(1) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Revenue recognition
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Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
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Turnover
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Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them. |
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Rendering of Services
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Revenue from provision of services rendered in the reporting period is recognised when the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised. |
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Tangible fixed assets and Depreciation
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Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| Asset class and depreciation rate | Land and Buildings | 0% reducing balance | Plant and Machinery | | Short Leasehold Properties | | Investment Properties | | Long Leasehold Properties | | Commercial Vehicles | | Fixtures and Fittings | 25% reducing balance | Equipment | | Motor Cars | |
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(2) Turnover
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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. Turnover is reduced for estimated customer returns, rebates and other similar allowances. |
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(3) Employees
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During the year, the average number of employees including director was 1 (2023 : 1). |
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(4) Debtors
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Amounts falling due within one year
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| | | 2024 | | 2023 | | £ | | £ | | | | | | Other debtors | 875 | | 955 | | | | | | 875 | | 955 |
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(5) Creditors: Amounts falling due within one year
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| | | 2024 | | 2023 | | £ | | £ | | | | | | Bank loans and overdrafts | 5,050 | | 5,050 | | | | | Other taxes and social security | 103 | | - | Other creditors | 49,413 | | 43,544 | Accruals and deferred income | 1,500 | | 4,796 | | 56,066 | | 53,390 |
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(6) Creditors: Amounts falling due after more than one year
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| | | 2024 | | 2023 | | £ | | £ | | Bank loans and overdrafts | 77,045 | | 82,363 | | | | | | | | | | 77,045 | | 82,363 |
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(7) Related party transactions
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AWC Construction Services Limited: Mrs L Caine the director of AWC Property Services Limited is also a director in AWC Construction Services Limited. At 30th April 2024 AWC Property Services Limited owed to AWC Construction Services Limited £720 (2023: £80 owed by). AWC Staff Services Limited: Mrs L Caine, the director of AWC Property Services Limited is also director in AWC Staff Services Limited. At 30th April 2024 AWC Property Services Limited owed AWC Staff Services Limited £31,620 (2023 £21,290). |
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(8) Fixed assets
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| Tangible £ | Cost | | As at 01 May 2023 | 132,589 | As at 30 April 2024 | 132,589 | Depreciation/Amortisation | | As at 01 May 2023 | 180 | For the year | (13) | As at 30 April 2024 | 167 | Net book value | | As at 30 April 2024 | 132,422 | As at 30 April 2023 | 132,409 |
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