Company Registration No. 03862418 (England and Wales)
ASTWOOD SECURITIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
ASTWOOD SECURITIES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
ASTWOOD SECURITIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2018
30 June 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Stocks
12,889,954
13,592,481
Debtors
3
216,899
182,796
Cash at bank and in hand
1,067
4,775
13,107,920
13,780,052
Creditors: amounts falling due within one year
4
(15,695,556)
(15,968,854)
Net current liabilities
(2,587,636)
(2,188,802)
Capital and reserves
Called up share capital
5
25
25
Profit and loss reserves
(2,587,661)
(2,188,827)
Total equity
(2,587,636)
(2,188,802)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 March 2019 and are signed on its behalf by:
Mr. Marcel Bordon
Director
Company Registration No. 03862418
ASTWOOD SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 2 -
1
Accounting policies
Company information
Astwood Securities Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
14 Maxted Road, Hemel Hempstead, Hertfordshire, HP2 7DX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts have been prepared on a going concern basis as a related company has agreed to
provide support to enable the company to pay its debts as they fall due.
1.3
Turnover
Turnover is the total amount of receivable by the company for the sale of shares and property.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
ASTWOOD SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2017 - 5).
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
216,899
182,796
4
Creditors: amounts falling due within one year
2018
2017
£
£
Other creditors
15,695,556
15,968,854
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
25 Ordinary shares of £1 each
25
25
25
25