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COMPANY REGISTRATION NUMBER: 02323194
A.C. Supply Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
A.C. Supply Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
56,288
89,804
Investments
6
1
1
--------
--------
56,289
89,805
Current assets
Stocks
496,599
452,941
Debtors
7
341,413
438,649
Cash at bank and in hand
156,155
18,757
---------
---------
994,167
910,347
Creditors: amounts falling due within one year
8
756,527
652,825
---------
---------
Net current assets
237,640
257,522
---------
---------
Total assets less current liabilities
293,929
347,327
Provisions
Taxation including deferred tax
14,070
22,450
---------
---------
Net assets
279,859
324,877
---------
---------
Capital and reserves
Called up share capital
66
77
Share premium account
3,620
3,620
Capital redemption reserve
62
51
Profit and loss account
276,111
321,129
---------
---------
Shareholders funds
279,859
324,877
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
A.C. Supply Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 14 September 2024 , and are signed on behalf of the board by:
D Williams
Director
Company registration number: 02323194
A.C. Supply Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ. The company operates from Icknield Way, Letchworth Garden City, Hertfordshire, SG6 1JX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The financial statements contain information relating to the entity only as the company is exempt from preparing consolidated financial statements on the basis that the company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006.
Revenue recognition
The turnover shown in the statement of comprehensive income represents goods supplied during the year net of value added tax and trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Operating lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
over the length of the lease
Motor vehicles
-
25% straight line
Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks of goods for resale are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost of goods for resale is calculated as the invoice price of goods purchased plus additional charges such as transport and handling costs.
Invoice discounting
The company has a recourse invoice discounting facility. Balances due under the policy are included in debtors and creditors respectively with no set off against each other.
Defined contribution pension plans
The company makes contributions to the personal pension schemes of certain employees and directors. The annual contributions payable are charged to the statement of comprehensive income on an accruals basis.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 10 ).
5. Tangible assets
Leasehold improvements
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
137,220
75,255
156,479
368,954
Additions
2,017
2,017
---------
--------
---------
---------
At 31 December 2023
137,220
75,255
158,496
370,971
---------
--------
---------
---------
Depreciation
At 1 January 2023
82,388
72,979
123,783
279,150
Charge for the year
17,632
2,276
15,625
35,533
---------
--------
---------
---------
At 31 December 2023
100,020
75,255
139,408
314,683
---------
--------
---------
---------
Carrying amount
At 31 December 2023
37,200
19,088
56,288
---------
--------
---------
---------
At 31 December 2022
54,832
2,276
32,696
89,804
---------
--------
---------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
1
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
1
----
At 31 December 2022
1
----
The company owns 100% of the issued share capital of Screws & Fasteners Limited, a company incorporated in England and Wales. Screws & Fasteners Limited is a dormant company.
7. Debtors
2023
2022
£
£
Trade debtors
298,428
360,639
Other debtors
42,985
78,010
---------
---------
341,413
438,649
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
530,307
459,777
Social security and other taxes
148,833
146,614
Other creditors
77,387
46,434
---------
---------
756,527
652,825
---------
---------
The company's bank invoice discounting facility is secured by a fixed and floating charge over the company's assets.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
14,070
22,450
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
14,070
22,450
--------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
46,668
45,448
Later than 1 year and not later than 5 years
96,016
15,184
---------
--------
142,684
60,632
---------
--------