Company Registration No. 02884826 (England and Wales)
AsCoTech Limited
Unaudited accounts
for the year ended 31 January 2020
AsCoTech Limited
Unaudited accounts
Contents
AsCoTech Limited
Company Information
for the year ended 31 January 2020
Directors
R Ladell
A J Ladell
Company Number
02884826 (England and Wales)
Registered Office
40 Orpington Road
Winchmore Hill
London
N21.3PG
UK
AsCoTech Limited
Statement of financial position
as at
31 January 2020
Cash at bank and in hand
8,476
9,846
Creditors: amounts falling due within one year
(81,870)
(81,931)
Net current liabilities
(73,182)
(71,873)
Net liabilities
(73,182)
(71,873)
Called up share capital
2
2
Profit and loss account
(73,184)
(71,875)
Shareholders' funds
(73,182)
(71,873)
For the year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2020 and were signed on its behalf by
R Ladell
Director
Company Registration No. 02884826
AsCoTech Limited
Notes to the Accounts
for the year ended 31 January 2020
AsCoTech Limited is a private company, limited by shares, registered in England and Wales, registration number 02884826. The registered office is 40 Orpington Road, Winchmore Hill, London, N21.3PG, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets. At 31st January 2020, current liabilities exceeded current assets by £73,182. However, it is the intention of the directors to continue to provide such financial support as is necessary to enable the company to meet its obligations as they fall due. The directors are therefore of the opinion that it is appropriate for the accounts to be prepared on the going concern basis.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% straight line
Work-in-progress is valued at net realisable value
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
AsCoTech Limited
Notes to the Accounts
for the year ended 31 January 2020
Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
4
Tangible fixed assets
Computer equipment
Cost or valuation
At cost
6
Creditors: amounts falling due within one year
2020
2019
Trade creditors
810
1,080
Other creditors
81,060
80,851
7
Share capital
2020
2019
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
Included in "other creditors" is an amount owed by the company to R.Ladell and A.J.Ladell (directors and 50% shareholders of AsCoTech Limited) of £81,060 at the balance sheet date (2019: £80,851). This figure was in credit throughout the year and is interest free, unsecured and repayable on demand.
The company is under the control of R.Ladell and A.J.Ladell who own 100% of the issued share capital.
10
Average number of employees
During the year the average number of employees was 2 (2019: 2).