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Registered number: 06037866
Aga Carpets & Trading Co Ltd
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06037866
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 500 1,000
500 1,000
CURRENT ASSETS
Stocks 5 5,950 6,368
Debtors 6 472 10,018
Cash at bank and in hand 2,046 1,301
8,468 17,687
Creditors: Amounts Falling Due Within One Year 7 (2,449 ) (15,473 )
NET CURRENT ASSETS (LIABILITIES) 6,019 2,214
TOTAL ASSETS LESS CURRENT LIABILITIES 6,519 3,214
NET ASSETS 6,519 3,214
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 6,517 3,212
SHAREHOLDERS' FUNDS 6,519 3,214
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
H G Aga
Director
18th September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Aga Carpets & Trading Co Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06037866 . The registered office is 109 Coleman Road, Leicester, LE5 4LE.
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.
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:
Computer Equipment Straight line over 5 years
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. 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.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 2,500
As at 31 December 2023 2,500
Depreciation
As at 1 January 2023 1,500
Provided during the period 500
As at 31 December 2023 2,000
Net Book Value
As at 31 December 2023 500
As at 1 January 2023 1,000
5. Stocks
2023 2022
£ £
Stock 5,950 6,368
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 472 10,018
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors (841 ) 1
Corporation tax 834 650
Accruals and deferred income 900 900
Director's loan account 1,556 13,922
2,449 15,473
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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9. Directors Advances, Credits and Guarantees
The following advances and credits to directors subsisted during the current and prior periods:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Hasan Aga (13,922 ) 17,007 (4,642 ) - (1,556 )
The above loan is unsecured, interest free and repayable on demand.
10. Related Party Transactions
Included within creditors is a loan from the director to the company. The balance outstanding as at 31 December 2023 was £1,556 (2022: £13,922). This loan is interest free and repayable on demand.
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