16 false false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07992269 2022-07-01 2023-06-30 07992269 2023-06-30 07992269 2022-06-30 07992269 2021-07-01 2022-06-30 07992269 2022-06-30 07992269 2021-06-30 07992269 core:LandBuildings core:LongLeaseholdAssets 2022-07-01 2023-06-30 07992269 core:PlantMachinery 2022-07-01 2023-06-30 07992269 core:FurnitureFittings 2022-07-01 2023-06-30 07992269 core:MotorVehicles 2022-07-01 2023-06-30 07992269 bus:RegisteredOffice 2022-07-01 2023-06-30 07992269 bus:LeadAgentIfApplicable 2022-07-01 2023-06-30 07992269 bus:Director1 2022-07-01 2023-06-30 07992269 core:LandBuildings core:LongLeaseholdAssets 2022-06-30 07992269 core:PlantMachinery 2022-06-30 07992269 core:FurnitureFittings 2022-06-30 07992269 core:MotorVehicles 2022-06-30 07992269 core:LandBuildings core:LongLeaseholdAssets 2023-06-30 07992269 core:PlantMachinery 2023-06-30 07992269 core:FurnitureFittings 2023-06-30 07992269 core:MotorVehicles 2023-06-30 07992269 core:WithinOneYear 2023-06-30 07992269 core:WithinOneYear 2022-06-30 07992269 core:AfterOneYear 2023-06-30 07992269 core:AfterOneYear 2022-06-30 07992269 core:ShareCapital 2023-06-30 07992269 core:ShareCapital 2022-06-30 07992269 core:RetainedEarningsAccumulatedLosses 2023-06-30 07992269 core:RetainedEarningsAccumulatedLosses 2022-06-30 07992269 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 07992269 core:AcceleratedTaxDepreciationDeferredTax 2022-06-30 07992269 core:ProvisionsDeferredTax 2023-06-30 07992269 core:ProvisionsDeferredTax 2022-06-30 07992269 core:LandBuildings core:LongLeaseholdAssets 2022-06-30 07992269 core:PlantMachinery 2022-06-30 07992269 core:FurnitureFittings 2022-06-30 07992269 core:MotorVehicles 2022-06-30 07992269 bus:SmallEntities 2022-07-01 2023-06-30 07992269 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 07992269 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 07992269 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 07992269 bus:FullAccounts 2022-07-01 2023-06-30 07992269 core:OfficeEquipment 2022-07-01 2023-06-30 07992269 core:OfficeEquipment 2022-06-30 07992269 core:OfficeEquipment 2023-06-30
COMPANY REGISTRATION NUMBER: 07992269
A.E. George Commercials Ltd
Filleted Unaudited Financial Statements
30 June 2023
A.E. George Commercials Ltd
Financial Statements
Year ended 30 June 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
A.E. George Commercials Ltd
Officers and Professional Advisers
Director
Mr M E George
Registered office
Brewham Road Depot
Brewham Road
Bruton
Somerset
UK
BA10 0JH
Accountants
Chalmers HB Ltd
Chartered Accountants
20 Chamberlain Street
Wells
Somerset BA5 2PF
A.E. George Commercials Ltd
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
100,779
118,390
Current assets
Stocks
142,363
121,278
Debtors
6
295,215
239,465
Cash at bank and in hand
152,656
222,783
---------
---------
590,234
583,526
Creditors: amounts falling due within one year
7
375,765
374,757
---------
---------
Net current assets
214,469
208,769
---------
---------
Total assets less current liabilities
315,248
327,159
Creditors: amounts falling due after more than one year
8
12,347
16,667
Provisions
Taxation including deferred tax
17,664
20,754
---------
---------
Net assets
285,237
289,738
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
285,137
289,638
---------
---------
Shareholders funds
285,237
289,738
---------
---------
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 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
A.E. George Commercials Ltd
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:
Mr M E George
Director
Company registration number: 07992269
A.E. George Commercials Ltd
Notes to the Financial Statements
Year ended 30 June 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 Brewham Road Depot, Brewham Road, Bruton, Somerset, BA10 0JH, UK.
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.
Revenue recognition
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.
Income tax
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.
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:
Leasehold Improvements
-
10% straight line
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
20% reducing balance
Motor Vehicles
-
20% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
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. Dividends and distributions relating to equity instruments are debited direct to equity.
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 16 (2022: 15 ).
5. Tangible assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jul 2022
37,783
116,905
9,498
74,478
20,365
259,029
Additions
678
678
--------
---------
-------
--------
--------
---------
At 30 Jun 2023
37,783
117,583
9,498
74,478
20,365
259,707
--------
---------
-------
--------
--------
---------
Depreciation
At 1 Jul 2022
9,944
61,406
5,701
49,548
14,040
140,639
Charge for the year
3,171
8,426
759
4,985
948
18,289
--------
---------
-------
--------
--------
---------
At 30 Jun 2023
13,115
69,832
6,460
54,533
14,988
158,928
--------
---------
-------
--------
--------
---------
Carrying amount
At 30 Jun 2023
24,668
47,751
3,038
19,945
5,377
100,779
--------
---------
-------
--------
--------
---------
At 30 Jun 2022
27,839
55,499
3,797
24,930
6,325
118,390
--------
---------
-------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
219,470
158,844
Other debtors
75,745
80,621
---------
---------
295,215
239,465
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,488
5,000
Trade creditors
85,661
56,689
Amounts owed to group undertakings and undertakings in which the company has a participating interest
219,265
221,855
Corporation tax
2,776
5,671
Social security and other taxes
25,675
21,922
Other creditors
36,900
63,620
---------
---------
375,765
374,757
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,347
16,667
--------
--------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
17,664
20,754
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
20,754
23,166
Provisions
( 3,090)
( 2,412)
--------
--------
17,664
20,754
--------
--------
10. Controlling party
Throughout the year A.E. George Commercials Ltd was wholly owned by A.E. George and Sons Ltd (Company Number 01560823).