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Registration number: 08337147

AV Contracting Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

AV Contracting Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

AV Contracting Limited

(Registration number: 08337147)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

4,438

1,813

Current assets

 

Debtors

5

318,860

277,633

Cash at bank and in hand

 

470,413

434,194

 

789,273

711,827

Creditors: Amounts falling due within one year

6

(146,879)

(66,623)

Net current assets

 

642,394

645,204

Total assets less current liabilities

 

646,832

647,017

Provisions for liabilities

(843)

(344)

Net assets

 

645,989

646,673

Capital and reserves

 

Called up share capital

100

100

Retained earnings

645,889

646,573

Shareholders' funds

 

645,989

646,673

For the financial 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 May 2024 and signed on its behalf by:
 

 

AV Contracting Limited

(Registration number: 08337147)
Balance Sheet as at 31 December 2023

.........................................
Mrs J Hollingsworth
Director

.........................................
Mr T Hollingsworth
Director

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

AV Contracting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

These financial statements were authorised for issue by the Board on 22 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

AV Contracting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Plant and Machinery

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors and bad debts written off are recognised at the transaction price. Amounts are reviewed for recoverability periodically and where amounts are not considered to be recoverable these are written off to the profit and loss account when necessary.

 

AV Contracting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

AV Contracting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 January 2023

4,681

-

4,681

Additions

1,731

1,800

3,531

Disposals

(1,290)

-

(1,290)

At 31 December 2023

5,122

1,800

6,922

Depreciation

At 1 January 2023

2,868

-

2,868

Charge for the year

489

108

597

Eliminated on disposal

(981)

-

(981)

At 31 December 2023

2,376

108

2,484

Carrying amount

At 31 December 2023

2,746

1,692

4,438

At 31 December 2022

1,813

-

1,813

5

Debtors

Current

2023
£

2022
£

Trade debtors

236,220

175,133

Prepayments

910

653

Other debtors

81,730

101,847

 

318,860

277,633

6

Creditors

Creditors: amounts falling due within one year

 

AV Contracting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Note

2023
£

(As restated)

2022
£

Due within one year

 

Trade creditors

 

15,972

754

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

200

200

Taxation and social security

 

49,195

53,843

Accruals and deferred income

 

1,605

1,145

Other creditors

 

79,907

10,681

 

146,879

66,623

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £Nil (2022 - £750.00) per ordinary share

 

-

 

75,000

Interim dividend of £1,516.00 (2022 - £Nil) per ordinary share

 

151,600

 

-

   

151,600

 

75,000

         

9

Related party transactions

At the balance sheet date the company owed the directors £79,106 (2022: £10,024). There are no terms relating to the repayment of capital or payment of interest on this loan.

At the balance sheet date the company owed £200 Jakk Holdings Limited, its parent. The loan is provided interest free and is repayable on demand.

 

AV Contracting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Ultimate controlling party

The ultimate controlling party is Terry Hollingsworth by virtue of his majortiy shareholdings in JAKK Holdings Limited, the parent company.