Registered number
SC704324
AIB Enterprises Limited
Filleted Accounts
31 July 2024
AIB Enterprises Limited
Registered number: SC704324
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 184,000 230,000
Tangible assets 4 4,125 5,500
188,125 235,500
Current assets
Stocks 44,946 38,978
Cash at bank and in hand 1,854 4,587
46,800 43,565
Creditors: amounts falling due within one year 5 (190,105) (242,742)
Net current liabilities (143,305) (199,177)
Net assets 44,820 36,323
Capital and reserves
Called up share capital 100 100
Profit and loss account 44,720 36,223
Shareholder's funds 44,820 36,323
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Arezu Bari
Director
Approved by the board on 20 August 2024
AIB Enterprises Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 230,000
At 31 July 2024 230,000
Amortisation
Provided during the year 46,000
At 31 July 2024 46,000
Net book value
At 31 July 2024 184,000
At 31 July 2023 230,000
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023 6,000
At 31 July 2024 6,000
Depreciation
At 1 August 2023 500
Charge for the year 1,375
At 31 July 2024 1,875
Net book value
At 31 July 2024 4,125
At 31 July 2023 5,500
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 4,934 2,210
Accruals 475 475
Taxation and social security costs 5,908 4,929
Other creditors 178,788 235,128
190,105 242,742
6 Related party transactions
AIB Enterprises Ltd obtained an intercompany loan of £50,000 from B&B Retailers Ltd (SC676482), which has now been written off due to the debtor's insolvency. The debtor was a related party, thus the write-off was treated as tax neutral.
7 Controlling party
The director, Arezu Bari, held a 100% beneficial interest in the share capital of the company.
8 Other information
AIB Enterprises Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
52 Muir Street
Motherwell
ML11BN
AIB Enterprises Limited SC704324 false 2023-08-01 2024-07-31 2024-07-31 VT Final Accounts October 2023 release 2 Arezu Bari No description of principal activity SC704324 2022-08-01 2023-07-31 SC704324 core:WithinOneYear 2023-07-31 SC704324 core:ShareCapital 2023-07-31 SC704324 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC704324 2023-08-01 2024-07-31 SC704324 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC704324 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 SC704324 bus:Director40 2023-08-01 2024-07-31 SC704324 2 2023-08-01 2024-07-31 SC704324 core:Goodwill 2023-08-01 2024-07-31 SC704324 core:PlantMachinery 2023-08-01 2024-07-31 SC704324 countries:England 2023-08-01 2024-07-31 SC704324 bus:FRS102 2023-08-01 2024-07-31 SC704324 bus:FullAccounts 2023-08-01 2024-07-31 SC704324 2024-07-31 SC704324 core:WithinOneYear 2024-07-31 SC704324 core:ShareCapital 2024-07-31 SC704324 core:RetainedEarningsAccumulatedLosses 2024-07-31 SC704324 core:Goodwill 2024-07-31 SC704324 core:PlantMachinery 2024-07-31 SC704324 2023-07-31 SC704324 core:Goodwill 2023-07-31 SC704324 core:PlantMachinery 2023-07-31 iso4217:GBP xbrli:pure