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COMPANY REGISTRATION NUMBER: 04579363
Aitus Residential Ltd
Unaudited financial statements
31 March 2023
Aitus Residential Ltd
Statement of financial position
31 March 2023
2023
2022
(restated)
Note
£
£
£
£
Fixed assets
Tangible assets
5
266
1,806
Current assets
Debtors
6
113,561
122,003
Cash at bank and in hand
691
659
---------
---------
114,252
122,662
Creditors: Amounts falling due within one year
7
( 9,646)
( 11,691)
---------
---------
Net current assets
104,606
110,971
---------
---------
Total assets less current liabilities
104,872
112,777
Creditors: Amounts falling due after more than one year
8
( 65,581)
( 69,746)
Provisions
Taxation including deferred tax
516
( 319)
---------
---------
Net assets
39,807
42,712
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
39,805
42,710
-------
-------
Shareholders funds
39,807
42,712
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Aitus Residential Ltd
Statement of financial position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 29 September 2023 , and are signed on behalf of the board by:
A D Talbot
Director
Company registration number: 04579363
Aitus Residential Ltd
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Peacock House, 32 St. Mary's Street, Ely, Cambridgeshire, CB7 4ES.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 5 (2022: 4 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022 (as restated)
8,283
6,600
14,883
Disposals
( 7,023)
( 7,023)
------
------
-------
At 31 March 2023
1,260
6,600
7,860
------
------
-------
Depreciation
At 1 April 2022
7,897
5,180
13,077
Charge for the year
119
1,420
1,539
Disposals
( 7,022)
( 7,022)
------
------
-------
At 31 March 2023
994
6,600
7,594
------
------
-------
Carrying amount
At 31 March 2023
266
266
------
------
-------
At 31 March 2022
386
1,420
1,806
------
------
-------
6. Debtors
2023
2022
(restated)
£
£
Other debtors
113,561
122,003
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
3,193
6,210
Trade creditors
1,091
230
Social security and other taxes
993
1,874
Other creditors
4,369
3,377
------
-------
9,646
11,691
------
-------
8. Creditors: Amounts falling due after more than one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
35,452
39,617
Other creditors
30,129
30,129
-------
-------
65,581
69,746
-------
-------
Included within creditors amounts falling due after one year is an amount of £13,078 (2022 - £18,882) in respect of liabilities repayable by instalments which fall due for payment after more than five years from the reporting date. This loan is subject to an interest rate of 2.5%.
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2021. The following adjustments were made to the year ended 31 March 2022 in line with this transition:
Debit Deferred Tax P&L £319.00
Credit Deferred Tax Balance Sheet £319.00