ASHCROFTS LIMITED - Filleted accounts

ASHCROFTS LIMITED
Registered number:		06375972
Balance Sheet
as at 31 December 2016

Notes			2016			2015
£				£
Fixed assets
Intangible assets	3		93,000			186,000
Tangible assets	4		5,277			6,056
			98,277			192,056

Current assets
Debtors	5	365,220			339,951
Cash at bank and in hand		274,546			232,259
		639,766			572,210

Creditors: amounts falling due within one year	6	(161,939)			(214,928)

Net current assets			477,827			357,282

Total assets less current liabilities			576,104			549,338


Provisions for liabilities			(714)			(902)


Net assets			575,390			548,436

Capital and reserves
Called up share capital			100			100
Profit and loss account			575,290			548,336

Shareholders' funds			575,390			548,436

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




G N Michael
Director
Approved by the board on 17 July 2017

ASHCROFTS LIMITED
Notes to the Accounts
for the year ended 31 December 2016


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Furniture & equipment	25% on reducing balance
	Goodwill	10% on straight line basis

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees		2016		2015
Number				Number

	Average number of persons employed by the company		6		6


3	Intangible fixed assets				£
	Goodwill:

	Cost
	At 1 January 2016				930,000
	At 31 December 2016				930,000

	Amortisation
	At 1 January 2016				744,000
	Provided during the year				93,000
	At 31 December 2016				837,000

	Net book value
	At 31 December 2016				93,000
	At 31 December 2015				186,000

	Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.


4	Tangible fixed assets
					Furniture & equipment
£
	Cost
	At 1 January 2016				26,669
	Additions				982
	At 31 December 2016				27,651

	Depreciation
	At 1 January 2016				20,613
	Charge for the year				1,761
	At 31 December 2016				22,374

	Net book value
	At 31 December 2016				5,277
	At 31 December 2015				6,056


5	Debtors		2016		2015
£				£

	Trade debtors		13,569		62,100
	Other debtors		351,651		277,851
			365,220		339,951


6	Creditors: amounts falling due within one year		2016		2015
£				£

	Trade creditors		1,251		3,540
	Corporation tax		63,566		62,412
	Other taxes and social security costs		36,818		24,408
	Other creditors		60,304		124,568
			161,939		214,928


7	Related party transactions		2016		2015
£				£
	The company operates from premises owned by the directors. Rent paid to the directors during the year amounted to:		19,200		19,200
	Amount due from (to) the directors		(797)		(63,335)

8	Other information

	ASHCROFTS LIMITED is a private company limited by shares and incorporated in England and Wales. Its registered office is at:
	601 High Road
	Leytonstone
	London
	E11 4PA

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