Registered number
05337391
Aber Wrought Iron Ltd
Filleted Accounts
30 April 2022
Aber Wrought Iron Ltd
Registered number: 05337391
Balance Sheet
as at 30 April 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 34,000 34,000
Tangible assets 4 143,738 184,979
177,738 218,979
Current assets
Stocks 105,000 105,000
Debtors 5 223,402 184,489
Cash at bank and in hand 54,083 16,152
382,485 305,641
Creditors: amounts falling due within one year 6 (153,561) (213,270)
Net current assets 228,924 92,371
Total assets less current liabilities 406,662 311,350
Creditors: amounts falling due after more than one year 7 (52,916) (85,436)
Net assets 353,746 225,914
Capital and reserves
Called up share capital 2 2
Profit and loss account 353,744 225,912
Shareholders' funds 353,746 225,914
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.
Mrs L M Aston
Director
Approved by the board on 1 August 2022
Aber Wrought Iron Ltd
Notes to the Accounts
for the year ended 30 April 2022
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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, other than freehold land, 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 machinery 20% reducing balalnce
Motor vehicles 20% reducing balalnce
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 23 23
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2021 34,000
At 30 April 2022 34,000
Amortisation
At 30 April 2022 -
Net book value
At 30 April 2022 34,000
At 30 April 2021 34,000
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2021 173,748 250,450 424,198
Additions 14,689 - 14,689
Disposals (20,752) (21,486) (42,238)
At 30 April 2022 167,685 228,964 396,649
Depreciation
At 1 May 2021 108,421 130,798 239,219
Charge for the year 15,318 28,600 43,918
On disposals (17,335) (12,891) (30,226)
At 30 April 2022 106,404 146,507 252,911
Net book value
At 30 April 2022 61,281 82,457 143,738
At 30 April 2021 65,327 119,652 184,979
5 Debtors 2022 2021
£ £
Trade debtors 206,969 157,248
Other debtors 16,433 27,241
223,402 184,489
6 Creditors: amounts falling due within one year 2022 2021
£ £
Obligations under finance lease and hire purchase contracts 32,520 41,263
Trade creditors 60,663 119,356
Taxation and social security costs 53,462 3,310
Other creditors 6,916 49,341
153,561 213,270
7 Creditors: amounts falling due after one year 2022 2021
£ £
Obligations under finance lease and hire purchase contracts 52,916 85,436
8 Transactions with directors
The company uses premises owned by the directors. Rent of £25,600 was paid to the directors during the year ended 30 April 2022. This is considered to not exceed a market rate.
9 Other information
Aber Wrought Iron Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit M, Bowen Industrial Estate
Aberbargoed
Bargoed
Caerphilly
CF81 9EP
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