Astounding Systems Ltd 30/11/2021 iXBRL

ASTOUNDING SYSTEMS LTD - Company Information

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Company registration number: 07151943

Astounding Systems Ltd

Unaudited filleted financial statements

30 November 2021

Astounding Systems Ltd

Contents

Directors and other information

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Astounding Systems Ltd

Directors and other information


	Directors	B S Eustace
		R A Eustace


	Secretary	R A Eustace


	Company number	07151943


	Registered office	Unit 1B, Coln Industrial Estate Old Bath Road
		Colnbrook
		Slough
		SL3 0NJ

Astounding Systems Ltd

Statement of financial position

30 November 2021

		2021		2020
	Note	£	£	£	£

Fixed assets
Tangible assets	5	163		595
Investments	6	1		1
		_______		_______
			164		596

Current assets
Debtors	7	50,430		124,711
Cash at bank and in hand		19,542		23,049
		_______		_______
		69,972		147,760
Creditors: amounts falling due
within one year	8	( 64,972)		( 140,945)
		_______		_______
Net current assets			5,000		6,815
			_______		_______
Total assets less current liabilities			5,164		7,411

			_______		_______
Net assets			5,164		7,411
			_______		_______

Capital and reserves
Called up share capital			2		1
Profit and loss account			5,162		7,410
			_______		_______
Shareholders funds			5,164		7,411
			_______		_______

For the year ending 30 November 2021 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 02 June 2022 , and are signed on behalf of the board by:

B S Eustace

Director

Company registration number: 07151943

Astounding Systems Ltd

Statement of changes in equity

Year ended 30 November 2021

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 December 2019	1	( 33,648)	( 33,647)

(Loss)/profit for the year		41,058	41,058
	_______	_______	_______
Total comprehensive income for the year	-	41,058	41,058

	_______	_______	_______
At 30 November 2020 and 1 December 2020	1	7,410	7,411

(Loss)/profit for the year		( 2,248)	( 2,248)
	_______	_______	_______
Total comprehensive income for the year	-	( 2,248)	( 2,248)

Issue of shares	1		1
	_______	_______	_______
Total investments by and distributions to owners	1	-	1

	_______	_______	_______
At 30 November 2021	2	5,162	5,164
	_______	_______	_______

Astounding Systems Ltd

Notes to the financial statements

Year ended 30 November 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1B, Coln Industrial Estate Old Bath Road, Colnbrook, Slough, SL3 0NJ.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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.

No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.

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:


Fittings fixtures and equipment	-	25 %	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.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

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 similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 2 (2020: 2 ).

5. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1 December 2020 and 30 November 2021	1,731	1,731
	_______	_______
Depreciation
At 1 December 2020	1,136	1,136
Charge for the year	432	432
	_______	_______
At 30 November 2021	1,568	1,568
	_______	_______
Carrying amount
At 30 November 2021	163	163
	_______	_______
At 30 November 2020	595	595
	_______	_______

6. Investments

	Shares in group undertakings and participating interests	Total
	£	£
Cost
At 1 December 2020 and 30 November 2021	1	1
	_______	_______
Impairment
At 1 December 2020 and 30 November 2021	-	-
	_______	_______
Carrying amount
At 30 November 2021	1	1
	_______	_______
At 30 November 2020	1	1
	_______	_______

Investments in group undertakings
	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Universal Wines & Spirits Limited	England & Wales	Ordinary	50

7. Debtors

	2021	2020
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	50,000	100,000
Other debtors	430	24,711
	_______	_______
	50,430	124,711
	_______	_______

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	450	1,771
Corporation tax	-	1,648
Social security and other taxes	-	23,004
Other creditors	64,522	114,522
	_______	_______
	64,972	140,945
	_______	_______

9. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2021
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	B S Eustace	( 63,021)	25,000	( 38,021)
	R A Eustace	( 50,000)	25,000	( 25,000)
		_______	_______	_______
		( 113,021)	50,000	( 63,021)
		_______	_______	_______

2020
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	B S Eustace	( 73,021)	10,000	( 63,021)
	R A Eustace	( 50,000)	-	( 50,000)
		_______	_______	_______
		( 123,021)	10,000	( 113,021)
		_______	_______	_______