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Registration number: 04153726

A1 Commercial Valeting Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 January 2023

 

A1 Commercial Valeting Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

A1 Commercial Valeting Limited

(Registration number: 04153726)
Balance Sheet as at 30 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,284

5,387

Current assets

 

Stocks

5

1,361

-

Debtors

6

20,913

16,253

Cash at bank and in hand

 

4,068

372

 

26,342

16,625

Creditors: Amounts falling due within one year

7

(12,069)

(16,539)

Net current assets

 

14,273

86

Total assets less current liabilities

 

20,557

5,473

Creditors: Amounts falling due after more than one year

7

(20,588)

(24,000)

Provisions for liabilities

(1,571)

(1,232)

Net liabilities

 

(1,602)

(19,759)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(1,702)

(19,859)

Shareholders' deficit

 

(1,602)

(19,759)

For the financial year ending 30 January 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

A1 Commercial Valeting Limited

(Registration number: 04153726)
Balance Sheet as at 30 January 2023

Approved and authorised by the Board on 20 October 2023 and signed on its behalf by:
 

S J Winstone
Director

   
     
 

A1 Commercial Valeting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
BS1 6NL
England

These financial statements were authorised for issue by the Board on 20 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The annual statements are prepared in Sterling,which is the functional currency of the company and rounded to the nearest £.

Going concern

The company's balance sheet at 30 January 2023 shows that liabilities exceed assets by £1602 (2022-£19,759). At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

A1 Commercial Valeting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 January 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the services provided;
- the cost incurred or to be incurred in respect of this transation can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer; and
- specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised using the accrual model. Where the costs have already been incurred then the grant is credited to the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% Reducing balance

Motor vehicles

25% Reducing balance

Plant and machinery

25% Reducing balance

 

A1 Commercial Valeting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 January 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

A1 Commercial Valeting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 January 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2022 - 3).

4

Tangible assets

Furniture, fittings and equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 31 January 2022

5,003

2,369

16,392

23,764

Additions

2,349

-

-

2,349

At 30 January 2023

7,352

2,369

16,392

26,113

Depreciation

At 31 January 2022

2,603

1,571

14,203

18,377

Charge for the year

706

199

547

1,452

At 30 January 2023

3,309

1,770

14,750

19,829

Carrying amount

At 30 January 2023

4,043

599

1,642

6,284

At 30 January 2022

2,400

798

2,189

5,387

5

Stocks

2023
£

2022
£

Other inventories

1,361

-

 

A1 Commercial Valeting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 January 2023

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

9,114

5,622

Amounts owed by related parties

8

639

-

Other debtors

 

11,141

10,613

Prepayments and accrued income

 

19

18

   

20,913

16,253

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

5,874

6,000

Trade creditors

 

191

2,716

Amounts due to related parties

8

-

29

Social security and other taxes

 

3,286

2,258

Other creditors

 

-

2,501

Accruals

 

2,718

2,950

Corporation tax liability

-

85

 

12,069

16,539

Due after one year

 

Loans and borrowings

20,588

24,000

 

A1 Commercial Valeting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 January 2023

8

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

Advanced

36,207

36,207

Repaid

(35,568)

(35,568)

At end of period

639

639

Terms of loans to related parties

Loans to key management are repayable on demand and interest is charged at HM Revenue & Customs prevailing rate.
 

Loans from related parties

2023

Key management
£

Total
£

At start of period

(29)

(29)

Advanced

29

29

At end of period

-

-

2022

Key management
£

Total
£

At start of period

(98)

(98)

Advanced

657

657

Repaid

(588)

(588)

At end of period

(29)

(29)

Terms of loans from related parties

Loans from key management are repayable on demand.