ASHWORTH 2014 LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
ASHWORTH 2014 LIMITED
COMPANY INFORMATION
Director
N Holt
Company number
9765282 (England and Wales)
Registered office
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
ASHWORTH 2014 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ASHWORTH 2014 LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
3
241,032
-
Investments
4
150,750
-
391,782
-
Current assets
Debtors
5
15,677
4,440
Cash at bank and in hand
7,387
245,660
23,064
250,100
Creditors: amounts falling due within one year
6
(253,776)
(250,000)
Net current (liabilities)/assets
(230,712)
100
Total assets less current liabilities
161,070
100
Creditors: amounts falling due after more than one year
7
(160,857)
-
Net assets
213
100
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
113
-
Total equity
213
100
The notes on pages 3 - 6 form an integral part of these financial statements.
ASHWORTH 2014 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The director 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 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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 22 December 2017
N Holt
Director
Company Registration No. 9765282
ASHWORTH 2014 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Ashworth 2014 Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
11 Nicholas Street, Burnley, Lancashire, BB11 2AL.
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.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Ashworth 2014 Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 7 September 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
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.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly
labour
rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at the reporting
account
date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
ASHWORTH 2014 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
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.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost:
the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method:
where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
D
eferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to
reserves
, in which case the deferred tax is also dealt with in
reserves.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).
ASHWORTH 2014 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
3
Investment property
2017
£
Fair value
At 1 April 2016
-
Additions
241,032
At 31 March 2017
241,032
Investment property comprises land. The director is of the opinion that the purchase price in June 2016 is an accurate reflection of the open market value as at 31 March 2017.
4
Fixed asset investments
2017
2016
£
£
Investments
150,750
-
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2016
-
Additions
150,750
At 31 March 2017
150,750
Carrying amount
At 31 March 2017
150,750
At 31 March 2016
-
In June 2016, the company acquired the entire share capital of Hapton Caravan Storage Limited.
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Amounts due from group undertakings
15,677
-
Prepayments and accrued income
-
4,440
15,677
4,440
ASHWORTH 2014 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
16,776
-
Other creditors
237,000
250,000
253,776
250,000
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
160,857
-
The bank loan is secured by a fixed and floating charge over all the company's assets.
Amounts included above which fall due after five years are as follows:
Payable by instalments
93,752
-
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
76 A ordinary shares of £1 each
76
76
24 B ordinary shares of £1 each
24
24
100
100