Registered number
10332502
AE TILING LIMITED
Unaudited Filleted Accounts
31 August 2023
AE TILING LIMITED
Registered number: 10332502
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 47,036 32,204
Current assets
Debtors 4 5,249 866
Cash at bank and in hand 7,647 763
12,896 1,629
Creditors: amounts falling due within one year 5 (20,542) (13,788)
Net current liabilities (7,646) (12,159)
Total assets less current liabilities 39,390 20,045
Creditors: amounts falling due after more than one year 6 (49,260) (45,163)
Net liabilities (9,870) (25,118)
Capital and reserves
Called up share capital 3 3
Profit and loss account (9,873) (25,121)
Shareholders' funds (9,870) (25,118)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Edwards
Director
Approved by the board on 4 March 2024
AE TILING LIMITED
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2022 4,179 54,748 58,927
Additions - 33,495 33,495
Disposals - (6,500) (6,500)
At 31 August 2023 4,179 81,743 85,922
Depreciation
At 1 September 2022 2,451 24,272 26,723
Charge for the year 613 15,308 15,921
On disposals - (3,758) (3,758)
At 31 August 2023 3,064 35,822 38,886
Net book value
At 31 August 2023 1,115 45,921 47,036
At 31 August 2022 1,728 30,476 32,204
4 Debtors 2023 2022
£ £
Other debtors 5,249 866
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,546 8,681
Trade creditors 7,735 -
Taxation and social security costs 2,818 1,943
Other creditors 4,443 3,164
20,542 13,788
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,260 19,901
Other creditors 35,000 25,262
49,260 45,163
7 Related party transactions
The directors have loaned the company £38,414 (£25,262 2022). The loan is interest free and payable on demand.
8 Controlling party
The company is controlled by the directors.
9 Other information
AE TILING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
31 Grange Court
Bognor Regis
West Sussex
1
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