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COMPANY REGISTRATION NUMBER: 06837567
AET HOLDINGS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
AET HOLDINGS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
AET HOLDINGS LIMITED
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
209,793
211,101
Investments
5
99
99
------------
------------
209,892
211,200
Current assets
Debtors
6
214,570
106,000
Cash at bank and in hand
176,289
220,980
------------
------------
390,859
326,980
Creditors: amounts falling due within one year
7
( 109,337)
( 101,686)
------------
------------
Net current assets
281,522
225,294
------------
------------
Total assets less current liabilities
491,414
436,494
Provisions
Taxation including deferred tax
( 407)
( 152)
------------
------------
Net assets
491,007
436,342
------------
------------
Capital and reserves
Called up share capital
9
200
200
Profit and loss account
490,807
436,142
------------
------------
Shareholders funds
491,007
436,342
------------
------------
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 profit and loss account 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.
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 .
AET HOLDINGS LIMITED
BALANCE SHEET (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
A E Taylor Director
Company registration number: 06837567
AET HOLDINGS LIMITED
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 Unit 14 Beckbridge Road, Normanton Industrial Estate, Normanton, West Yorkshire, WF6 1TE.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Taxation
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.
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:
Freehold Property
-
1% straight line
Plant and Machinery
-
20% straight line
Fixtures and Fittings
-
20% straight line
Freehold land is not depreciated.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Tangible assets
Freehold Property
Plant and Machinery
Fixtures and Fittings
Total
£
£
£
£
Cost
At 1 April 2022
235,368
118,273
7,967
361,608
Additions
2,575
2,575
------------
------------
------------
------------
At 31 March 2023
235,368
120,848
7,967
364,183
------------
------------
------------
------------
Depreciation
At 1 April 2022
25,613
117,471
7,423
150,507
Charge for the year
2,104
1,235
544
3,883
------------
------------
------------
------------
At 31 March 2023
27,717
118,706
7,967
154,390
------------
------------
------------
------------
Carrying amount
At 31 March 2023
207,651
2,142
209,793
------------
------------
------------
------------
At 31 March 2022
209,755
802
544
211,101
------------
------------
------------
------------
5. Investments
Shares in group and associated undertakings
£
Cost
At 1 April 2022 and 31 March 2023
99
------------
Impairment
At 1 April 2022 and 31 March 2023
------------
Carrying amount
At 31 March 2023
99
------------
At 31 March 2022
99
------------
6. Debtors
2023
2022
£
£
Trade debtors
4,320
Amounts owed by group undertakings
209,250
106,000
VAT recoverable
1,000
------------
------------
214,570
106,000
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
3,275
700
Corporation tax
3,391
3,636
Directors loan account
30,000
30,000
Other creditors
72,671
67,350
------------
------------
109,337
101,686
------------
------------
8. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
407
152
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
407
152
------------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
A Ordinary shares of £ 1 each
196
196
196
196
B Ordinary shares of £ 1 each
4
4
4
4
------------
------------
------------
------------
200
200
200
200
------------
------------
------------
------------
The two classes of share rank pari passu in all respects save as to dividends.
10. Related party transactions
Included in other creditors is a balance of £72,671 (2022: £67,350) which is owed to certain shareholders of the company. These loans are unsecured, repayable on demand and currently interest free. Included in creditors due within one year is a directors' loan account of £30,000 (2022: £30,000) which is unsecured, repayable on demand and currently interest free. Included in debtors is a balance of £209,250 (2022: £106,000) due from the subsidiary company. The loan is repayable on demand, unsecured and currently interest free.
11. Controlling party
The company is controlled by A E Taylor .
12. Post balance sheet event
In April 2023 the company disposed of one ordinary £1 share in AET Engineering Limited for £1.