Registered number
10471798
Austin Guitars Ltd
Unaudited Filleted Accounts
30 November 2023
Austin Guitars Ltd
Registered number: 10471798
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 145 394
Current assets
Stocks 31,305 29,121
Debtors 4 4,098 253
Cash at bank and in hand 7,310 5,277
42,713 34,651
Creditors: amounts falling due within one year 5 (9,727) (8,205)
Net current assets 32,986 26,446
Total assets less current liabilities 33,131 26,840
Creditors: amounts falling due after more than one year 6 (8,735) (5,167)
Net assets 24,396 21,673
Capital and reserves
Called up share capital 100 100
Profit and loss account 24,296 21,573
Shareholder's funds 24,396 21,673
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.
R A Clappison
Director
Approved by the board on 14 August 2024
Austin Guitars Ltd
Notes to the Accounts
for the year ended 30 November 2023
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 sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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:
Fixtures, fittings, tools and equipment over 3 years
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. Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against future taxable profits.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Office equipment
£
Cost
At 1 December 2022 833
At 30 November 2023 833
Depreciation
At 1 December 2022 439
Charge for the year 249
At 30 November 2023 688
Net book value
At 30 November 2023 145
At 30 November 2022 394
4 Debtors 2023 2022
£ £
Trade debtors 3,083 253
Other debtors 1,015 -
4,098 253
5 Creditors: amounts falling due within one year 2023 2022
£ £
Directors loan account 393 393
Bank loans and overdrafts 7,902 2,000
Taxation and social security costs 932 1,340
Other creditors 500 4,472
9,727 8,205
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 8,735 5,167
7 Other information
Austin Guitars Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Barn, Shevington's lane
Kirkby
Liverpool
Merseyside
L33 1XA
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