A S Ventures Limited Small abridged accounts

A S Ventures Limited Small abridged accounts

AS VENTURES LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of A S Ventures Limited have consented to the preparation of the abridged statement of financial position for the year ending 30 September 2018 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 05229300
A S Ventures Limited
Filleted Unaudited Abridged Financial Statements
30 September 2018
A S Ventures Limited
Abridged Financial Statements
Year ended 30 September 2018
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
A S Ventures Limited
Abridged Statement of Financial Position
30 September 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
9,079
14,838
Current assets
Cash at bank and in hand
19,433
12,693
Prepayments and accrued income
146
141
Creditors: amounts falling due within one year
22,644
24,191
--------
--------
Net current liabilities
3,065
11,357
-------
--------
Total assets less current liabilities
6,014
3,481
Accruals and deferred income
3,000
13
-------
-------
Net assets
3,014
3,468
-------
-------
Capital and reserves
Called up share capital
2
2
Profit and loss account
3,012
3,466
-------
-------
Members funds
3,014
3,468
-------
-------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
A S Ventures Limited
Abridged Statement of Financial Position (continued)
30 September 2018
These abridged financial statements were approved by the board of directors and authorised for issue on 8 March 2019 , and are signed on behalf of the board by:
Mrs K E Stokes
Director
Company registration number: 05229300
A S Ventures Limited
Notes to the Abridged Financial Statements
Year ended 30 September 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 107 High Mount Street, Hednesford, Cannock, Staffs, WS12 4BN.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. /
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% straight line
Motor Vehicles
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year, including the director, amounted to 1 (2017: 1 ).
5. Tangible assets
£
Cost
At 1 October 2017 and 30 September 2018
31,009
--------
Depreciation
At 1 October 2017
16,171
Charge for the year
5,759
--------
At 30 September 2018
21,930
--------
Carrying amount
At 30 September 2018
9,079
--------
At 30 September 2017
14,838
--------
6. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting FRS102.