ASHMOAT LTD - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05095713 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2020

for

ASHMOAT LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr N C Cook

Mr M J R Hicks

SECRETARY:

Mr M J R Hicks

REGISTERED OFFICE:

The Old Rectory

Athelington

Suffolk

IP21 5EJ

REGISTERED NUMBER:

05095713 (England and Wales)

ACCOUNTANTS:

Turner & Ellerby

Chartered Certified Accountants

5 Church Street

Framlingham

Woodbridge

Suffolk

IP13 9BQ

FIXED ASSETS

Tangible assets

4

2,051

2,735

CURRENT ASSETS

Stocks

11,572

16,045

Debtors

5

4,377

6,269

Cash at bank

22,431

7,144

38,380

29,458

CREDITORS

Amounts falling due within one year

6

7,249

2,170

NET CURRENT ASSETS

31,131

27,288

TOTAL ASSETS LESS CURRENT LIABILITIES

33,182

30,023

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

33,180

30,021

SHAREHOLDERS' FUNDS

33,182

30,023

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2021 and were signed on its behalf by:

Mr M J R Hicks - Director

1.	STATUTORY INFORMATION

ASHMOAT LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 June 2019

and 31 May 2020

772

9,720

10,492

DEPRECIATION

At 1 June 2019

756

7,001

7,757

Charge for year

4

680

684

At 31 May 2020

760

7,681

8,441

NET BOOK VALUE

At 31 May 2020

12

2,039

2,051

At 31 May 2019

16

2,719

2,735

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Directors' current accounts

4,377

4,413

VAT

-

1,856

4,377

6,269

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Tax

2,074

1,070

VAT

4,075

-

Accrued expenses

1,100

1,100

7,249

2,170

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2020 and 31 May 2019:

2020

2019

£

£

Mr M J R Hicks and Mr N C Cook

Balance outstanding at start of year

4,413

4,461

Amounts advanced

4,377

4,413

Amounts repaid

(4,413

)

(4,461

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,377

4,413