Company Registration No. 02981259 (England and Wales)
Avdon Bristol Limited
Unaudited financial statements
for the year ended 30 September 2023
Pages for filing with the registrar
Avdon Bristol Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Avdon Bristol Limited
Statement of financial position
As at 30 September 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
60,674
58,563
Current assets
Stocks
30,089
152,621
Debtors
4
1,007,751
1,587,755
Cash at bank and in hand
1,253,430
575,620
2,291,270
2,315,996
Creditors: amounts falling due within one year
5
(373,278)
(531,235)
Net current assets
1,917,992
1,784,761
Total assets less current liabilities
1,978,666
1,843,324
Creditors: amounts falling due after more than one year
6
-
0
(63,925)
Provisions for liabilities
(175,164)
(172,300)
Net assets
1,803,502
1,607,099
Capital and reserves
Called up share capital
7
45,100
45,100
Profit and loss reserves
1,758,402
1,561,999
Total equity
1,803,502
1,607,099

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Avdon Bristol Limited
Statement of financial position (continued)
As at 30 September 2023
2
The financial statements were approved by the board of directors and authorised for issue on 18 March 2024 and are signed on its behalf by:
Robert Delaney
Director
Company Registration No. 02981259
Avdon Bristol Limited
Notes to the financial statements
For the year ended 30 September 2023
3
1
Accounting policies
Company information

Avdon Bristol Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit One, Longbrook Trading Estate, Ashton Vale Road, Bristol, BS3 2HT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, the principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the manufacture and installation of windows and doors provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings leasehold
20% on cost
Plant and machinery
20% on cost
Fixtures, fittings & equipment
25% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Avdon Bristol Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
1
Accounting policies (continued)
4

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Avdon Bristol Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
1
Accounting policies (continued)
5
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Provisions

A provision against remedial costs under warranty given by the company has been made based on the directors' assessment of likely rectification costs calculated in the light of historic experience. This provision is amortised over a ten year period.

Avdon Bristol Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
1
Accounting policies (continued)
6
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
31
38
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2022
39,817
320,038
359,855
Additions
-
0
26,141
26,141
Disposals
-
0
(25,782)
(25,782)
At 30 September 2023
39,817
320,397
360,214
Depreciation and impairment
At 1 October 2022
32,603
268,689
301,292
Depreciation charged in the year
3,662
20,367
24,029
Eliminated in respect of disposals
-
0
(25,781)
(25,781)
At 30 September 2023
36,265
263,275
299,540
Carrying amount
At 30 September 2023
3,552
57,122
60,674
At 30 September 2022
7,214
51,349
58,563
Avdon Bristol Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
7
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
951,319
1,526,597
Other debtors
56,432
61,158
1,007,751
1,587,755
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
19,409
Trade creditors
154,377
399,893
Corporation tax
53,586
27,748
Other taxation and social security
33,358
25,098
Other creditors
131,957
59,087
373,278
531,235
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
63,925
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
35,100
35,100
10,000
10,000
Ordinary 'B' shares of £1 each
10,000
10,000
35,100
35,100
45,100
45,100
45,100
45,100
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
110,801
199,442
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