Company registration number 00877200 (England and Wales)
AUBREY CORNFOOT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
AUBREY CORNFOOT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AUBREY CORNFOOT LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
57,143
53,019
Current assets
Stocks
25,134
29,410
Debtors
4
48,543
17,150
Cash at bank and in hand
106,719
92,953
180,396
139,513
Creditors: amounts falling due within one year
5
(125,500)
(90,636)
Net current assets
54,896
48,877
Total assets less current liabilities
112,039
101,896
Creditors: amounts falling due after more than one year
6
(12,231)
(22,435)
Provisions for liabilities
(7,274)
(5,796)
Net assets
92,534
73,665
Capital and reserves
Called up share capital
1,900
1,900
Capital redemption reserve
700
700
Profit and loss reserves
89,934
71,065
Total equity
92,534
73,665
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AUBREY CORNFOOT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 July 2024 and are signed on its behalf by:
Mr R Smith
Director
Company Registration No. 00877200
AUBREY CORNFOOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Aubrey Cornfoot Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5-7 Bowsden Terrace, South Gosforth, Newcastle Upon Tyne, Tyne And Wear, United Kingdom, NE3 1RX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net invoiced sales of goods and services, excluding VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% on reducing balance
Computer equipment
15% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
AUBREY CORNFOOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences. Such liabilities are not recognised if the timing difference arises in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged or credited in the profit and loss account.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2023 - 11).
2024
2023
Number
Number
Total
11
11
AUBREY CORNFOOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
3
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
19,347
696
121,207
141,250
Additions
262
18,921
19,183
Disposals
(8,240)
(8,240)
At 30 April 2024
19,347
958
131,888
152,193
Depreciation and impairment
At 1 May 2023
11,476
169
76,586
88,231
Depreciation charged in the year
1,180
82
13,430
14,692
Eliminated in respect of disposals
(7,873)
(7,873)
At 30 April 2024
12,656
251
82,143
95,050
Carrying amount
At 30 April 2024
6,691
707
49,745
57,143
At 30 April 2023
7,871
527
44,621
53,019
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
46,047
10,955
Other debtors
2,496
6,195
48,543
17,150
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,204
9,952
Trade creditors
58,881
46,098
Corporation tax
23,764
10,909
Other taxation and social security
5,956
5,182
Other creditors
26,695
18,495
125,500
90,636
AUBREY CORNFOOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,231
22,435
7
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
-
4,971
102,566
(107,540)
(3)
4,971
102,566
(107,540)
(3)