Aegean Heritage Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02825365 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2020

for

AEGEAN HERITAGE LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

Mr P R C Constantine

Mr O I L Constantine

Mrs A F Constantine

Secretary:

Mrs A F Constantine

Registered office:

305 Regents Park Road

Finchley

London

N3 1DP

Registered number:

02825365 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

305 Regents Park Road

Finchley

London

N3 1DP

Fixed assets

Tangible assets

4

97,845

173,005

Current assets

Stocks

674,568

642,135

Debtors

5

1,140,651

741,048

Cash at bank

371,110

659,765

2,186,329

2,042,948

Creditors

Amounts falling due within one year

6

771,967

963,331

Net current assets

1,414,362

1,079,617

Total assets less current liabilities

1,512,207

1,252,622

Provisions for liabilities

-

4,446

Net assets

1,512,207

1,248,176

Capital and reserves

Called up share capital

8

20,000

20,000

Retained earnings

1,492,207

1,228,176

Shareholders' funds

1,512,207

1,248,176

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2021 and were signed on its behalf by:

Mr P R C Constantine - Director

1.	Statutory information

Aegean Heritage 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

There is estimation uncertainty in calculating stock provisions. A full line by line review of stock is carried out at the end of each month. Whilst every attempt is made to ensure that the stock provisions are as accurate as possible, there remains a risk that the provisions do not match the level of stock which ultimately prove to be obsolete.

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.

Short leasehold

-

Straight line over 5 years

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% 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.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are integral part of the company’s cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 18 (2019 - 22 ) .

4.	Tangible fixed assets

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

Cost

At 1 January 2020

and 31 December 2020

93,747

1,579,098

213,770

40,787

1,927,402

Depreciation

At 1 January 2020

72,397

1,467,096

200,939

13,965

1,754,397

Charge for year

18,746

45,356

5,694

5,364

75,160

At 31 December 2020

91,143

1,512,452

206,633

19,329

1,829,557

Net book value

At 31 December 2020

2,604

66,646

7,137

21,458

97,845

At 31 December 2019

21,350

112,002

12,831

26,822

173,005

5.

Debtors: amounts falling due within one year

2020

2019

£

£

Trade debtors

167,896

144,237

Other debtors

972,755

596,811

1,140,651

741,048

6.

Creditors: amounts falling due within one year

2020

2019

£

£

Trade creditors

337,069

552,081

Taxation and social security

94,744

77,542

Other creditors

340,154

333,708

771,967

963,331

7.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

68,086

68,086

Between one and five years

198,584

266,670

266,670

334,756

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

5,000

Ordinary - A

£1

5,000

5,000

5,000

Ordinary - B

£1

5,000

5,000

5,000

Ordinary - C

£1

5,000

5,000

5,000

Ordinary - D

£1

5,000

5,000

20,000

20,000

9.	Related party disclosures

Included above in Other creditors is an amount of £7,513 (2019 : £7,013) owed to a related company.

Included above in Other debtors is an amount of £800,313 (2019 : £400,313) owed from a related company.

Included above in Other debtors is an amount of £Nil (2019 : £250) owed from a related company.

All companies are related by virtue of having common directors and shareholders.