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.
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