Above Surface Ltd - Period Ending 2020-12-31

Above Surface Ltd

Contents

Page

Company Information	1
Abridged Balance Sheet	2
Notes to the Unaudited Abridged Financial Statements	3 to 5

Above Surface Ltd

Company Information

Director

M Makin

Company secretary

A Donaldson

Registered office

Unit B2 Brookside Business Park Greengate Middleton Lancashire M24 1GS

Accountants

Gortons Chartered Accountants Stanmore House 64-68 Blackburn Street Radcliffe Manchester M26 2JS

Above Surface Ltd

(Registration number: 09862219)
Abridged Balance Sheet as at 31 December 2020

	Note	2020 £		As restated 2019 £
Fixed assets
Tangible assets	4		47,835		42,297
Current assets
Stocks		396,398		198,891
Debtors		1,102,124		119,701
Cash at bank and in hand		15,957		69,140
		1,514,479		387,732
Prepayments and accrued income		46,424		760,578
Creditors: Amounts falling due within one year	5	(403,442)		(700,496)
Net current assets			1,157,461		447,814
Total assets less current liabilities			1,205,296		490,111
Creditors: Amounts falling due after more than one year	6		(64,819)		(29,058)
Accruals and deferred income			(653,516)		(255,933)
Net assets			486,961		205,120
Capital and reserves
Called up share capital		100		100
Profit and loss account		486,861		205,020
Total capital and reserves			486,961		205,120

For the financial period ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 13 May 2022
 

......................................... M Makin Director

Above Surface Ltd

Notes to the Unaudited Abridged Financial Statements
for the period from 1 December 2019 to 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales. The company's registration number is 09862219. The business and registered office address is Unit 2, Brookside Business Park, Greengate, Middleton, Lancashire, M24 1GS.

These financial statements were authorised for issue by the director on 13 May 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention.

Disclosure of long or short period

The length of the accounting period has been extended to be coterminous with another company in which M Makin is a director and shareholder. The figures in the accounts therefore cover a thirteen month period compared to twelve months in 2019 making the comparatives not entirely comparable.

Reclassification of comparative amounts

Certain comparatives have been restated. These are cosmetic changes and have no effect on the 2019 results or taxation position.

Revenue recognition

Turnover represents the invoiced value of sales of goods, net of Value Added Tax, recognised on shipment.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	33% straight line basis
Fixtures and fittings	33% straight line basis
Motor vehicle	20% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Above Surface Ltd

Notes to the Unaudited Abridged Financial Statements
for the period from 1 December 2019 to 31 December 2020

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the period, was 22 (2019 - 9).

4	Tangible assets

	Total £
Cost or valuation
At 1 December 2019	46,260
Additions	25,098
At 31 December 2020	71,358
Depreciation
At 1 December 2019	3,963
Charge for the period	19,560
At 31 December 2020	23,523
Carrying amount
At 31 December 2020	47,835
At 30 November 2019	42,297

5	Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £13,738 (2019 - £5,802).

6	Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £64,819 (2019 - £29,058).

Above Surface Ltd

Notes to the Unaudited Abridged Financial Statements
for the period from 1 December 2019 to 31 December 2020

7	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £314,265 (2019 - £311,010).

Amounts disclosed in the balance sheet

Included in the balance sheet are employer pension contributions paid after date of £612 (2019 - £551).

8	Related party transactions

At the year end the company was owed £6,234 from the director (2019 - £11,766 owed to the company). This loan was overdrawn to a maximum of £6,234 (2019 - £nil). During the period the company made total advances to the director of £31,234 and received credits of £25,000. No interest is charged on this loan and it is repayable on demand.

Included in debtors is a loan of £1,040,090 owed by Creative Pedestrian Limited (2019 - £541,503 owed to Creative Pedestrian Limited), a company in which the director is a director and shareholder. No interest is charged on this loan and it is repayable on demand.

9	Transition to FRS 102

There have been no reclassifications or remeasurements of any of the figures at 30 November 2018 and 30 November 2019 and therefore the figures are as originally reported.