Aspect Edinburgh Ltd 31/03/2020 iXBRL

Aspect Edinburgh Ltd 31/03/2020 iXBRL

ASPECT EDINBURGH LTD - Company Information

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Company registration number: SC418235
Aspect Edinburgh Ltd
Unaudited filleted financial statements
31 March 2020
Aspect Edinburgh Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Aspect Edinburgh Ltd
Directors and other information
Directors Jacqueline Tashdjian
Garo Tashdjian
Company number SC418235
Registered office 39 Christiemiller Avenue
Edinburgh
EH7 6TB
Business address 39 Christiemiller Avenue
Edinburgh
EH7 6TB
Accountants Barrie Scott & Co.
30 Mid Street
Bathgate
EH48 1PT
Aspect Edinburgh Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Aspect Edinburgh Ltd
Year ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aspect Edinburgh Ltd for the year ended 31 March 2020 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Aspect Edinburgh Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Aspect Edinburgh Ltd and state those matters that we have agreed to state to the board of directors of Aspect Edinburgh Ltd as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aspect Edinburgh Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Aspect Edinburgh Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aspect Edinburgh Ltd. You consider that Aspect Edinburgh Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Aspect Edinburgh Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Barrie Scott & Co.
Accountants & Tax Advisers
30 Mid Street
Bathgate
EH48 1PT
15 February 2021
Aspect Edinburgh Ltd
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 24,681 32,836
_______ _______
24,681 32,836
Current assets
Stocks 575 32,058
Debtors 6 329,108 247,506
Cash at bank and in hand 97,455 76,641
_______ _______
427,138 356,205
Creditors: amounts falling due
within one year 7 ( 124,558) ( 98,856)
_______ _______
Net current assets 302,580 257,349
_______ _______
Total assets less current liabilities 327,261 290,185
Creditors: amounts falling due
after more than one year 8 ( 1,890) ( 5,669)
_______ _______
Net assets 325,371 284,516
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 325,271 284,416
_______ _______
Shareholders funds 325,371 284,516
_______ _______
For the year ending 31 March 2020 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 Section 1A of 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.
These financial statements were approved by the board of directors and authorised for issue on 27 January 2021 , and are signed on behalf of the board by:
Garo Tashdjian
Director
Company registration number: SC418235
Aspect Edinburgh Ltd
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Aspect Edinburgh Ltd, 39 Christiemiller Avenue, Edinburgh, EH7 6TB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts are prepared on a Going Concern basis. The directors have reviewed the situation regarding the Coronavirus pandemic and are of the opinion that the company has adequate resources to continue for the foreseeable future.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2018. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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 and machinery - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a smiliar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2019: 7 ).
5. Tangible assets
Plant and machinery Motor vehicles Computer equipment Total
£ £ £ £
Cost
At 1 April 2019 538 65,687 2,673 68,898
Additions - - 776 776
_______ _______ _______ _______
At 31 March 2020 538 65,687 3,449 69,674
_______ _______ _______ _______
Depreciation
At 1 April 2019 366 33,781 1,915 36,062
Charge for the year 26 7,977 928 8,931
_______ _______ _______ _______
At 31 March 2020 392 41,758 2,843 44,993
_______ _______ _______ _______
Carrying amount
At 31 March 2020 146 23,929 606 24,681
_______ _______ _______ _______
At 31 March 2019 172 31,906 758 32,836
_______ _______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 35,696 44,983
Other debtors 293,412 202,523
_______ _______
329,108 247,506
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 28,875 11,582
Corporation tax 48,051 54,312
Social security and other taxes 36,069 24,228
Other creditors 11,563 8,734
_______ _______
124,558 98,856
_______ _______
8. Creditors: amounts falling due after more than one year
2020 2019
£ £
Other creditors 1,890 5,669
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Jacqueline Tashdjian 70,781 42,069 112,850
Garo Tashdjian 86,323 26,526 112,849
_______ _______ _______
157,104 68,595 225,699
_______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Jacqueline Tashdjian 48,823 21,958 70,781
Garo Tashdjian 61,867 24,456 86,323
_______ _______ _______
110,690 46,414 157,104
_______ _______ _______
Overdrawn directors loan accounts are charged at an interest rate of 2.5% (2019: 2.5%) per annum. There are no agreed fixed terms of repayment.
10. Controlling party
At 31 March 2020, the directors , Mrs J Tashdjian and her husband Mr G Tashdjian , jointly control the company through each owning 50% of the issued share capital.
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2018.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.