Additions

7,333

At 31 March 2025

743,832

Depreciation

At 1 April 2024

528,419

Charge for the year

29,933

At 31 March 2025

558,352

Carrying amount

At 31 March 2025

185,480

At 31 March 2024

208,080