Aethonstar Limited Filleted accounts for Companies House (small and micro)

AETHONSTAR LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07979674

AETHONSTAR LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2020

AETHONSTAR LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

Contents	Pages

Balance sheet 1

Notes to the financial statements 2 to 5

AETHONSTAR LIMITED

BALANCE SHEET

31 December 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	2,287	2,899

Current assets

Debtors	6	689,084	653,864
Cash at bank and in hand		7,264	32,354
		------------	------------
		696,348	686,218

Creditors: amounts falling due within one year	7	( 233,569)	( 282,404)
		------------	------------
Net current assets		462,779	403,814
		------------	------------
Total assets less current liabilities		465,066	406,713

Provisions

Taxation including deferred tax	( 435)	( 507)
	------------	------------
Net assets	464,631	406,206
	------------	------------

Capital and reserves

Called up share capital	9	1	1
Profit and loss account		464,630	406,205
		------------	------------
Shareholders funds		464,631	406,206
		------------	------------

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 profit and loss account has not been delivered.

For the year 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 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 .

These financial statements were approved by the board of directors and authorised for issue on 23 September 2021 , and are signed on behalf of the board by:

Mr D Friend
Director

Company registration number: 07979674

AETHONSTAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Office 309, Wizu Leeming Building, Ludgate Hill, Leeds, LS2 7HZ, England.

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.

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.

Taxation

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:

Fixtures & fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	15% 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2020 and 31 December 2020	650	3,150	2,553	6,353
	------------	------------	------------	------------
Depreciation
At 1 January 2020	473	1,378	1,603	3,454
Charge for the year	27	443	142	612
	------------	------------	------------	------------
At 31 December 2020	500	1,821	1,745	4,066
	------------	------------	------------	------------
Carrying amount
At 31 December 2020	150	1,329	808	2,287
	------------	------------	------------	------------
At 31 December 2019	177	1,772	950	2,899
	------------	------------	------------	------------

6. Debtors

	2020	2019
	£	£
Trade debtors	548,000	512,480
Friendly Holdings Limited	141,084	141,384
	------------	------------
	689,084	653,864
	------------	------------

Included in trade debtors is an amount of £500,000 held by the director on behalf of the company.

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Accruals and deferred income	1,440	1,260
Corporation tax	115,850	100,880
Social security and other taxes	12,490	8,551
Director loan accounts	103,789	171,713
	------------	------------
	233,569	282,404
	------------	------------

8. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2020	2019
	£	£
Included in provisions	435	507
	------------	------------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2020	2019
	£	£
Accelerated capital allowances	435	507
	------------	------------

9. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	------------	------------	------------	------------

10. Related party transactions

The company is controlled by the director. The director's loan account at note 9 above is unsecured, repayable on demand and currently interest free. The loan owed by Friendly Holdings Limited at note 8 is unsecured, repayable on demand and currently interest-free. This company is under common control.