Ashe Morris Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 04132405

Ashe Morris Limited

Filleted Unaudited Financial Statements

31 March 2020

Ashe Morris Limited

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	30,344	–
Tangible assets	6	58,024	64,818
		--------	--------
		88,368	64,818

Current assets

Stocks		148,043	122,613
Debtors	7	354,906	192,531
Investments	8	11	11
Cash at bank and in hand		489,340	514,102
		---------	---------
		992,300	829,257

Creditors: amounts falling due within one year	9	191,480		253,722
		---------		---------
Net current assets			800,820	575,535
			---------	---------
Total assets less current liabilities			889,188	640,353

Creditors: amounts falling due after more than one year	10	48,106	–
		---------	---------
Net assets		841,082	640,353
		---------	---------

Capital and reserves

Called up share capital	1,028,086	1,028,086
Share premium account	3,327,064	3,327,064
Profit and loss account	( 3,514,068)	( 3,714,797)
	------------	------------
Shareholders funds	841,082	640,353
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Ashe Morris Limited

Statement of Financial Position (continued)

31 March 2020

These financial statements were approved by the board of directors and authorised for issue on 15 July 2020 , and are signed on behalf of the board by:

Mr G Eccleson

Director

Company registration number: 04132405

Ashe Morris Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sterling House, Mandarin Court, Centre Park, Warrington, WA1 1GG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Patents	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property	-	10% straight line
Prototype Machinery	-	33% straight line
Fixtures and Fittings	-	20% straight line
Computer Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of banks loans which are subsequently measured at amortised cost using the effective interest method.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Share based payments

Details of the equity-settled share-based options are provided in a note to the financial statements.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2019: 12 ).

5. Intangible assets

	Patents, trademarks and licences
	£
Cost
Additions	49,198
	--------
At 31 March 2020	49,198
	--------
Amortisation
Charge for the year	18,854
	--------
At 31 March 2020	18,854
	--------
Carrying amount
At 31 March 2020	30,344
	--------
At 31 March 2019	–
	--------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2019	124,212	246,916	22,377	20,017	413,522
Additions	4,146	–	557	1,902	6,605
	---------	---------	--------	--------	---------
At 31 March 2020	128,358	246,916	22,934	21,919	420,127
	---------	---------	--------	--------	---------
Depreciation
At 1 April 2019	60,277	246,916	22,377	19,134	348,704
Charge for the year	12,767	–	93	539	13,399
	---------	---------	--------	--------	---------
At 31 March 2020	73,044	246,916	22,470	19,673	362,103
	---------	---------	--------	--------	---------
Carrying amount
At 31 March 2020	55,314	–	464	2,246	58,024
	---------	---------	--------	--------	---------
At 31 March 2019	63,935	–	–	883	64,818
	---------	---------	--------	--------	---------

7. Debtors

	2020	2019
	£	£
Trade debtors	13,827	102,623
Other debtors	341,079	89,908
	---------	---------
	354,906	192,531
	---------	---------

8. Investments

	2020	2019
	£	£
Other investments	11	11
	----	----

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	856	3,330
Trade creditors	49,962	82,574
Social security and other taxes	17,545	14,794
Other creditors	123,117	153,024
	---------	---------
	191,480	253,722
	---------	---------

10. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Other creditors	48,106	–
	--------	----

11. Share based payments

At 31 March 2020 the company had 799,490 (2019 - 556,728) options in issue to Directors and employees. Certain of these options are subject to vesting conditions that have not yet been met. The options entitle the holder to subscribe for £0.10 shares in the company within a set period following the issue, for an exercise price as shown below:

No of options Exercise Price £ Date option granted

376,990 (Employees) £0.40p 26 July 2013

12,500 (Directors) £0.10p 16 December 2014

210,000 (Employees) £0.10p 30 October 2019

200,000 (Directors) £0.10p 30 October 2019

The Directors consider the share options will be settled through the issue of the relevant equity.

12. Related party transactions

No one shareholder has overall control of the company. The company is under the control of the directors on a day to day basis. No transactions with related parties were undertaken such as are required to be disclosed.