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COMPANY REGISTRATION NUMBER: 11542635
AB & B Engineering Limited
Filleted Unaudited Financial Statements
31 August 2023
AB & B Engineering Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
AB & B Engineering Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Current assets
Debtors
5
11,216
11,017
Cash at bank and in hand
2,206
5,046
--------
--------
13,422
16,063
Creditors: amounts falling due within one year
6
25,126
15,639
--------
--------
Net current (liabilities)/assets
( 11,704)
424
--------
----
Total assets less current liabilities
( 11,704)
424
--------
----
Net (liabilities)/assets
( 11,704)
424
--------
----
Capital and reserves
Called up share capital
10
10
Profit and loss account
( 11,714)
414
--------
----
Shareholders (deficit)/funds
( 11,704)
424
--------
----
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.
For the 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.
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 were approved by the board of directors and authorised for issue on 28 February 2024 , and are signed on behalf of the board by:
Mr A E Sanislav
Director
Company registration number: 11542635
AB & B Engineering Limited
Notes to the Financial Statements
Year ended 31 August 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 Flat 9 Excel House, 1 Hornminster Glen, Hornchurch, RM11 3XL, United Kingdom.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts. The company operates under the Flat Rate VAT scheme. The VAT payable under this scheme is presented as an expense item.
Income tax
The taxation expense represents the aggregate amount of current 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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 3 ).
5. Debtors
2023
2022
£
£
Other debtors
11,216
11,017
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
16,779
10,083
Social security and other taxes
6,667
4,156
Other creditors
1,680
1,400
--------
--------
25,126
15,639
--------
--------
7. Directors' advances, credits and guarantees
At the year end the company was owed £11,216 (2022: £11,018) by the directors. During the year the company made aggregate advances of £108,404 (2022: £82,122) to the directors and received aggregate repayments of £108,751 (2022: £78,905). Interest of £546 (2022: £408) was charged on the outstanding balance.
8. Related party transactions
During the year the company paid dividends of £79,961 (2022: £64,698) to the directors.