Company Registration No. 06607434 (England and Wales)
ASMAG UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
PAGES FOR FILING WITH REGISTRAR
ASMAG UK LIMITED
COMPANY INFORMATION
Director
Mr J Vielhaber
Company number
06607434
Registered office
5 & 6 Kensington
Cockton Hill Road
Bishop Auckland
Co. Durham
DL14 6HX
Accountants
Chipchase Nelson
5 & 6 Kensington
Cockton Hill Road
Bishop Auckland
Co. Durham
DL14 6HX
Bankers
Lloyds TSB Bank Plc (Market Pl, Durham)
19 Market place
Durham
United Kingdom
DH1 3NL
ASMAG UK LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
ASMAG UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2017
30 June 2017
- 1 -
2017
2016
Notes
£
£
£
£
Current assets
Trade and other receivables
2
-
763
Cash and cash equivalents
2,320
2,903
2,320
3,666
Current liabilities
3
(250)
-
Net current assets
2,070
3,666
Non-current liabilities
4
-
(819,021)
Net assets/(liabilities)
2,070
(815,355)
Equity
Called up share capital
5
20,100
20,100
Retained earnings
(18,030)
(835,455)
Total equity
2,070
(815,355)
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act 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 and signed by the director and authorised for issue on 26 March 2018
Mr J Vielhaber
Director
Company Registration No. 06607434
ASMAG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 2 -
1
Accounting policies
Company information
ASMAG UK Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5 & 6 Kensington, Cockton Hill Road, Bishop Auckland, Co. Durham, DL14 6HX.
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
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.
1.3
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 trade and other receivables 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.
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.
ASMAG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.
2
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Other receivables
-
763
3
Current liabilities
2017
2016
£
£
Other payables
250
-
4
Non-current liabilities
2017
2016
£
£
Other payables
-
819,021
ASMAG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 4 -
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
20,100 Ordinary shares of £1 each
20,100
20,100
20,100
20,100