Registered number
SC461145
A G SLATING & BUILDING LTD
Filleted Abridged Accounts
31 October 2023
A G SLATING & BUILDING LTD
Registered number: SC461145
Abridged Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 43,947 36,276
Current assets
Stocks 500 500
Debtors 53,324 101,020
Cash at bank and in hand 58,334 57,396
112,158 158,916
Creditors: amounts falling due within one year (113,751) (88,030)
Net current (liabilities)/assets (1,593) 70,886
Total assets less current liabilities 42,354 107,162
Creditors: amounts falling due after more than one year (45,091) (53,218)
Provisions for liabilities (8,350) (6,892)
Net (liabilities)/assets (11,087) 47,052
Capital and reserves
Called up share capital 2 2
Profit and loss account (11,089) 47,050
Shareholder's funds (11,087) 47,052
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
Mr A Clark
Director
Approved by the board on 5 March 2024
A G SLATING & BUILDING LTD
Notes to the Abridged Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The abridged 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.
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 20% on reducing balance
Fixtures, fittings, tools and equipment 20% on reducing balance
Motor vehicles 25% on reducing balance
Computer equipment 33% on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 9
3 Tangible fixed assets
Total
£
Cost
At 1 November 2022 80,958
Additions 32,810
Disposals (29,297)
At 31 October 2023 84,471
Depreciation
At 1 November 2022 44,682
Charge for the year 12,547
On disposals (16,705)
At 31 October 2023 40,524
Net book value
At 31 October 2023 43,947
At 31 October 2022 36,276
4 Related party transactions
During the year, total dividends of £Nil were paid to the shareholders.
5 Controlling party
The company is controlled by the director who owns 100% of the called up share capital.
6 Other information
A G SLATING & BUILDING LTD is a private company limited by shares and incorporated in Scotland. Its registered office is:
70 Victoria Road
Aberdeen
AB11 9DS
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