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Company registration number: 06387922
Aztech Designs Limited
Unaudited filleted financial statements
31 December 2023
Aztech Designs Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Aztech Designs Limited
Directors and other information
Directors Mr Jamie Lewis Hicks
Mr Anthony Desmond Hicks
Secretary Jamie Lewis Hicks
Company number 06387922
Registered office 75 High Street
Boston
Lincs
PE21 8SX
Business address C/o 11 Poppy Close
Boston
Lincs
PE21 7TJ
Accountants Lister & Co
75 High Street
Boston
Lincs
PE21 8SX
Aztech Designs Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Aztech Designs Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aztech Designs Limited for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Aztech Designs Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Aztech Designs Limited and state those matters that we have agreed to state to the board of directors of Aztech Designs Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aztech Designs Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Aztech Designs Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aztech Designs Limited. You consider that Aztech Designs Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Aztech Designs Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
75 High Street
Boston
Lincs
PE21 8SX
2 February 2024
Aztech Designs Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,476 1,788
Investments 6 231,727 182,810
_______ _______
233,203 184,598
Current assets
Debtors 7 24,110 32,189
Cash at bank and in hand 24,482 61,340
_______ _______
48,592 93,529
Creditors: amounts falling due
within one year 8 ( 7,743) ( 13,015)
_______ _______
Net current assets 40,849 80,514
_______ _______
Total assets less current liabilities 274,052 265,112
Provisions for liabilities ( 354) ( 427)
_______ _______
Net assets 273,698 264,685
_______ _______
Capital and reserves
Called up share capital 9 100 100
Fair value reserve 12,329 -
Profit and loss account 261,269 264,585
_______ _______
Shareholders funds 273,698 264,685
_______ _______
For the 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 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 February 2024 , and are signed on behalf of the board by:
Mr Jamie Lewis Hicks
Director
Company registration number: 06387922
Aztech Designs Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 January 2022 100 5,248 263,044 268,392
Profit for the year 33,541 33,541
Other comprehensive income for the year:
Fair Value movement on investment - ( 5,248) - ( 5,248)
_______ _______ _______ _______
Total comprehensive income for the year - ( 5,248) 33,541 28,293
Dividends paid and payable ( 32,000) ( 32,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 32,000) ( 32,000)
_______ _______ _______ _______
At 31 December 2022 and 1 January 2023 100 - 264,585 264,685
Profit for the year 28,684 28,684
Other comprehensive income for the year:
Fair Value movement on investment - 12,329 - 12,329
_______ _______ _______ _______
Total comprehensive income for the year - 12,329 28,684 41,013
Dividends paid and payable ( 32,000) ( 32,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 32,000) ( 32,000)
_______ _______ _______ _______
At 31 December 2023 100 12,329 261,269 273,698
_______ _______ _______ _______
Aztech Designs Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 75 High Street, Boston, Lincs, PE21 8SX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 January 2023 2,448 2,448
Disposals ( 274) ( 274)
_______ _______
At 31 December 2023 2,174 2,174
_______ _______
Depreciation
At 1 January 2023 660 660
Charge for the year 262 262
Disposals ( 224) ( 224)
_______ _______
At 31 December 2023 698 698
_______ _______
Carrying amount
At 31 December 2023 1,476 1,476
_______ _______
At 31 December 2022 1,788 1,788
_______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 January 2023 182,810 182,810
Additions 30,000 30,000
Fair value adjustment 18,917 18,917
_______ _______
At 31 December 2023 231,727 231,727
_______ _______
Impairment
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 231,727 231,727
_______ _______
At 31 December 2022 182,810 182,810
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 800 1,000
Other debtors 23,310 31,189
_______ _______
24,110 32,189
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Social security and other taxes 6,618 12,025
Other creditors 1,125 990
_______ _______
7,743 13,015
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 15,604 -
Later than 1 year and not later than 5 years 20,097 -
_______ _______
35,701 -
_______ _______
In 2023 the company entered into a three year property lease, and a three year motor vehicle lease
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Jamie Lewis Hicks 9,739 24,000 ( 32,000) 1,739
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Jamie Lewis Hicks - 9,739 - 9,739
_______ _______ _______ _______
During the year the company made a loan available to the directors, this loan will be repaid within 9 months of the year end.