Ashby Ink Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12005103 (England and Wales)

Unaudited Financial Statements

for the Period 20 May 2019 to 31 May 2020

for

Ashby Ink Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

T D Bayly

REGISTERED OFFICE:

c/o ABC Accounting Services

Unit 1 Sandars Road

Heapham Road Industrial Estate

Gainsborough

Lincolnshire

DN21 1RZ

REGISTERED NUMBER:

12005103 (England and Wales)

ACCOUNTANTS:

ABC Accounting Services

Unit 1, Sandars Road

Heapham Rd Ind Estate

Gainsborough

Lincolnshire

DN21 1RZ

FIXED ASSETS

Intangible assets

4

9,000

Tangible assets

5

9,470

18,470

CURRENT ASSETS

Cash at bank

25,319

CREDITORS

Amounts falling due within one year

6

31,936

NET CURRENT LIABILITIES

(6,617

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,853

CAPITAL AND RESERVES

Called up share capital

200

Retained earnings

11,653

11,853

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 January 2021 and were signed by:

T D Bayly - Director

1.	STATUTORY INFORMATION

Ashby Ink Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 15% on reducing balance

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

10,000

At 31 May 2020

10,000

AMORTISATION

Amortisation for period

1,000

At 31 May 2020

1,000

NET BOOK VALUE

At 31 May 2020

9,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

Additions

9,994

1,058

113

11,165

At 31 May 2020

9,994

1,058

113

11,165

DEPRECIATION

Charge for period

1,499

159

37

1,695

At 31 May 2020

1,499

159

37

1,695

NET BOOK VALUE

At 31 May 2020

8,495

899

76

9,470

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

1

Tax

4,704

Directors' current accounts

21,511

Accrued expenses

720

Deferred government grants

5,000

31,936

7.	ULTIMATE CONTROLLING PARTY

The company is controlled by the director. At the year end the company owed the director £21,511.