Company Registration No. SC658725 (Scotland)
ASCOTT METALLURGICAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2021
PAGES FOR FILING WITH REGISTRAR
ASCOTT METALLURGICAL LTD
CONTENTS
Page
Balance Sheet
1
Statement of Changes in Equity
2
Notes to the Financial Statements
3 - 5
ASCOTT METALLURGICAL LTD
BALANCE SHEET
AS AT
30 APRIL 2021
30 April 2021
- 1 -
2021
Notes
£
£
Fixed assets
Tangible assets
3
868
Current assets
Cash at bank and in hand
2,649
Creditors: amounts falling due within one year
4
(2,657)
Net current liabilities
(8)
Total assets less current liabilities
860
Capital and reserves
Called up share capital
5
2
Profit and loss reserves
858
Total equity
860
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 period ended 30 April 2021 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 period 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 24 June 2021 and are signed on its behalf by:
Mr Alastair Pearson
Director
Company Registration No. SC658725
ASCOTT METALLURGICAL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2021
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 30 April 2021:
Profit and total comprehensive income for the period
-
858
858
Issue of share capital
5
2
-
2
Balance at 30 April 2021
2
858
860
ASCOTT METALLURGICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2021
- 3 -
1
Accounting policies
Company information
Ascott Metallurgical Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
c/o IDS + Co, 38 Beansburn, Kilmarnock, East Ayrshire, Scotland, KA3 1RL.
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
Reporting period
The financial statements have been prepared covering the period from incorporation on 2 April 2020 to the period end date of 30 April 2021.
1.3
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.
Turnover relates to the provision of technical consulting activities.
1.4
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:
Computers
25%
1.5
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.
1.6
Cash and cash equivalents
Cash and cash equivalents
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
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.
ASCOTT METALLURGICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 4 -
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
Number
Total
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 2 April 2020
Additions
1,158
At 30 April 2021
1,158
Depreciation and impairment
At 2 April 2020
Depreciation charged in the period
290
At 30 April 2021
290
Carrying amount
At 30 April 2021
868
ASCOTT METALLURGICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2021
- 5 -
4
Creditors: amounts falling due within one year
2021
£
Corporation tax
77
Other creditors
2,580
2,657
5
Called up share capital
2021
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
6
Directors' transactions
During the year A Pearson loaned the company £1,800. At the year end 30 April 2021 the company owed the director£1,800
The director does not seek repayment of his directors loan to the company within a specific time frame, or any interest on the balance.