ASHWORTH 2014 LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
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 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investment properties
3
241,032
241,032
Investments
4
150,750
150,750
391,782
391,782
Current assets
Debtors
5
20,363
23,441
Cash at bank and in hand
237
227
20,600
23,668
Creditors: amounts falling due within one year
6
(257,597)
(257,514)
Net current liabilities
(236,997)
(233,846)
Total assets less current liabilities
154,785
157,936
Creditors: amounts falling due after more than one year
7
(126,736)
(143,892)
Net assets
28,049
14,044
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
27,949
13,944
Total equity
28,049
14,044
The notes on pages 3 - 6 form an integral part of these financial statements.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
ASHWORTH 2014 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 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 23 December 2019
N Holt
Director
Company Registration No. 9765282
ASHWORTH 2014 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 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 have been prepared with early application of
the
FRS 102 Triennial Review 2017 amendments relating to directors' loans and gift aid.
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
Turnover
Turnover represents the income derived from the rental of the company's land.
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.
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.
ASHWORTH 2014 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
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.
Derecognition of financial assets
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.
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 (2018 - 1).
ASHWORTH 2014 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
3
Investment property
2019
£
Fair value
At 1 April 2018 and 31 March 2019
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 2019.
4
Fixed asset investments
2019
2018
£
£
Investments
150,750
150,750
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2018 & 31 March 2019
150,750
Carrying amount
At 31 March 2019
150,750
At 31 March 2018
150,750
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
20,363
23,441
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
17,070
16,870
Corporation tax
3,127
3,244
Other creditors
237,400
237,400
257,597
257,514
ASHWORTH 2014 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
7
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Bank loans and overdrafts
126,736
143,892
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
58,456
76,411
8
Called up share capital
2019
2018
£
£
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
9
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2019
2018
£
£
51,300
74,100