Asco Components Limited - Accounts to registrar (filleted) - small 23.1.2

Asco Components Limited - Accounts to registrar (filleted) - small 23.1.2

ASCO COMPONENTS LIMITED - Company Information

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REGISTERED NUMBER: 07033442 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

FOR

ASCO COMPONENTS LIMITED
Holder Blackthorn LLP
Blackthorn House
St Pauls Square
Birmingham
B3 1RL








ASCO COMPONENTS LIMITED (REGISTERED NUMBER: 07033442)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


ASCO COMPONENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022







DIRECTORS: Mrs L M Stoneman
A Stoneman





REGISTERED OFFICE: Unit 19 Green Lane Industrial Estate
Second Avenue
Bordesley Green
Birmingham
B9 5QP





REGISTERED NUMBER: 07033442 (England and Wales)





ACCOUNTANTS: Holder Blackthorn LLP
Blackthorn House
St Pauls Square
Birmingham
B3 1RL
Page 1
ASCO COMPONENTS LIMITED (REGISTERED NUMBER: 07033442)

ABRIDGED BALANCE SHEET
30 SEPTEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,743 11,382

CURRENT ASSETS
Stocks 66,114 62,849
Debtors 115,932 114,132
Cash at bank and in hand 32,877 8,006
214,923 184,987
CREDITORS
Amounts falling due within one year 106,335 81,522
NET CURRENT ASSETS 108,588 103,465
TOTAL ASSETS LESS CURRENT
LIABILITIES
119,331
114,847

CAPITAL AND RESERVES
Called up share capital 5 2 2
Retained earnings 119,329 114,845
SHAREHOLDERS' FUNDS 119,331 114,847

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 September 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 June 2023 and were signed on its behalf by:





A Stoneman - Director


The notes form part of these financial statements

Page 2
ASCO COMPONENTS LIMITED (REGISTERED NUMBER: 07033442)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

1. STATUTORY INFORMATION

Asco Components Limited 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Government grants
Grants received under the various covid-19 support measures are recognised using the performance model. A grant that does not impose specified future performance-related conditions is recognised in income when the grant proceeds are received or receivable. A grant that imposes specified future performance-related conditions is recognised in income only when the performance-related conditions are met. Any grants received before the revenue recognition criteria are satisfied are recognised as a liability.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Page 3
ASCO COMPONENTS LIMITED (REGISTERED NUMBER: 07033442)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. ACCOUNTING POLICIES - continued
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.

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 5 (2021 - 5 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2021 26,504
Additions 1,082
Disposals (885 )
At 30 September 2022 26,701
DEPRECIATION
At 1 October 2021 15,122
Charge for year 1,635
Eliminated on disposal (799 )
At 30 September 2022 15,958
NET BOOK VALUE
At 30 September 2022 10,743
At 30 September 2021 11,382

5. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
2 Ordinary £1 2 2

6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company made a loan of £3000 to a director in 2020 and £263 in 2022. This was still outstanding at the end of this year.

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