Ashe Morris Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 04132405

Ashe Morris Limited

Filleted Unaudited Financial Statements

31 March 2017

Ashe Morris Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Ashe Morris Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		91,472	173,587

Current assets

Stocks		101,582	129,376
Debtors	7	244,395	341,523
Investments	8	11	11
Cash at bank and in hand		332,821	233,843
		---------	---------
		678,809	704,753

Creditors: amounts falling due within one year	9	351,814		418,111
		---------		---------
Net current assets			326,995	286,642
			---------	---------
Total assets less current liabilities			418,467	460,229
			---------	---------
Net assets			418,467	460,229
			---------	---------

Capital and reserves

Called up share capital	11	407,836	407,836
Share premium account		3,327,064	3,327,064
Profit and loss account		( 3,316,433)	( 3,274,671)
		------------	------------
Members funds		418,467	460,229
		------------	------------

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 income and retained earnings has not been delivered.

For the year ending 31 March 2017 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 2017

These financial statements were approved by the board of directors and authorised for issue on 21 September 2017 , and are signed on behalf of the board by:

Mr R Ashe

Director

Company registration number: 04132405

Ashe Morris Limited

Notes to the Financial Statements

Year ended 31 March 2017

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 the provisions of FRS 102 Section 1A, '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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.

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.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 7 (2016: 11 ).

5. Tax on loss

Major components of tax income

	2017	2016
	£	£

Current tax:

Adjustments in respect of prior periods	( 45,381)	( 44,037)
	--------	--------
Tax on loss	( 45,381)	( 44,037)
	--------	--------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2016 and 31 March 2017	116,402	246,916	22,377	18,984	404,679
	---------	---------	--------	--------	---------
Depreciation
At 1 April 2016	24,531	183,595	10,080	12,886	231,092
Charge for the year	11,634	61,456	4,475	4,550	82,115
	---------	---------	--------	--------	---------
At 31 March 2017	36,165	245,051	14,555	17,436	313,207
	---------	---------	--------	--------	---------
Carrying amount
At 31 March 2017	80,237	1,865	7,822	1,548	91,472
	---------	---------	--------	--------	---------
At 31 March 2016	91,871	63,321	12,297	6,098	173,587
	---------	---------	--------	--------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery
	£
At 31 March 2017	–
	----
At 31 March 2016	31,238
	--------

7. Debtors

	2017	2016
	£	£
Trade debtors	98,645	121,644
Other debtors	145,750	219,879
	---------	---------
	244,395	341,523
	---------	---------

8. Investments

	2017	2016
	£	£
Other investments	11	11
	----	----

9. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	1,037	1,694
Trade creditors	36,591	52,021
Accruals and deferred income	150,559	162,671
Social security and other taxes	7,249	8,399
Obligations under finance leases and hire purchase contracts	–	27,610
Other creditors	156,378	165,716
	---------	---------
	351,814	418,111
	---------	---------

10. Share based payments

At 31 March 2016 the company had 1,416,843 (2016 - 1,644,589) 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 4 year period following the issue, for an exercise price as shown below:

No of options Exercise Price £ Date option granted

488,482 (Employees) £0.40p 26 July 2013

860,115 (Directors) £0.40p 15 September 2014

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

55,746 (Employees) £0.40p 8 April 2015

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

11. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary A shares of £ 0.10 each	4,078,364	407,836	4,078,364	407,836
	------------	---------	------------	---------

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.

13. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.