Company Registration No. 04154536 (England and Wales)
A.S.H.S. USA LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
A.S.H.S. USA LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
A.S.H.S. USA LIMITED
BALANCE SHEET
AS AT
26 DECEMBER 2020
26 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
5
5,189
Cash at bank and in hand
27,678
41,441
27,678
46,630
Creditors: amounts falling due within one year
6
(11,503,884)
(11,514,349)
Net current liabilities
(11,476,206)
(11,467,719)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(11,476,207)
(11,467,720)
Total equity
(11,476,206)
(11,467,719)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 September 2021 and are signed on its behalf by:
AS Seymour
Director
Company Registration No. 04154536
A.S.H.S. USA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 26 DECEMBER 2020
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 30 December 2018
1
(11,374,713)
(11,374,712)
Period ended 28 December 2019:
Loss and total comprehensive income for the period
-
(93,007)
(93,007)
Balance at 28 December 2019
1
(11,467,720)
(11,467,719)
Period ended 26 December 2020:
Loss and total comprehensive income for the period
-
(8,487)
(8,487)
Balance at 26 December 2020
1
(11,476,207)
(11,476,206)
A.S.H.S. USA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
A.S.H.S. USA Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Stable Block, The Plough Brewery, 516 Wandsworth Road, London, SW8 3JX.
1.1
Accounting convention
These financial statements have been prepared
on a basis other than going concern and
in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The
true
se
financial statements have been prepared on a break up basis.
The company
is
a non-trading entity
and
ha
s
net liabilities of £11,476,206 at the reporting date
.
T
he directors intend to wind the company
up
in the future. It is on this basis that the directors do not consider the company to be a going concern and therefore the financial statements have been prepared on a break up basis.
1.3
Reporting period
The company has taken advantage of Companies Act provisions that permit the company to prepare financial statements within 7 days of its accounting reference date.
1.4
Turnover
Turnover is recognised a
s the
consideration
receivable for sale of
goods net of sales related taxes
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
.
A.S.H.S. USA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors,
and
loans from
fellow group companies that are classified as debt, are
recognised at transaction price
.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised at transaction price.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
A.S.H.S. USA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
1.11
Income and expenses classified as exceptional are shown separately on the face of the profit and loss account. Income and expenses are treated as exceptional in nature if they are significant one off income or expenses and are not expected to reoccur.
2
Exceptional item
2020
2019
£
£
Expenditure
Provision against onerous leases
-
17,105
The company ceased trading on 15 January 2019 and closed its stores
at
that date. Exceptional costs in the prior period relate to
one off
professional fees.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2020
2019
Number
Number
Total
4
4
Subsidiaries
Details of the company's subsidiaries at 26 December 2020 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
A.S.H.S. Nevada LLC
USA
Dormant
Ordinary
100.00
A.S.H.S. Madison LLC
USA
Dormant
Ordinary
100.00
A.S.H.S. Downtown LLC
USA
Dormant
Ordinary
100.00
These subsidiaries are held at £nil cost.
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
5,189
A.S.H.S. USA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 DECEMBER 2020
- 6 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Taxation and social security
2,519
Other creditors
11,503,884
11,511,830
11,503,884
11,514,349
Included within other creditors are amounts due to group companies totalling £11,498,930 (2019:
£
11,499,566).
7
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
1
1
1
1
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Emphasis of matter
- financial statements prepared on a basis other than going concern
We draw attention to note 1.2 of the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1.2. Our opinion is not modified in respect of this matter.
The senior statutory auditor was Amit Popat.
The auditor was Rickard Luckin Limited.
9
Financial commitments, guarantees and contingent liabilities
The company has entered into a cross guarantee in favour of HSBC Bank plc with A.S.H.S. Limited and ASHS East Coast Limited. At the period end the maximum liability represented by group borrowings under this guarantee was £nil.
10
Related party transactions
The company has taken advantage of the exemption available in FRS 102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company,
At the period end the company owed its parent company £11,393,036 (2019: £11,393,672), and it owed a fellow subsidiary undertaking, £105,894 (2019: £105,894). These amounts are included within other creditors.
A.S.H.S. USA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 DECEMBER 2020
- 7 -
11
Parent company
The ultimate parent company is A.S.H.S. Limited, a company registered in England and Wales. The registered office is The Stable Block, The Plough Brewery, 516 Wandsworth Road, London, SW8 3JX. A.S.H.S. Limited prepare group financial statements and copies can be obtained from the Registrar of Companies.