1 January 2023 v2024.10.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP053185912023-01-012023-12-31053185912023-12-31053185912022-12-3105318591core:WithinOneYear2023-12-3105318591core:WithinOneYear2022-12-3105318591core:AfterOneYear2023-12-3105318591core:AfterOneYear2022-12-3105318591core:ShareCapital2023-12-3105318591core:ShareCapital2022-12-3105318591core:RetainedEarningsAccumulatedLosses2023-12-3105318591core:RetainedEarningsAccumulatedLosses2022-12-3105318591bus:Director12023-01-012023-12-3105318591bus:Director22023-01-012023-12-3105318591bus:RegisteredOffice2023-01-012023-12-3105318591core:PlantMachinery2023-01-012023-12-3105318591core:LandBuildings2023-01-012023-12-3105318591core:MotorVehicles2023-01-012023-12-31053185912022-01-012022-12-3105318591core:LandBuildings2023-01-0105318591core:PlantMachinery2023-01-01053185912023-01-0105318591core:LandBuildings2023-12-3105318591core:PlantMachinery2023-12-3105318591core:LandBuildings2022-12-3105318591core:PlantMachinery2022-12-310531859112023-01-012023-12-3105318591countries:EnglandWales2023-01-012023-12-3105318591bus:AuditExemptWithAccountantsReport2023-01-012023-12-3105318591bus:PrivateLimitedCompanyLtd2023-01-012023-12-3105318591bus:SmallEntities2023-01-012023-12-3105318591bus:FullAccounts2023-01-012023-12-31
Company registration number:
05318591
Ajet Drain Services Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2023
Ajet Drain Services Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Ajet Drain Services Limited
Year ended
31 December 2023
As described on the statement of financial position, the Board of Directors of
Ajet Drain Services Limited
are responsible for the preparation of the
financial statements
for the year ended
31 December 2023
, which comprise the income statement, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Fawcett & Co Accountants
Brunswick House
88 Carholme Road
Lincoln
Lincolnshire
LN1 1SP
United Kingdom
Date:
8 April 2024
Ajet Drain Services Limited
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Tangible assets 5
338,799
 
281,068
 
Current assets    
Stocks
9,860
 
9,860
 
Debtors 6
102,811
 
177,359
 
Cash at bank and in hand
175,514
 
96,293
 
288,185
 
283,512
 
Creditors: amounts falling due within one year 7
(234,734
)
(169,820
)
Net current assets
53,451
 
113,692
 
Total assets less current liabilities 392,250   394,760  
Creditors: amounts falling due after more than one year 8
(23,758
)
(25,319
)
Provisions for liabilities
(33,088
)
(22,004
)
Net assets
335,404
 
347,437
 
Capital and reserves    
Called up share capital
101
 
101
 
Profit and loss account
335,303
 
347,336
 
Shareholders funds
335,404
 
347,437
 
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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
8 April 2024
, and are signed on behalf of the board by:
N Willerton
J Willerton
DirectorDirector
Company registration number:
05318591
Ajet Drain Services Limited
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Brunswick House
,
86/88 Carholme Road
,
Lincoln
,
Lincolnshire
,
LN1 1SP
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
25% reducing balance
Land and buildings
No depreciation
Motor vehicles
25% reducing balance

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 stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

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 Average number of employees

The average number of persons employed by the company during the year was
14
(2022:
13.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 January 2023
165,028
 
437,792
 
602,820
 
Additions -  
98,695
 
98,695
 
At
31 December 2023
165,028
 
536,487
 
701,515
 
Depreciation      
At
1 January 2023
469
 
321,283
 
321,752
 
Charge -  
40,964
 
40,964
 
At
31 December 2023
469
 
362,247
 
362,716
 
Carrying amount      
At
31 December 2023
164,559
 
174,240
 
338,799
 
At 31 December 2022
164,559
 
116,509
 
281,068
 

6 Debtors

20232022
££
Trade debtors
102,811
 
177,359
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
59,051
 
35,670
 
Trade creditors
64,952
 
29,022
 
Taxation and social security
58,100
 
67,758
 
Other creditors
52,631
 
37,370
 
234,734
 
169,820
 
The hire purchase liabilities are secured against the company's underlying assets.

8 Creditors: amounts falling due after more than one year

20232022
££
Other creditors
23,758
 
25,319
 

10 Controlling party

Mr and Mrs Willerton are the ultimate controlling party