Registered number
05030410
AGE OF ELEGANCE COLLECTABLES LIMITED
Filleted Accounts
31 January 2024
AGE OF ELEGANCE COLLECTABLES LIMITED
Registered number: 05030410
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 696 870
Current assets
Stocks 6,554 6,111
Cash at bank and in hand 17,201 18,481
23,755 24,592
Creditors: amounts falling due within one year 4 (11,730) (10,389)
Net current assets 12,025 14,203
Net assets 12,721 15,073
Capital and reserves
Called up share capital 2 2
Profit and loss account 12,719 15,071
Shareholder's funds 12,721 15,073
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 her 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.
J A Proudlove
Director
Approved by the board on 30 July 2024
AGE OF ELEGANCE COLLECTABLES LIMITED
Notes to the Accounts
for the year ended 31 January 2024
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 and from the rendering of services.
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 and equipment 20% per annum of net book value
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures & Equipment
£
Cost
At 1 February 2023 4,453
At 31 January 2024 4,453
Depreciation
At 1 February 2023 3,583
Charge for the year 174
At 31 January 2024 3,757
Net book value
At 31 January 2024 696
At 31 January 2023 870
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 480 450
Taxation and social security costs - 59
Directors loans 11,250 9,880
11,730 10,389
5 Other information
AGE OF ELEGANCE COLLECTABLES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
68 St Johns Park
Whitchurch
Shropshire
SY13 1UN
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