ASHTREE TRADING LTD
Company Registration No. 09386587 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
ASHTREE TRADING LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ASHTREE TRADING LTD
BALANCE SHEET
AS AT 30 JUNE 2018
30 June 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
360,468
375,462
Current assets
Stocks
12,856,716
10,972,565
Debtors
4
500,047
933,170
Cash at bank and in hand
28,971
1,624,013
13,385,734
13,529,748
Creditors: amounts falling due within one year
5
(6,865,558)
(6,953,695)
Net current assets
6,520,176
6,576,053
Total assets less current liabilities
6,880,644
6,951,515
Capital and reserves
Called up share capital
6
7,000,001
7,000,001
Profit and loss reserves
(119,357)
(48,486)
Total equity
6,880,644
6,951,515
The directors of the company have elected not to include a copy of the profit and loss account 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 19 March 2019 and are signed on its behalf by:
Mr K W Ashworth
Director
Company Registration No. 09386587
ASHTREE TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 2 -
1
Accounting policies
Company information
Ashtree Trading Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1 Brassey Road, Old Potts Way, Shrewsbury, Shropshire, SY3 7FA.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
2% straight line
Plant and equipment
10% straight line
Fixtures and fittings
10% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell.
ASHTREE TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 3 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
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.
1.7
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
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2017 and 30 June 2018
334,462
66,464
400,926
Depreciation and impairment
At 1 July 2017
13,229
12,235
25,464
Depreciation charged in the year
6,689
8,305
14,994
At 30 June 2018
19,918
20,540
40,458
Carrying amount
At 30 June 2018
314,544
45,924
360,468
At 30 June 2017
321,233
54,229
375,462
ASHTREE TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 4 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
220,409
861,740
Corporation tax recoverable
38,750
-
Other debtors
240,888
71,430
500,047
933,170
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
8,791
-
Taxation and social security
-
11,246
Other creditors
6,856,767
6,942,449
6,865,558
6,953,695
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
7,000,001 Ordinary shares of £1 each
7,000,001
7,000,001
7
Related party transactions
At the period end, the company owed the directors, Mr K Ashworth and Mrs N Ashworth £6,851,917 (2017: £6,937,599). This loan is repayable on demand.