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COMPANY REGISTRATION NUMBER: 05644679
AE Building Services Limited
Filleted Unaudited Financial Statements
31 December 2023
AE Building Services Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
AE Building Services Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
60,841
81,915
Current assets
Stocks
22,922
44,317
Debtors
6
283,167
313,899
---------
---------
306,089
358,216
Creditors: amounts falling due within one year
7
283,401
271,781
---------
---------
Net current assets
22,688
86,435
--------
---------
Total assets less current liabilities
83,529
168,350
Creditors: amounts falling due after more than one year
8
54,140
161,022
--------
---------
Net assets
29,389
7,328
--------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
29,387
7,326
--------
-------
Shareholders funds
29,389
7,328
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AE Building Services Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
S J Ene
Director
Company registration number: 05644679
AE Building Services Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 73 The Street, Adisham, Canterbury, CT3 3JN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on on a going concern basis due to the continued support of the directors and shareholders.
Judgements and key sources of estimation uncertainty
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 is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
32,345
72,990
5,411
110,746
Additions
500
500
Disposals
( 498)
( 498)
--------
--------
-------
---------
At 31 December 2023
32,345
73,490
4,913
110,748
--------
--------
-------
---------
Depreciation
At 1 January 2023
12,683
14,029
2,119
28,831
Charge for the year
6,469
13,824
845
21,138
Disposals
( 62)
( 62)
--------
--------
-------
---------
At 31 December 2023
19,152
27,853
2,902
49,907
--------
--------
-------
---------
Carrying amount
At 31 December 2023
13,193
45,637
2,011
60,841
--------
--------
-------
---------
At 31 December 2022
19,662
58,961
3,292
81,915
--------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
48,689
2,195
Other debtors
234,478
311,704
---------
---------
283,167
313,899
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
108,855
102,346
Trade creditors
49,367
113,095
Amounts owed to group undertakings and undertakings in which the company has a participating interest
10,004
2,785
Corporation tax
27,292
17,233
Social security and other taxes
31,684
36,322
Other creditors
56,199
---------
---------
283,401
271,781
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
54,140
161,022
--------
---------
9. Directors' advances, credits and guarantees
At the year end the company owed the directors £5,383 (2022: was owed £69,925). During the year, dividends of £NIL (2022: £30,000) were paid to the directors.
10. Related party transactions
At the year end, a total of £224,613 (2022: £229,866) was owed to the company by an entity associated under common control.