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Registration number: 06355394

A1 Components Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

A1 Components Ltd

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

A1 Components Ltd

Company Information
__________________________________________________________________________

Director

Mr Jitendrarai Rawal

Company secretary

Camley Registrars Limited

Registered office

342 Regents Park Road
Finchley
London
N3 2LJ


 

Accountants

Brooks Green
Chartered Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

 

A1 Components Ltd

(Registration number: 06355394)
Balance Sheet as at 31 August 2023
__________________________________________________________________________

Note

2023
£

2022
£

   

     

fixed assets

   

 

tangible assets

4

 

26,932

 

32,600

Current assets

   

 

stocks

5

815,050

 

896,741

 

Debtors

6

114,644

 

61,008

 

Cash at bank and in hand

 

37,610

 

3,689

 

 

967,304

 

961,438

 

Creditors: Amounts falling due within one year

7

(510,587)

 

(459,049)

 

Net current assets

   

456,717

 

502,389

Total assets less current liabilities

   

483,649

 

534,989

Creditors: Amounts falling due after more than one year

7

 

(364,587)

 

(348,123)

Net assets

   

119,062

 

186,866

capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

118,962

 

186,766

 

Total equity

   

119,062

 

186,866

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

 

A1 Components Ltd

(Registration number: 06355394)
Balance Sheet as at 31 August 2023
__________________________________________________________________________

Approved and authorised by the director on 30 October 2023
 

.........................................
Mr Jitendrarai Rawal
Director

 

A1 Components Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
__________________________________________________________________________

1

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

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:

 

A1 Components Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
__________________________________________________________________________

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing balance

Fixtures and fittings

25% on reducing balance

Office equipment

25% on reducing balance

Motor vehicles

25% on reducing balance

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.

Trade 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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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

 

A1 Components Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
__________________________________________________________________________

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.

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 8).

3

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

8,977

10,866

 

A1 Components Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
__________________________________________________________________________

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

50,797

42,910

28,227

4,100

126,034

Additions

-

-

-

3,309

3,309

At 31 August 2023

50,797

42,910

28,227

7,409

129,343

Depreciation

At 1 September 2022

41,064

28,455

21,458

2,457

93,434

Charge for the year

2,433

3,614

1,692

1,238

8,977

At 31 August 2023

43,497

32,069

23,150

3,695

102,411

Carrying amount

At 31 August 2023

7,300

10,841

5,077

3,714

26,932

At 31 August 2022

9,733

14,455

6,769

1,643

32,600

5

Stocks

2023
£

2022
£

Other inventories

815,050

896,741

6

Debtors

Current

2023
£

2022
£

Trade debtors

107,806

52,551

Prepayments

2,630

4,450

Other debtors

4,208

4,007

 

114,644

61,008

 

A1 Components Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
__________________________________________________________________________

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

115,700

61,695

trade creditors

 

305,638

306,578

Directors current account

774

9,158

Taxation and social security

 

87,152

69,990

Other creditors

 

1,323

11,628

 

510,587

459,049

Due after one year

 

Loans and borrowings

91,087

70,123

Trade creditors

 

273,500

278,000

 

364,587

348,123

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

91,087

70,123

Trade creditors

 

273,500

278,000

 

364,587

348,123

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100