Company No: 02092604 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mr P Brimblecombe
	Mr A P Davis

REGISTERED OFFICE	3 Marsh Lane
	Lords Meadow Industrial Estate
	Crediton
	EX17 1ES
	United Kingdom

COMPANY NUMBER

02092604 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Centenary House
	Peninsula Park
	Rydon Lane
	Exeter
	Devon EX2 7XE

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	4	131,888		148,820
		131,888		148,820
Current assets
Stocks	5	336,525		265,888
Debtors	6	120,251		68,126
Cash at bank and in hand		257,112		456,859
		713,888		790,873
Creditors: amounts falling due within one year	7	( 586,374)		( 699,480)
Net current assets		127,514		91,393
Total assets less current liabilities		259,402		240,213
Creditors: amounts falling due after more than one year	8	( 52,083)		( 77,083)
Provision for liabilities		( 27,756)		( 31,000)
Net assets		179,563		132,130
Capital and reserves
Called-up share capital	9	100		100
Profit and loss account		179,463		132,030
Total shareholders' funds		179,563		132,130

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Ashgrove Kitchens Limited (registered number: 02092604) were approved and authorised for issue by the Board of Directors on 12 December 2023. They were signed on its behalf by:

Mr A P Davis Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ashgrove Kitchens Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and principal place of business is:-

3 Marsh Lane
Lords Meadow Industrial Estate
Crediton
Devon
EX17 1ES

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years. The goodwill was fully amortised in the year ended 31 March 2021.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on either straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	depreciated over the life of the lease
Plant and machinery	20 % reducing balance
Vehicles	20 % reducing balance
Fixtures and fittings	5 years straight line
Other property, plant and equipment	10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Government grants

Grants relating to revenue are recognised in income over the period in which the related costs are recognised. During the year, the company received the following grants:-

Department of Education - £1,500 (2022: £nil)
Exeter College - £500 (2022: £nil)
Coronavirus Job Retention Scheme £nil (2022: £3,953)

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	16		17

3. Intangible assets

	Goodwill		Total
	£		£
Cost/Valuation
At 01 April 2022	5,000		5,000
At 31 March 2023	5,000		5,000
Accumulated amortisation
At 01 April 2022	5,000		5,000
At 31 March 2023	5,000		5,000
Net book value
At 31 March 2023	0		0
At 31 March 2022	0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Other property, plant and equipment		Total
	£		£		£		£		£		£
Cost
At 01 April 2022	90,944		167,177		97,583		44,058		247,870		647,632
Additions	0		1,459		0		0		0		1,459
At 31 March 2023	90,944		168,636		97,583		44,058		247,870		649,091
Accumulated depreciation
At 01 April 2022	82,504		154,229		62,020		34,619		165,440		498,812
Charge for the financial year	844		2,911		4,262		2,134		8,240		18,391
At 31 March 2023	83,348		157,140		66,282		36,753		173,680		517,203
Net book value
At 31 March 2023	7,596		11,496		31,301		7,305		74,190		131,888
At 31 March 2022	8,440		12,948		35,563		9,439		82,430		148,820

Land and buildings is represented by a short leasehold property.

5. Stocks

	2023		2022
	£		£
Stocks	230,733		201,005
Work in progress	105,792		64,883
	336,525		265,888

6. Debtors

	2023		2022
	£		£
Trade debtors	90,167		42,647
Prepayments	6,581		1,975
Other debtors	23,503		23,504
	120,251		68,126

7. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	25,000		25,000
Trade creditors	239,779		211,773
Amounts owed to directors	15,434		46,408
Accruals and deferred income	56,250		52,902
CIS withheld	9,077		9,981
Taxation and social security	116,689		128,176
Payments received on account	118,214		211,362
Other creditors	5,931		13,878
	586,374		699,480

8. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Bank loans	52,083		77,083

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2023		2022
	£		£
within one year	31,200		31,200
between one and five years	70,200		101,400
	101,400		132,600

11. Related party transactions

Other related party transactions

	2023		2022
	£		£
Balance due from related party, interest free and repayable on demand	22,856		22,856