Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr C J Luxon 15/02/2000 Ms J Luxon 10/06/2022 Mr J Luxon 27/07/2018 22 February 2024 The principal activity of the Company during the financial year was that of land development and property letting. 00638654 2023-12-31 00638654 bus:Director1 2023-12-31 00638654 bus:Director2 2023-12-31 00638654 bus:Director3 2023-12-31 00638654 2022-12-31 00638654 core:CurrentFinancialInstruments 2023-12-31 00638654 core:CurrentFinancialInstruments 2022-12-31 00638654 core:ShareCapital 2023-12-31 00638654 core:ShareCapital 2022-12-31 00638654 core:RetainedEarningsAccumulatedLosses 2023-12-31 00638654 core:RetainedEarningsAccumulatedLosses 2022-12-31 00638654 core:Goodwill 2022-12-31 00638654 core:Goodwill 2023-12-31 00638654 core:LandBuildings 2022-12-31 00638654 core:PlantMachinery 2022-12-31 00638654 core:Vehicles 2022-12-31 00638654 core:ComputerEquipment 2022-12-31 00638654 core:LandBuildings 2023-12-31 00638654 core:PlantMachinery 2023-12-31 00638654 core:Vehicles 2023-12-31 00638654 core:ComputerEquipment 2023-12-31 00638654 bus:OrdinaryShareClass1 2023-12-31 00638654 2023-01-01 2023-12-31 00638654 bus:FilletedAccounts 2023-01-01 2023-12-31 00638654 bus:SmallEntities 2023-01-01 2023-12-31 00638654 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00638654 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00638654 bus:Director1 2023-01-01 2023-12-31 00638654 bus:Director2 2023-01-01 2023-12-31 00638654 bus:Director3 2023-01-01 2023-12-31 00638654 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 00638654 core:Goodwill 2023-01-01 2023-12-31 00638654 core:PlantMachinery 2023-01-01 2023-12-31 00638654 core:Vehicles 2023-01-01 2023-12-31 00638654 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 00638654 2022-01-01 2022-12-31 00638654 core:LandBuildings 2023-01-01 2023-12-31 00638654 core:ComputerEquipment 2023-01-01 2023-12-31 00638654 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 00638654 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00638654 (England and Wales)

A.J.L. LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

A.J.L. LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

A.J.L. LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
A.J.L. LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 766,667 0
Tangible assets 4 419,815 1,698,926
Investment property 5 595,000 0
1,781,482 1,698,926
Current assets
Stocks 2,155,023 1,017,907
Debtors 6 742,166 886,589
Cash at bank and in hand 485,328 2,033,230
3,382,517 3,937,726
Creditors: amounts falling due within one year 7 ( 703,384) ( 354,659)
Net current assets 2,679,133 3,583,067
Total assets less current liabilities 4,460,615 5,281,993
Provision for liabilities ( 91,991) ( 79,530)
Net assets 4,368,624 5,202,463
Capital and reserves
Called-up share capital 8 100 3
Profit and loss account 4,368,524 5,202,460
Total shareholders' funds 4,368,624 5,202,463

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of A.J.L. Limited (registered number: 00638654) were approved and authorised for issue by the Director on 22 February 2024. They were signed on its behalf by:

Mr J Luxon
Director
A.J.L. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
A.J.L. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

A.J.L. Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 16 Grosvenor Avenue, Newquay, Cornwall, TR7 1BQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 0 0
Additions 800,000 800,000
At 31 December 2023 800,000 800,000
Accumulated amortisation
At 01 January 2023 0 0
Charge for the financial year 33,333 33,333
At 31 December 2023 33,333 33,333
Net book value
At 31 December 2023 766,667 766,667
At 31 December 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2023 1,359,077 402,525 77,227 10,257 1,849,086
Additions 0 131,663 47,500 6,952 186,115
Disposals ( 1,359,077) ( 70,895) 0 0 ( 1,429,972)
At 31 December 2023 0 463,293 124,727 17,209 605,229
Accumulated depreciation
At 01 January 2023 0 105,806 38,312 6,042 150,160
Charge for the financial year 0 54,653 16,656 3,906 75,215
Disposals 0 ( 39,961) 0 0 ( 39,961)
At 31 December 2023 0 120,498 54,968 9,948 185,414
Net book value
At 31 December 2023 0 342,795 69,759 7,261 419,815
At 31 December 2022 1,359,077 296,719 38,915 4,215 1,698,926

5. Investment property

Investment property
£
Valuation
As at 01 January 2023 0
Additions 595,000
As at 31 December 2023 595,000

6. Debtors

2023 2022
£ £
Trade debtors 7,850 0
Prepayments and accrued income 699,817 852,291
VAT recoverable 21,898 21,697
Other debtors 12,601 12,601
742,166 886,589

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 212,775 124,518
Amounts owed to directors 475,667 97,964
Accruals 3,500 6,306
Taxation and social security 1,495 116,999
Other creditors 9,947 8,872
703,384 354,659

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each (2022: 3 shares of £ 1.00 each) 100 3

97 Ordinary shares were issued during the year at par.