Asquiths of London Ltd - Period Ending 2023-03-31

Asquiths of London Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 7
Detailed Profit and Loss Account	8 to 10
Accountants' Report	11

Asquiths of London Ltd

Company Information

Directors

N D Coles S James DC James

Registered office

88 Northcote Road London SW11 6QN

Accountants

Manningtons 39 High Street Battle East Sussex TN33 0EE

Asquiths of London Ltd

(Registration number: 07714402)
Balance Sheet as at 31 March 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	5	306,574	304,935
Current assets
Stocks	6	438,016	414,085
Debtors	7	9,378	-
Cash at bank and in hand		34,665	54,582
		482,059	468,667
Creditors: Amounts falling due within one year	8	(805,127)	(750,533)
Net current liabilities		(323,068)	(281,866)
Net (liabilities)/assets		(16,494)	23,069
Capital and reserves
Retained earnings		(16,494)	23,069
Shareholders' (deficit)/funds		(16,494)	23,069

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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 December 2023 and signed on its behalf by:
 

......................................... DC James Director

Asquiths of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
88 Northcote Road
London
SW11 6QN
United Kingdom

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 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 financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sales of goods and services to customers

Tax

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Asquiths of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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
Freehold property	No depreciation has been provided as the directors believe the residual value of the freehold exceeds the cost
Fixtures and fittings	15% reducing balance basis
Motor vehicles	25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stock.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities.

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 directors) during the year, was 4 (2022 - 4).

Asquiths of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4	Loss before tax

Arrived at after charging/(crediting)

	2023 £	2022 £
Depreciation expense	7,805	6,267

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2022	307,989	10,008	-	317,997
Additions	3,750	-	5,695	9,445
At 31 March 2023	311,739	10,008	5,695	327,442
Depreciation
At 1 April 2022	5,785	7,277	-	13,062
Charge for the year	5,972	410	1,424	7,806
At 31 March 2023	11,757	7,687	1,424	20,868
Carrying amount
At 31 March 2023	299,982	2,321	4,271	306,574
At 31 March 2022	302,204	2,731	-	304,935

Included within the net book value of land and buildings above is £299,982 (2022 - £302,204) in respect of freehold land and buildings.
 

Asquiths of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Stocks

	2023 £	2022 £
Stock and material	438,016	414,085

7

Debtors

	2023 £	2022 £
Trade debtors	5,448	-
Director loan account	3,930	-
	9,378	-

Asquiths of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

	Note	2023 £	2022 £
Due within one year
Trade creditors		51,747	21,809
Directors' current accounts	9	691,223	681,065
Taxation and social security		49,321	37,122
Other creditors		12,836	10,537
		805,127	750,533

9	Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

	2023 £	2022 £
Remuneration	72,500	75,000
Pension contributions	2,175	2,250
	74,675	77,250

Summary of transactions with other related parties

D James, S James & N Coles
 The director's have lent the company various amounts during the year. At the balance sheet date the company amount owed to D James was £351,830 (2022: £341,592), S James was owed £339,392 (2022: £338,344) and N Coles owed the company £3,929 (2022: owed from the company £1,129).


 

Asquiths of London Ltd

Detailed Profit and Loss Account for the Year Ended 31 March 2023

	2023 £	2022 £
Turnover (analysed below)	373,381	364,223
Cost of sales (analysed below)	(250,165)	(236,084)
Gross profit	123,216	128,139
Gross profit (%)	33%	35.18%
Administrative expenses
Employment costs (analysed below)	(99,821)	(104,093)
Establishment costs (analysed below)	(22,216)	(11,843)
General administrative expenses (analysed below)	(27,799)	(22,760)
Finance charges (analysed below)	(5,138)	(3,992)
Depreciation costs (analysed below)	(7,805)	(6,267)
	(162,779)	(148,955)
Operating loss	(39,563)	(20,816)
Interest payable and similar expenses (analysed below)	-	(23)
Loss before tax	(39,563)	(20,839)

Asquiths of London Ltd

Detailed Profit and Loss Account for the Year Ended 31 March 2023

2023 £

2022 £

Turnover
Sale of goods, UK	373,381	352,364
Grants and subsidies	-	4,000
Other operating income	-	7,859
	373,381	364,223

Cost of sales
Opening raw materials	414,085	452,005
Materials and purchases	197,423	144,181
Engraving	27,033	17,376
Repairs	49,640	36,607
Closing raw materials	(438,016)	(414,085)
	250,165	236,084

Employment costs
Wages and salaries	18,679	19,510
Staff NIC (Employers)	808	874
Directors remuneration	72,500	75,000
Directors NIC (Employers)	5,047	5,847
Staff pensions (Defined contribution)	612	612
Directors pensions (Defined contribution)	2,175	2,250
	99,821	104,093

Establishment costs
Rates	14,535	8,816
Light, heat and power	4,583	917
Insurance	3,098	2,110
	22,216	11,843

General administrative expenses
Repairs and maintenance	1,961	922
Telephone and fax	4,865	4,718
Computer software and maintenance costs	692	-
Printing, postage and stationery	1,332	733
Trade subscriptions	950	946
Sundry expenses	4,232	3,195
Motor expenses	2,743	2,839
Congestion and parking	1,932	3,006
Advertising	1,755	1,331
Accountancy fees	6,850	4,495
Legal and professional fees	487	575
	27,799	22,760

Asquiths of London Ltd

Detailed Profit and Loss Account for the Year Ended 31 March 2023

2023 £

2022 £

Finance charges
Bank charges	1,713	618
Credit card charges	3,425	3,374
	5,138	3,992

Depreciation costs
Depreciation of freehold property	5,972	5,785
Depreciation of fixtures and fittings (owned)	409	482
Depreciation of motor vehicles (owned)	1,424	-
	7,805	6,267

Interest payable and similar expenses
Other interest payable	-	23

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Asquiths of London Ltd
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Asquiths of London Ltd for the year ended 31 March 2023 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Asquiths of London Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Asquiths of London Ltd and state those matters that we have agreed to state to the Board of Directors of Asquiths of London Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Asquiths of London Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Asquiths of London Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Asquiths of London Ltd. You consider that Asquiths of London Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Asquiths of London Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Manningtons
39 High Street
Battle
East Sussex
TN33 0EE

28 December 2023