Advantiv Limited 04541666 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is the supply of industrial parts and services. Digita Accounts Production Advanced 6.30.9574.0 true 04541666 2023-03-01 2024-02-29 04541666 2024-02-29 04541666 core:CurrentFinancialInstruments 2024-02-29 04541666 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 04541666 core:WithinOneYear 2024-02-29 04541666 core:LandBuildings 2024-02-29 04541666 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-29 04541666 core:PlantMachinery 2024-02-29 04541666 1 2024-02-29 04541666 bus:SmallEntities 2023-03-01 2024-02-29 04541666 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 04541666 bus:FilletedAccounts 2023-03-01 2024-02-29 04541666 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 04541666 bus:RegisteredOffice 2023-03-01 2024-02-29 04541666 bus:Director2 2023-03-01 2024-02-29 04541666 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04541666 core:FurnitureFittings 2023-03-01 2024-02-29 04541666 core:LandBuildings 2023-03-01 2024-02-29 04541666 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04541666 core:MotorVehicles 2023-03-01 2024-02-29 04541666 core:PlantMachinery 2023-03-01 2024-02-29 04541666 countries:EnglandWales 2023-03-01 2024-02-29 04541666 1 2023-03-01 2024-02-29 04541666 2023-02-28 04541666 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 04541666 core:PlantMachinery 2023-02-28 04541666 1 2023-02-28 04541666 2022-03-01 2023-02-28 04541666 2023-02-28 04541666 core:CurrentFinancialInstruments 2023-02-28 04541666 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 04541666 core:WithinOneYear 2023-02-28 04541666 core:LandBuildings 2023-02-28 04541666 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 04541666 core:PlantMachinery 2023-02-28 04541666 1 2023-02-28 04541666 1 2022-03-01 2023-02-28 04541666 1 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 04541666

Advantiv Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Advantiv Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Advantiv Limited

(Registration number: 04541666)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

256,645

270,331

Current assets

 

Stocks

6

51,749

52,325

Debtors

7

2,313,431

1,709,143

Cash at bank and in hand

 

1,681,307

1,144,763

 

4,046,487

2,906,231

Creditors: Amounts falling due within one year

8

(2,050,994)

(1,550,882)

Net current assets

 

1,995,493

1,355,349

Total assets less current liabilities

 

2,252,138

1,625,680

Provisions for liabilities

(19,613)

(19,613)

Net assets

 

2,232,525

1,606,067

Capital and reserves

 

Called up share capital

13,200

13,200

Share premium reserve

1,530

1,530

Capital redemption reserve

6,600

6,600

Revaluation reserve

89,717

89,717

Retained earnings

2,121,478

1,495,020

Shareholders' funds

 

2,232,525

1,606,067

 

Advantiv Limited

(Registration number: 04541666)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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 21 August 2024 and signed on its behalf by:
 

.........................................
A J Crouch
Director

 

Advantiv Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 9 Kingfisher Court
Hambridge Road
Newbury
Berkshire
RG14 5SJ

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable.

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.

Tangible assets

With the exception of Freehold Property, 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.

Freehold Property is held at fair value, and is subject to annual impairment review.

 

Advantiv Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Plant and machinery

33.33% straight line

Fixtures and fittings

33.33% and 20% straight line

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for industrials parts sold and services provided in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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

Taxation

2024

2023

£

£

Corporation tax

322,499

162,164

Deferred tax

-

-

322,499

162,164

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 16).

 

Advantiv Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2023

250,000

113,284

363,284

Disposals

-

(9,155)

(9,155)

At 29 February 2024

250,000

104,129

354,129

Depreciation

At 1 March 2023

-

92,953

92,953

Charge for the year

-

9,449

9,449

Eliminated on disposal

-

(4,918)

(4,918)

At 29 February 2024

-

97,484

97,484

Carrying amount

At 29 February 2024

250,000

6,645

256,645

At 28 February 2023

250,000

20,331

270,331

Included within the net book value of land and buildings above is £250,000 (2023 - £250,000) in respect of freehold land and buildings.
 

 

Advantiv Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Revaluation

The fair value of the company's freehold land and buildings was revalued on 28 February 2022. An independent valuer was not involved.
The valuation was undertaken by the directors who have experience of similar buildings in this area, and was valued at market value on existing use basis.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £171,549 (2023 - £171,549).

6

Stocks

2024
£

2023
£

Other inventories

51,749

52,325

7

Debtors

Current

2024
£

2023
£

Trade debtors

2,242,443

1,621,319

Prepayments

10,469

8,225

Other debtors

60,519

79,599

 

2,313,431

1,709,143

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,426,229

1,024,883

Taxation and social security

469,337

309,504

Other creditors

155,428

216,495

2,050,994

1,550,882

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

14,079

12,575

 

Advantiv Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

10

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Repayments by director
£

Other payments made to company by director
£

At 29 February 2024
£

Directors Loan

14,651

(14,651)

(5,312)

(5,312)

 

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Directors Loan

(12,539)

69,478

(42,288)

14,651

 

Other transactions with directors

The directors had loan accounts with the company on which there is an obligation to pay interest at the HMRC official rate. The loan is repayable on demand and loan interest is repaid in priority to capital. At the balance sheet date the amount due from/(to) the directors was (£5,312) (2023 - £14,651).