Company Registration No. 05557687 (England and Wales)
THE AINSWORTH COLLECTION LIMITED
(FORMERLY NO. 6 (PADSTOW) LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
PAGES FOR FILING WITH REGISTRAR
THE AINSWORTH COLLECTION LIMITED
(FORMERLY NO. 6 (PADSTOW) LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
THE AINSWORTH COLLECTION LIMITED
(FORMERLY NO. 6 (PADSTOW) LIMITED)
BALANCE SHEET
AS AT 31 JANUARY 2021
31 January 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
378,316
344,470
Investment properties
5
597,081
597,081
975,397
941,551
Current assets
Stocks
30,506
23,074
Debtors
6
1,201,834
1,319,225
Cash at bank and in hand
312,625
89,686
1,544,965
1,431,985
Creditors: amounts falling due within one year
7
(764,712)
(683,395)
Net current assets
780,253
748,590
Total assets less current liabilities
1,755,650
1,690,141
Creditors: amounts falling due after more than one year
8
(1,062,513)
(1,124,379)
Provisions for liabilities
(60,272)
(46,249)
Net assets
632,865
519,513
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
632,765
519,413
Total equity
632,865
519,513
THE AINSWORTH COLLECTION LIMITED
(FORMERLY NO. 6 (PADSTOW) LIMITED)
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2021
31 January 2021
- 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 2021 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 28 May 2021 and are signed on its behalf by:
P Ainsworth
Director
Company Registration No. 05557687
THE AINSWORTH COLLECTION LIMITED
(FORMERLY NO. 6 (PADSTOW) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
- 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.
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 and the shop and when the service has been performed.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
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.
THE AINSWORTH COLLECTION LIMITED
(FORMERLY NO. 6 (PADSTOW) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
1
Accounting policies
(Continued)
- 4 -
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
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
.
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
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).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
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.
1.8
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.
THE AINSWORTH COLLECTION LIMITED
(FORMERLY NO. 6 (PADSTOW) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
1
Accounting policies
(Continued)
- 5 -
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
.
1.9
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.
1.10
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.12
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.
THE AINSWORTH COLLECTION LIMITED
(FORMERLY NO. 6 (PADSTOW) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
1
Accounting policies
(Continued)
- 6 -
1.13
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
33
32
3
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
56,982
55,750
Deferred tax
Origination and reversal of timing differences
14,023
200
Total tax charge
71,005
55,950
THE AINSWORTH COLLECTION LIMITED
(FORMERLY NO. 6 (PADSTOW) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 7 -
4
Tangible fixed assets
Property improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 February 2020
309,674
428,260
35,360
773,294
Additions
117,007
11,318
128,325
At 31 January 2021
426,681
439,578
35,360
901,619
Depreciation and impairment
At 1 February 2020
79,827
321,668
27,329
428,824
Depreciation charged in the year
35,927
53,637
4,915
94,479
At 31 January 2021
115,754
375,305
32,244
523,303
Carrying amount
At 31 January 2021
310,927
64,273
3,116
378,316
At 31 January 2020
229,847
106,592
8,031
344,470
5
Investment property
2021
£
Fair value
At 1 February 2020 and 31 January 2021
597,081
The valuation of the properties have been assessed by the directors who consider that this remains the best estimate of fair value.
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
9,650
23,363
Other debtors
1,192,184
1,295,862
1,201,834
1,319,225
THE AINSWORTH COLLECTION LIMITED
(FORMERLY NO. 6 (PADSTOW) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 8 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
188,051
154,284
Trade creditors
53,602
50,091
Corporation tax
56,982
55,750
Other taxation and social security
63,415
29,241
Other creditors
402,662
394,029
764,712
683,395
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
1,062,513
1,124,379
9
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:
2021
2020
£
£
176,300
61,200
2021-01-31
2020-02-01
false
28 May 2021
CCH Software
CCH Accounts Production 2021.100
No description of principal activity
P Ainsworth
E Ainsworth
D Mapp
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