ASC AMERICAN SUN COMPONENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
ASC American Sun Components Ltd is a private company, limited by shares. The company is registered in England and Wales and domiciled in the UK. The registered office address is PO Box 4385, 11715290: Companies House Default Address, Cardiff, CF14 8LH.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
The company recorded a loss of £142,755 (2019: £126,602) for the period ended 31 December 2020 and had net liabilities of £269,357 (2019: £126,502) at the balance sheet date.
The company continues to meet its day to day working requirements from loans leveraged by the
director and shareholder from associated business interests. The company is therefore dependent
upon the support of these loan facilities in order to continue as a going concern.
The director is satisfied that they can continue to finance the operations of the business in this
manner and enable the company to achieve profitability. Accordingly, the director considers it
appropriate to prepare these accounts on a going concern basis.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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