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Company registration number: 09665326
A & D Gates Ltd
Unaudited filleted financial statements
31 December 2022
A & D Gates Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
A & D Gates Ltd
Directors and other information
Directors Mr David Eaton
Mrs Sara Eaton
Company number 09665326
Registered office Unit A
28 Cobridge Road
Etruria
Stoke-On-Trent
ST1 5JQ
Accountants Jacksons Chartered
Accountants
Deansfield House
98 Lancaster Road
Newcastle under Lyme
Staffordshire
ST5 1DS
A & D Gates Ltd
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 104,766 34,703
_______ _______
104,766 34,703
Current assets
Stocks 12,500 17,000
Debtors 6 63,159 74,845
Cash at bank and in hand 30,248 1,342
_______ _______
105,907 93,187
Creditors: amounts falling due
within one year 7 ( 96,632) ( 87,203)
_______ _______
Net current assets 9,275 5,984
_______ _______
Total assets less current liabilities 114,041 40,687
Creditors: amounts falling due
after more than one year 8 ( 51,737) ( 33,477)
Provisions for liabilities ( 26,191) ( 6,600)
_______ _______
Net assets 36,113 610
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 36,013 510
_______ _______
Shareholders funds 36,113 610
_______ _______
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
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:
Mr David Eaton
Director
Company registration number: 09665326
A & D Gates Ltd
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit A, 28 Cobridge Road, Etruria, Stoke-On-Trent, ST1 5JQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
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 in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2021: 10 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £
Cost
At 1 January 2022 29,192 48,872 2,088 80,152
Additions 3,023 78,730 - 81,753
_______ _______ _______ _______
At 31 December 2022 32,215 127,602 2,088 161,905
_______ _______ _______ _______
Depreciation
At 1 January 2022 18,075 25,475 1,899 45,449
Charge for the year 1,720 9,781 189 11,690
_______ _______ _______ _______
At 31 December 2022 19,795 35,256 2,088 57,139
_______ _______ _______ _______
Carrying amount
At 31 December 2022 12,420 92,346 - 104,766
_______ _______ _______ _______
At 31 December 2021 11,117 23,397 189 34,703
_______ _______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors 63,159 74,845
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 8,610 8,610
Trade creditors - 16,365
Corporation tax 27,479 25,368
Social security and other taxes 30,113 31,664
Other creditors 30,430 5,196
_______ _______
96,632 87,203
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 24,868 33,477
Other creditors 26,869 -
_______ _______
51,737 33,477
_______ _______
9. Related party transactions
Mr D Eaton and Mrs S Eaton are related parties by virtue of their directorship of and shareholding in the company.The directors have provided the company with an interest free loan such that at the year end the company owed them the sum of £132 (2021: £671 ).