Aspen Ireland Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: NI621902

Aspen Ireland Limited

Filleted Unaudited Financial Statements

31 December 2021

Aspen Ireland Limited

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		76,434	27,650

Current assets

Stocks		654,573	818,894
Debtors	6	567,731	962,185
		------------	------------
		1,222,304	1,781,079

Creditors: amounts falling due within one year	7	1,080,917		1,657,123
		------------		------------
Net current assets			141,387	123,956
			---------	---------
Total assets less current liabilities			217,821	151,606

Creditors: amounts falling due after more than one year	8	59,483	48,414
		---------	---------
Net assets		158,338	103,192
		---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	158,337	103,191
	---------	---------
Shareholder funds	158,338	103,192
	---------	---------

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 income statement has not been delivered.

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Aspen Ireland Limited

Statement of Financial Position (continued)

31 December 2021

These financial statements were approved by the board of directors and authorised for issue on 16 December 2022 , and are signed on behalf of the board by:

MR G Yates
Director

Company registration number: NI621902

Aspen Ireland Limited

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 128a High Steet, Holywood, Co. Down, United Kingdom, BT18 9HW, N. Ireland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 and Machinery	-	20% reducing balance
Fixtures and fittings	-	20% reducing balance
Motor Vehicles	-	25% reducing balance

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.

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2020: 4 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2021	–	34,888	46,300	81,188
Additions	40,700	–	31,995	72,695
Disposals	–	–	( 21,000)	( 21,000)
	--------	--------	--------	---------
At 31 December 2021	40,700	34,888	57,295	132,883
	--------	--------	--------	---------
Depreciation
At 1 January 2021	–	24,200	29,338	53,538
Charge for the year	8,140	2,137	6,989	17,266
Disposals	–	–	( 14,355)	( 14,355)
	--------	--------	--------	---------
At 31 December 2021	8,140	26,337	21,972	56,449
	--------	--------	--------	---------
Carrying amount
At 31 December 2021	32,560	8,551	35,323	76,434
	--------	--------	--------	---------
At 31 December 2020	–	10,688	16,962	27,650
	--------	--------	--------	---------

6. Debtors

	2021	2020
	£	£
Trade debtors	53,397	413,920
Other debtors	514,334	548,265
	---------	---------
	567,731	962,185
	---------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	53,213	117,020
Trade creditors	598,789	798,438
Corporation tax	70,422	70,422
Social security and other taxes	32,300	15,889
Other creditors	126,139	6,963
Other creditors -net wages	(512)	318
Other creditors	200,566	648,073
	------------	------------
	1,080,917	1,657,123
	------------	------------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	36,343	45,833
Other creditors	23,140	2,581
	--------	--------
	59,483	48,414
	--------	--------

9. Director's advances, credits and guarantees

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

	Balance brought forward and outstanding
	2021	2020
	£	£
MR G Yates	42,651	16,700
	--------	--------

The loan to a director was repaid in August 2022.

10. Related party transactions

The company was under the control of Mr Yates throughout the current. Mr Yates is the managing director and sole shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.