Registration number:
Asps (Brighton) Limited
for the Year Ended 31 March 2025
Asps (Brighton) Limited
Contents
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Company Information |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
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Detailed Profit and Loss Account |
Asps (Brighton) Limited
Company Information
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Directors |
Mr A Patel Mr P Patel Mrs F A Patel Mrs N P Patel Mr M Patel |
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Registered office |
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Accountants |
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Asps (Brighton) Limited
(Registration number: 10402999)
Abridged Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed Assets |
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Intangible assets |
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Tangible Assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,950,100 |
1,950,100 |
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Retained earnings |
1,008,415 |
912,812 |
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Shareholders' funds |
2,958,515 |
2,862,912 |
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:
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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.
Asps (Brighton) Limited
(Registration number: 10402999)
Abridged Balance Sheet as at 31 March 2025
Approved and authorised by the
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Asps (Brighton) Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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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 abridged 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 when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods or on completion of the designated services;
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.
Asps (Brighton) Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025
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.
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:
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Asset class |
Depreciation method and rate |
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Furniture & fittings |
25% Reducing balance method |
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Short Leasehold |
over the period of 10 years |
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:
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Asset class |
Amortisation method and rate |
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Goodwill |
over the period of 10 years |
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.
Asps (Brighton) Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025
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 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.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Asps (Brighton) Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Asps (Brighton) Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025
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Intangible assets |
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Total |
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Cost or valuation |
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At 1 April 2024 |
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At 31 March 2025 |
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Amortisation |
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At 1 April 2024 |
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Amortisation charge |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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Tangible Assets |
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Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2024 |
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Additions |
- |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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Included within the net book value of land and buildings above is £39,059 (2024 - £58,214) in respect of short leasehold land and buildings.
Asps (Brighton) Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025
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Stocks |
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2025 |
2024 |
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Finished goods and goods for resale |
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Creditors |
Creditors: amounts falling due within one year
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £50,000 (2024 - £50,000l).
Creditors: amounts falling due after more than one year
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £12,500, (2024 - £62,500).
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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Ordinary Shares of £1 each |
1,950,100 |
1,950,100 |
1,950,100 |
1,950,100 |
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Related party transactions |
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Transactions with directors |
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2025 |
At 1 April 2024 |
Advances to director |
At 31 March 2025 |
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Mr A Patel |
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( |
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( |
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2024 |
At 1 April 2023 |
Repayments by director |
At 31 March 2024 |
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Mr A Patel |
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( |
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( |
Asps (Brighton) Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025
Directors' remuneration
The directors' remuneration for the year was as follows:
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2025 |
2024 |
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Remuneration |
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Parent and ultimate parent undertaking |
The ultimate controlling party is
Asps (Brighton) Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2025
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2025 |
2024 |
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Turnover (analysed below) |
2,664,085 |
2,778,286 |
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Cost of sales (analysed below) |
(1,824,194) |
(1,971,345) |
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Other operating income (analysed below) |
38,844 |
64,441 |
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Gross profit |
878,735 |
871,382 |
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Gross profit (%) |
32.98% |
31.36% |
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Administrative expenses |
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General administrative expenses (analysed below) |
(745,557) |
(722,601) |
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Operating profit |
133,178 |
148,781 |
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Interest payable and similar expenses (analysed below) |
(4,720) |
(9,833) |
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Profit before tax |
128,458 |
138,948 |
Asps (Brighton) Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2025
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2025 |
2024 |
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Turnover |
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Sale of goods, UK |
2,664,085 |
2,778,286 |
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Cost of sales |
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Opening finished goods |
65,000 |
80,000 |
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Purchases |
1,829,194 |
1,956,345 |
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Closing finished goods |
(70,000) |
(65,000) |
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1,824,194 |
1,971,345 |
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Other operating income |
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Other operating income |
- |
25,744 |
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Commissions receivable |
17,794 |
22,397 |
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Rental income |
21,050 |
16,300 |
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38,844 |
64,441 |
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General administrative expenses |
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Wages and salaries (excluding directors) |
304,239 |
301,111 |
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Staff NIC (Employers) |
14,988 |
14,672 |
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Directors remuneration |
46,380 |
45,840 |
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Staff pensions (Defined contribution) |
414 |
1,466 |
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Recruitment Cost |
6,400 |
6,763 |
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Rent |
24,664 |
22,500 |
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Rates |
9,858 |
2,881 |
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Light, heat and power |
36,562 |
35,328 |
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Insurance |
8,588 |
9,137 |
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Repairs and renewals |
20,766 |
16,564 |
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Telephone and fax |
3,508 |
3,164 |
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Printing, postage and stationery |
8,167 |
5,272 |
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Trade subscriptions |
715 |
697 |
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Sundry expenses |
82 |
562 |
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Cleaning |
653 |
2,384 |
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Motor expenses |
10,454 |
10,703 |
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Car hire (Spot hire) |
16,303 |
19,316 |
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Accountancy fees |
5,700 |
4,440 |
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Legal and professional fees |
10,283 |
2,812 |
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Bank charges |
15,962 |
14,153 |
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Amortisation of goodwill |
172,710 |
172,710 |
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Depreciation of short leasehold property |
19,155 |
19,155 |
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Depreciation of fixtures and fittings (owned) |
9,006 |
10,971 |
Asps (Brighton) Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2025
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2025 |
2024 |
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745,557 |
722,601 |
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Interest payable and similar expenses |
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Bank loan interest payable |
(4,712) |
(9,811) |
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Interest on overdue taxation |
(8) |
(22) |
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(4,720) |
(9,833) |