REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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8 APRIL 2020 TO 31 MARCH 2021 |
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FOR |
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ASG INVESTMENTS 5 LIMITED |
REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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8 APRIL 2020 TO 31 MARCH 2021 |
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FOR |
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ASG INVESTMENTS 5 LIMITED |
ASG INVESTMENTS 5 LIMITED (REGISTERED NUMBER: 10516535) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 8 April 2020 to 31 March 2021 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 3 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Notes to the Financial Statements | 11 |
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ASG INVESTMENTS 5 LIMITED |
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COMPANY INFORMATION |
for the period 8 April 2020 to 31 March 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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1110 Elliott Court |
Coventry Business Park |
Herald Avenue |
Coventry |
West Midlands |
CV5 6UB |
ASG INVESTMENTS 5 LIMITED (REGISTERED NUMBER: 10516535) |
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REPORT OF THE DIRECTORS |
for the period 8 April 2020 to 31 March 2021 |
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The directors present their report with the financial statements of the company for the period 8 April 2020 to 31 March 2021. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 8 April 2020 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASG INVESTMENTS 5 LIMITED |
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Opinion |
We have audited the financial statements of ASG Investments 5 Limited (the 'company') for the period ended 31 March 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2021; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASG INVESTMENTS 5 LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASG INVESTMENTS 5 LIMITED |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- reference to past history and experience of the Entity, |
- enquiring of management, including obtaining and reviewing supporting documentation, concerning the |
Entity's procedures relating to: |
- identifying and complying with laws and regulations and whether they were aware of any instances |
of non-compliance; |
- detection and response to risk of fraud and whether they were aware of any actual or suspected |
instances of fraud. |
- assessment of the controls and processes that the Entity has in place to mitigate risk in these areas |
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Our assessments included the identification of the following potential areas for fraud: |
- Management override of control; |
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We design audit procedures by tailored and directed testing to aid and support the level of determined level of |
risk. In response to the assessed risk we plan audit tests and procedures that target specific areas where |
misstatement may occur. These procedures and the extent to which they are capable of detecting |
irregularities, including fraud, are detailed below: |
- We tested the appropriateness of accounting journals and other adjustments made in the |
preparation of the financial statements, especially in relation to group balances |
- We reviewed the Entity's accounting policies for non-compliance with relevant standards. |
- We made enquiries of management and reviewed correspondence with the relevant authorities identify any |
irregularities or instances of non-compliance with laws and regulations |
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In performing an audit in accordance with UK GAAP, we exercise professional judgement and maintain |
professional scepticism throughout the audit process. |
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The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from |
error, as fraud may involve collusion or override of internal controls. There are inherent limitations in the audit |
procedures performed |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASG INVESTMENTS 5 LIMITED |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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1110 Elliott Court |
Coventry Business Park |
Herald Avenue |
Coventry |
West Midlands |
CV5 6UB |
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ASG INVESTMENTS 5 LIMITED (REGISTERED NUMBER: 10516535) |
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INCOME STATEMENT |
for the period 8 April 2020 to 31 March 2021 |
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Period | Period |
8.4.20 | 1.4.19 |
to | to |
31.3.21 | 7.4.20 |
Notes | £ | £ |
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TURNOVER |
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OPERATING PROFIT |
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Interest payable and similar expenses | 3 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 4 |
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PROFIT FOR THE FINANCIAL PERIOD |
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ASG INVESTMENTS 5 LIMITED (REGISTERED NUMBER: 10516535) |
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OTHER COMPREHENSIVE INCOME |
for the period 8 April 2020 to 31 March 2021 |
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Period | Period |
8.4.20 | 1.4.19 |
to | to |
31.3.21 | 7.4.20 |
Notes | £ | £ |
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PROFIT FOR THE PERIOD |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD |
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ASG INVESTMENTS 5 LIMITED (REGISTERED NUMBER: 10516535) |
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BALANCE SHEET |
31 March 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ASG INVESTMENTS 5 LIMITED (REGISTERED NUMBER: 10516535) |
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STATEMENT OF CHANGES IN EQUITY |
for the period 8 April 2020 to 31 March 2021 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 April 2019 |
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Changes in equity |
Balance at 7 April 2020 |
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Changes in equity |
Balance at 31 March 2021 |
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ASG INVESTMENTS 5 LIMITED (REGISTERED NUMBER: 10516535) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the period 8 April 2020 to 31 March 2021 |
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1. | STATUTORY INFORMATION |
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ASG Investments 5 Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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Preparation of consolidated financial statements |
The financial statements contain information about ASG Investments 5 Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Aero Services Global Group Ltd, C/O A2e Industries, No.1 Marsden Street, Manchester, England, M2 1HW. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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 period end and that are expected to apply to the reversal of the timing difference. |
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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. |
ASG INVESTMENTS 5 LIMITED (REGISTERED NUMBER: 10516535) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 8 April 2020 to 31 March 2021 |
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3. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period | Period |
8.4.20 | 1.4.19 |
to | to |
31.3.21 | 7.4.20 |
£ | £ |
Loan interest |
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4. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the period ended 31 March 2021 nor for the period ended 7 April 2020. |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 8 April 2020 |
and 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 7 April 2020 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: 50 Bayton Road, Exhall, Coventry,CV7 9DW |
Nature of business:
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Class of shares: | holding |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed to group undertakings |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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A Ordinary Shares | 1 | - | - |
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B Ordinary Shares | 1 | - | - |
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Ordinary Shares | £1 | 50,000 | 50,000 |
50,000 | 50,000 |
ASG INVESTMENTS 5 LIMITED (REGISTERED NUMBER: 10516535) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 8 April 2020 to 31 March 2021 |
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8. | RESERVES |
Retained |
earnings |
£ |
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Profit for the period |
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At 31 March 2021 |
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9. | ULTIMATE PARENT COMPANY |
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The immediate parent undertaking of ASG Investments 5 Limited is ASG Aerospace Ltd, a company registered in England and Wales, by virtue of it holding the entire share capital of the company. |
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Aero Services Global Group Ltd is regarded by the directors as being the company's ultimate parent |
company. |
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10. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |