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COMPANY REGISTRATION NUMBER: 10644919
Aitus Commercial Ltd
Unaudited financial statements
31 March 2023
Aitus Commercial Ltd
Statement of financial position
31 March 2023
2023
2022
(restated)
Note
£
£
£
£
Fixed assets
Tangible assets
5
875,425
858,805
Current assets
Debtors
6
257,934
12,864
Cash at bank and in hand
8,076
4,009
---------
-------
266,010
16,873
Creditors: Amounts falling due within one year
7
( 11,913)
( 18,906)
---------
-------
Net current assets/(liabilities)
254,097
( 2,033)
-----------
---------
Total assets less current liabilities
1,129,522
856,772
Creditors: Amounts falling due after more than one year
8
( 641,344)
( 392,942)
Provisions
Taxation including deferred tax
( 117,441)
( 113,286)
-----------
---------
Net assets
370,737
350,544
-----------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
321,361
302,611
Profit and loss account
49,276
47,833
---------
---------
Shareholders funds
370,737
350,544
---------
---------
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 comprehensive income 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 Commercial Ltd
Statement of financial position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 11 October 2023 , and are signed on behalf of the board by:
F L Talbot
Director
Company registration number: 10644919
Aitus Commercial 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. Marys 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 services rendered, net of discounts and Value Added Tax. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the conditions are satisfied.
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:
Fixtures and fittings
-
15% reducing balance
Freehold improvements
-
10% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 1 (2022: 1 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Property improvement
Total
£
£
£
£
Cost or valuation
At 1 April 2022 (as restated)
800,000
87,356
2,898
890,254
Additions
578
578
Revaluations
25,000
25,000
---------
-------
------
---------
At 31 March 2023
825,000
87,934
2,898
915,832
---------
-------
------
---------
Depreciation
At 1 April 2022
29,999
1,450
31,449
Charge for the year
8,668
290
8,958
---------
-------
------
---------
At 31 March 2023
38,667
1,740
40,407
---------
-------
------
---------
Carrying amount
At 31 March 2023
825,000
49,267
1,158
875,425
---------
-------
------
---------
At 31 March 2022
800,000
57,357
1,448
858,805
---------
-------
------
---------
Tangible assets held at valuation
The property value is the market value as considered by the directors at 31 March 2023.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 March 2023
Aggregate cost
398,804
Aggregate depreciation
---------
Carrying value
398,804
---------
At 31 March 2022
Aggregate cost
398,804
Aggregate depreciation
---------
Carrying value
398,804
---------
6. Debtors
2023
2022
(restated)
£
£
Trade debtors
454
667
Other debtors
257,480
12,197
---------
-------
257,934
12,864
---------
-------
7. Creditors: Amounts falling due within one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
5,196
14,441
Trade creditors
1,278
1,095
Social security and other taxes
3,585
1,920
Other creditors
1,854
1,450
-------
-------
11,913
18,906
-------
-------
8. Creditors: Amounts falling due after more than one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
417,344
104,889
Other creditors
224,000
288,053
---------
---------
641,344
392,942
---------
---------
Included within creditors amounts falling due after one year is an amount of £395,204 (2022 - £48,499) in respect of liabilities repayable which fall due for payment after more than five years from the reporting date. £379,688 of this is secured over assets held by the company. The loan interest is charged at 5.14% over base rate and is due to mature on 30 May 2047. £15,516 of this is subject to an interest rate of 2.5% and is due to mature on 26 October 2030.
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
113,286
Credit Deferred Tax Balance Sheet
113,286
Debit Revaluation Reserve
302,611
Credit Profit and Loss Reserve
302,611
Debit Freehold Property accumulated depreciation
10,055
Credit Profit and Loss Reserve
10,055
Debit Freehold Property (Balance Sheet)
401,196
Credit Gain on Financial Assets (P & L)
401,196