Registration number:
Advantiv Limited
for the Year Ended 29 February 2024
Advantiv Limited
(Registration number: 04541666)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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|
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Debtors |
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|
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Cash at bank and in hand |
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|
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Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
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Total assets less current liabilities |
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|
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Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
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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:
• |
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• |
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
......................................... |
Advantiv Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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.
Taxation |
2024 |
2023 |
||
£ |
£ |
||
Corporation tax |
322,499 |
162,164 |
|
Deferred tax |
- |
- |
|
322,499 |
162,164 |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Advantiv Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 March 2023 |
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Disposals |
- |
( |
( |
At 29 February 2024 |
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|
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Depreciation |
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At 1 March 2023 |
- |
|
|
Charge for the year |
- |
|
|
Eliminated on disposal |
- |
( |
( |
At 29 February 2024 |
- |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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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
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Stocks |
2024 |
2023 |
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Other inventories |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Advantiv Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
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 |
|
( |
(5,312) |
( |
2023 |
At 1 March 2022 |
Advances to director |
Repayments by director |
At 28 February 2023 |
Directors Loan |
( |
|
( |
|
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).