AXL DAVIES LIMITED |
Balance Sheet |
as at 31 March 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
- |
|
|
1,223 |
|
Current assets |
Debtors |
4 |
|
910 |
|
|
1,788 |
Cash at bank and in hand |
|
|
145 |
|
|
1,407 |
|
|
|
|
1,055 |
|
|
3,195 |
Creditors: amounts falling due within one year |
5 |
|
(2,256) |
|
|
(4,241) |
|
Net current liabilities |
|
|
|
(1,201) |
|
|
(1,046) |
|
|
|
|
|
|
|
|
Total assets less current liabilities |
|
|
|
(1,201) |
|
|
177 |
|
Provisions for liabilities |
|
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
Net (liabilities)/assets |
|
|
|
(1,201) |
|
|
177 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
10 |
|
|
10 |
Profit and loss account |
|
|
|
(1,211) |
|
|
167 |
|
Shareholders' funds |
|
|
|
(1,201) |
|
|
177 |
|
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
|
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
|
The directors acknowledge their 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. |
|
|
|
|
W. DAVIES |
Director |
Approved by the board on 23 May 2024 |
|
AXL DAVIES LIMITED |
Notes to the Accounts |
for the year ended 31 March 2024 |
|
|
|
|
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The 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. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. |
|
|
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, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows: |
|
|
Vehicles |
20% reducing balance basis |
|
Tools and equipment |
20% reducing balance basis |
|
|
Debtors |
|
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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. Current and deferred tax assets and liabilities are not discounted. |
|
|
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. |
|
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Tools and equipment |
£ |
|
Cost |
|
At 1 April 2023 |
3,432 |
|
Disposals |
(3,432) |
|
At 31 March 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2023 |
2,209 |
|
Charge for the year |
(2,209) |
|
At 31 March 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2024 |
- |
|
At 31 March 2023 |
1,223 |
|
|
|
|
|
|
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
910 |
|
1,161 |
|
Other debtors |
- |
|
627 |
|
|
|
|
|
|
910 |
|
1,788 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Trade creditors and accruals |
441 |
|
2,078 |
|
Current Corporation Tax |
- |
|
2,163 |
|
Directors' loan account |
1,815 |
|
- |
|
|
|
|
|
|
2,256 |
|
4,241 |
|
|
|
|
|
|
|
|
|
|
6 |
Controlling party |
|
Mrs. W. Davies and Mr. D.M. Davies, the directors of the company at the Balance Sheet date, each respectively own 50% of the issued share capital of the company. |
|
|
7 |
Other information |
|
AXL DAVIES LIMITED is a private company limited by shares and incorporated in England (Registered number 07995396). Its registered office is 35, Victoria Road, Tunstall, Stoke-on-Trent, Staffordshire, ST6 5DX. |