Able and Ward Limited |
Registered number: |
10158326 |
Balance Sheet as at 31 May 2023 |
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
1,223 |
|
|
728 |
Current assets |
Debtors |
4 |
|
132 |
|
|
1,691 |
Cash at bank and in hand |
|
|
25 |
|
|
5,204 |
|
|
|
157 |
|
|
6,895 |
Creditors: amounts falling due within one year |
5 |
|
(8,061) |
|
|
(4,908) |
Net current (liabilities)/assets |
|
|
|
(7,904) |
|
|
1,987 |
Total assets less current liabilities |
|
|
|
(6,681) |
|
|
2,715 |
Creditors: amounts falling due after one year |
6 |
|
|
(5,501) |
|
|
(7,946) |
|
Net liabilities |
|
|
|
(12,182) |
|
|
(5,231) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
(12,282) |
|
|
(5,331) |
Shareholders' funds |
|
|
|
(12,182) |
|
|
(5,231) |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
Mr A. Smith |
Director |
Approved by the board on 15 September 2023 |
|
Able and Ward Limited |
Notes to the Accounts |
for the year ended 31 May 2023 |
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the Standard). |
|
|
Going concern |
|
The directors are able and willing to personally support the company financially for the forseeable future. Accordingly the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and they continue to adopt the going concern basis of accounting in preparing these financial statements. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Turnover from the sale of goods is recognised when goods are delivered and legal title has passed. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and Equipment |
4 years straight line basis |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted. |
|
|
Grants |
|
Grants are recognised using the accrual model per section 24 of FRS102. Revenue grants appear as other operating income on a sytematic basis over the period the company expects to incur the related costs the grant is intended to compensate for. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the related period. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
Average number of persons employed by the |
|
company (including directors) during the year |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and Equipment |
£ |
|
Cost |
|
At 1 June 2022 |
4,983 |
|
Additions |
1,069 |
|
At 31 May 2023 |
6,052 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2022 |
4,255 |
|
Charge for the year |
574 |
|
At 31 May 2023 |
4,829 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2023 |
1,223 |
|
At 31 May 2022 |
728 |
|
|
|
|
|
|
|
|
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
Trade debtors |
- |
|
459 |
|
Corporation tax recoverable |
|
|
|
- |
|
360 |
|
Prepayments & accrued income |
132 |
|
872 |
|
|
|
|
|
|
132 |
|
1,691 |
|
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
Bank loan & overdraft |
3,903 |
|
2,445 |
|
Taxes and social security costs |
1,687 |
|
1,254 |
|
Other creditors |
1,631 |
|
399 |
|
Accruals |
840 |
|
810 |
|
|
|
|
|
|
8,061 |
|
4,908 |
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loan |
5,501 |
|
7,946 |
|
|
|
|
|
|
|
|
|
|
The bank loan carries a commercial rate of interest and therefore has a carrying amount equivalent to its fair value. |
|
7 |
Other information |
|
Able and Ward Limited is a private company limited by shares and incorporated in England. Its registered office is : 1 Hunston Avenue, Quarmby, Huddersfield, HD3 4YZ. |
|
The financial statements are presented in Sterling, which is the functional currency of the company. |