Asthetika Limited - Period Ending 2020-10-31

Asthetika Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 7

Asthetika Limited

Company Information

Director	S J Huxford

Registered office

C/o Bissell & Brown Ltd Charter House 56 High Street Sutton Coldfield West Midlands B72 1UJ

Accountants

Bissell & Brown Ltd Chartered Accountants Charter House 56 High Street Sutton Coldfield West Midlands B72 1UJ

Asthetika Limited

(Registration number: 09272714)
Balance Sheet as at 31 October 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	9,187	6,843
Current assets
Stocks	5	1,250	500
Debtors	6	-	3
		1,250	503
Creditors: Amounts falling due within one year	7	(20,933)	(11,222)
Net current liabilities		(19,683)	(10,719)
Net liabilities		(10,496)	(3,876)
Capital and reserves
Called up share capital	8	3	3
Profit and loss account		(10,499)	(3,879)
Total equity		(10,496)	(3,876)

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

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report or the Profit and Loss Account has been taken.

Approved and authorised by the director on 24 March 2021
 

......................................... S J Huxford Director

Asthetika Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020

1	General information

The company is a private company limited by share capital, incorporated in England & Wales. The company's registration number is 09272714.

The address of its registered office is:
C/o Bissell & Brown Ltd
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ
United Kingdom

The principal place of business is:
2 Bassett Road
Cleethorpes
N.E. Lincs.
DN35 0EH
United Kingdom

These financial statements were authorised for issue by the director on 24 March 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis on the assumption of the continued support from its director.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Asthetika Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)

2	Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant & Machinery	20% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Asthetika Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)

2	Accounting policies (continued)

Financial instruments

Trade debtors

Trade debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where the arrangement with a trade debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Financial liabilities and equity

Financial instruments are classified as liabilities and equity instruments 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.

Trade creditors

Trade creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Where the arrangement with a trade creditor constitutes a financing transaction, the creditor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar instrument.

Borrowings

Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Commitments to receive a loan are measured at cost less impairment.

Derecognition of financial assets and liabilities

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

3	Staff numbers

The average number of persons employed (including the director) during the year was 1 (2019 - 1).

Asthetika Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)

4	Tangible assets

	Plant and machinery £	Total £
Cost or valuation
At 1 November 2019	6,843	6,843
Additions	3,370	3,370
At 31 October 2020	10,213	10,213
Depreciation
Charge for the year	1,026	1,026
At 31 October 2020	1,026	1,026
Carrying amount
At 31 October 2020	9,187	9,187
At 31 October 2019	6,843	6,843

5

Stocks

	2020 £	2019 £
Other inventories	1,250	500

6

Debtors

	2020 £	2019 £
Other debtors	-	3
Total current trade and other debtors	-	3

7

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Loans and borrowings	7.1	20,345	11,222
Accrued expenses		588	-
		20,933	11,222

7.1	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Loans from directors	20,345	11,222

Asthetika Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary share of £1 each	3	3	3	3

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions: Holders of the ordinary share capital have a right to vote and receive dividends.