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A. D. Veale Water Treatment Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
The Laurel Partnership Ltd
16 Broad Street
Eye
Suffolk
IP23 7AF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04626421
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 55,627 56,014
55,627 56,014
CURRENT ASSETS
Stocks 5 30,329 28,300
Debtors 6 47,873 27,569
Cash at bank and in hand 527,171 572,086
605,373 627,955
Creditors: Amounts Falling Due Within One Year 7 (105,941 ) (122,857 )
NET CURRENT ASSETS (LIABILITIES) 499,432 505,098
TOTAL ASSETS LESS CURRENT LIABILITIES 555,059 561,112
PROVISIONS FOR LIABILITIES
Deferred Taxation (13,084 ) (13,174 )
NET ASSETS 541,975 547,938
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 541,875 547,838
SHAREHOLDERS' FUNDS 541,975 547,938
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Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Clive Stevens
Director
11/09/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
A. D. Veale Water Treatment Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04626421 . The registered office is The Gables, Eye Road, Brome, Eye, Suffolk, IP23 8AL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. 
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2022: 7)
7 7
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 9,792 11,636 139,368 4,720
Additions - - 26,796 -
Disposals - - (20,634 ) -
As at 31 December 2023 9,792 11,636 145,530 4,720
Depreciation
As at 1 January 2023 5,874 9,701 92,361 2,940
Provided during the period 979 609 22,925 445
Disposals - - (17,879 ) -
As at 31 December 2023 6,853 10,310 97,407 3,385
Net Book Value
As at 31 December 2023 2,939 1,326 48,123 1,335
As at 1 January 2023 3,918 1,935 47,007 1,780
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Computer Equipment Total
£ £
Cost
As at 1 January 2023 1,832 167,348
Additions 1,165 27,961
Disposals - (20,634 )
As at 31 December 2023 2,997 174,675
Depreciation
As at 1 January 2023 458 111,334
Provided during the period 635 25,593
Disposals - (17,879 )
As at 31 December 2023 1,093 119,048
Net Book Value
As at 31 December 2023 1,904 55,627
As at 1 January 2023 1,374 56,014
5. Stocks
2023 2022
£ £
Stock 30,329 28,300
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 46,031 26,530
Prepayments and accrued income 1,842 1,039
47,873 27,569
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 7,097 6,537
Corporation tax 39,126 50,112
VAT 22,673 29,117
Other creditors 595 585
Directors' loan accounts 36,450 36,506
105,941 122,857
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8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 6