Registered number
10851576
AWS Trading Ltd
Filleted Accounts
31 July 2023
AWS Trading Ltd
Registered number: 10851576
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 251,629 233,007
251,629 233,007
Current assets
Stocks 1,061,140 1,307,989
Debtors 4 423,560 269,025
Cash at bank and in hand 528,213 506,899
2,012,913 2,083,913
Creditors: amounts falling due within one year 5 (543,886) (972,712)
Net current assets 1,469,027 1,111,201
Total assets less current liabilities 1,720,656 1,344,208
Creditors: amounts falling due after more than one year 6 (599,506) (543,436)
Net assets 1,121,150 800,772
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,121,050 800,672
Shareholder's funds 1,121,150 800,772
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Nigel Yates
Director
Approved by the board on 17 October 2023
AWS Trading Ltd
Notes to the Accounts
for the year ended 31 July 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).
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:
land and buildings 2% reducing balance
Motor vehicle 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 2023 2022
Number Number
Average number of persons employed by the company 17 17
3 Tangible fixed assets
Land and buildings Equipment and fixture Fittings Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 125,000 175,269 14,581 314,850
Additions - 2,303 72,365 74,668
Surplus on revaluation - - - -
Disposals - (11,980) - (11,980)
At 31 July 2023 125,000 165,592 86,946 377,538
Depreciation
At 1 August 2022 4,950 67,233 9,660 81,843
Charge for the year 2,401 25,338 19,322 47,061
Surplus on revaluation - - - -
On disposals - (2,995) - (2,995)
At 31 July 2023 7,351 89,576 28,982 125,909
Net book value
At 31 July 2023 117,649 76,016 57,964 251,629
At 31 July 2022 120,050 108,036 4,921 233,007
4 Debtors 2023 2022
£ £
Trade debtors 219,062 229,801
Other debtors 204,498 39,224
423,560 269,025
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 411,919 960,628
Taxation and social security costs 131,967 12,084
543,886 972,712
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 53,602 63,008
Director's Loan Account 545,904 480,428
599,506 543,436
7 Controlling party
The company is controlled by Mr Sheng Lou (100%).
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