Company Registration No. 05557687 (England and Wales)
THE AINSWORTH COLLECTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
THE AINSWORTH COLLECTION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
THE AINSWORTH COLLECTION LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2022
31 January 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
401,055
378,316
Investment properties
5
597,081
597,081
Investments
6
1
998,137
975,397
Current assets
Stocks
37,118
30,506
Debtors
7
1,471,594
1,201,834
Cash at bank and in hand
10,276
312,625
1,518,988
1,544,965
Creditors: amounts falling due within one year
8
(879,022)
(764,712)
Net current assets
639,966
780,253
Total assets less current liabilities
1,638,103
1,755,650
Creditors: amounts falling due after more than one year
9
(862,350)
(1,062,513)
Provisions for liabilities
(85,266)
(60,272)
Net assets
690,487
632,865
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
690,387
632,765
Total equity
690,487
632,865
THE AINSWORTH COLLECTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2022
31 January 2022
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 13 September 2022 and are signed on its behalf by:
P Ainsworth
Director
Company Registration No. 05557687
THE AINSWORTH COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 3 -
1
Accounting policies
Company information
The Ainsworth Collection Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Sudbrook Hall, Nesfield, Barlow, Dronfield, S18 7TP.
With effect from 28 March 2021, the name of the company was changed from No.6 (Padstow) Limited to The Ainsworth Collection Limited.
1.1
Accounting convention
These financial statements have been prepared 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
. Turnover is recognised at the time at which goods are sold to the customer in the restaurant.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Property improvements
5% on cost
Fixtures and fittings
25% on cost and 15% on cost
Computers
33% on cost
Motor vehicles
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
THE AINSWORTH COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 4 -
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.8
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.
THE AINSWORTH COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 5 -
1.9
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 initially measured at transaction price including transaction costs
.Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified 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.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price
including transaction costs. Financial liabilities classified as payable within one year are not amortised.
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
.
1.10
Equity instruments
Share capital issued by the company is recorded at the proceeds received, net of transaction costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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.
THE AINSWORTH COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 6 -
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.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
43
33
THE AINSWORTH COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 7 -
3
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
56,982
Adjustments in respect of prior periods
(3,295)
Total current tax
(3,295)
56,982
Deferred tax
Origination and reversal of timing differences
24,994
14,023
Total tax charge
21,699
71,005
4
Tangible fixed assets
Property improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2021
426,681
439,578
35,360
901,619
Additions
59,113
9,711
48,925
117,749
At 31 January 2022
426,681
498,691
45,071
48,925
1,019,368
Depreciation and impairment
At 1 February 2021
115,754
375,305
32,244
523,303
Depreciation charged in the year
38,366
46,647
3,920
6,077
95,010
At 31 January 2022
154,120
421,952
36,164
6,077
618,313
Carrying amount
At 31 January 2022
272,561
76,739
8,907
42,848
401,055
At 31 January 2021
310,927
64,273
3,116
378,316
5
Investment property
2022
£
Fair value
At 1 February 2021 and 31 January 2022
597,081
THE AINSWORTH COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
5
Investment property
(Continued)
- 8 -
The valuation of the properties have been assessed by the directors who consider that this remains the best estimate of fair value.
6
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 February 2021
-
Additions
1
At 31 January 2022
1
Carrying amount
At 31 January 2022
1
At 31 January 2021
-
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
26,863
9,650
Corporation tax recoverable
3,157
Other debtors
1,441,574
1,192,184
1,471,594
1,201,834
THE AINSWORTH COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 9 -
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
169,107
188,051
Trade creditors
109,112
53,602
Corporation tax
56,982
Other taxation and social security
45,550
63,415
Other creditors
555,253
402,662
879,022
764,712
Bank loans totalling £169,107 (2021: £188,051) are secured by fixed and floating charges over the companies property.
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
862,350
1,062,513
Bank loans totalling £862,350 (2021: £1,062,513) are secured by fixed and floating charges over the companies property.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
147,629
176,300
11
Parent company
The company is a wholly owned subsidiary of Whitworth Manor Holdings Limited.
2022-01-31
2021-02-01
false
13 September 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
P Ainsworth
E Ainsworth
D Mapp
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