Above Surface Ltd - Period Ending 2021-12-31

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 2021

	Note	2020 £		2020 £
Fixed assets
Tangible assets	4		36,289		47,835
Current assets
Stocks		1,255,266		396,398
Debtors		319,540		1,102,124
Cash at bank and in hand		406,871		15,957
		1,981,677		1,514,479
Prepayments and accrued income		42,159		46,424
Creditors: Amounts falling due within one year	5.1	(1,314,334)		(403,442)
Net current assets			709,502		1,157,461
Total assets less current liabilities			745,791		1,205,296
Creditors: Amounts falling due after more than one year	5.2		(49,817)		(64,819)
Accruals and deferred income			(495,398)		(653,516)
Net assets			200,576		486,961
Capital and reserves
Called up share capital		100		100
Profit and loss account		200,476		486,861
Total capital and reserves			200,576		486,961

For the financial 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 members have not required the company to obtain an audit of its accounts for the year 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 June 2023
 

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

Above Surface Ltd

Notes to the Unaudited Abridged Financial Statements
for the Year Ended 31 December 2021

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.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Disclosure of long or short period

The figures to 31 December 2021 are for a twelve month period, wheras the comparative is for a thirteen month period, making the comparatives not entirely comparable. The lengh of the accounting period was extended in 2020 to be coterminous with another company in which M Makin is a director and shareholder.

Revenue recognition

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 Year Ended 31 December 2021

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 year, was 21 (2020 - 22).

4	Tangible assets

	Total £
Cost or valuation
At 1 January 2021	71,358
Additions	9,718
At 31 December 2021	81,076
Depreciation
At 1 January 2021	23,523
Charge for the year	21,264
At 31 December 2021	44,787
Carrying amount
At 31 December 2021	36,289
At 31 December 2020	47,835

Above Surface Ltd

Notes to the Unaudited Abridged Financial Statements
for the Year Ended 31 December 2021

5

Creditors

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 £16,669 (2020 - £13,738).

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 £49,817 (2020 - £64,819).

6	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 £205,244 (2020 - £314,265).

Amounts disclosed in the balance sheet

Included in the balance sheet are employer pension contributions paid after date of £992 (2020 - £612).

7	Related party transactions

The director has a loan account with the company and the overdrawn balance brought forward at the start of the year was repaid by 31 January 2021. This loan was overdrawn to a maximum of £6,234 in 2020 and 2021. No interest is charged on this loan and it is repayable on demand.
 

Included in debtors is a loan of £231,872 (2020: £1,040,090) owed by 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.