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Registered number: 03977663
Astley Fab Limited
Financial Statements
For The Year Ended 31 May 2024
Sturgess Hutchinson
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03977663
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 45,714 57,347
45,714 57,347
CURRENT ASSETS
Stocks 5 500 4,000
Debtors 6 53,274 350,790
Cash at bank and in hand 143,278 315,144
197,052 669,934
Creditors: Amounts Falling Due Within One Year 7 (88,435 ) (314,132 )
NET CURRENT ASSETS (LIABILITIES) 108,617 355,802
TOTAL ASSETS LESS CURRENT LIABILITIES 154,331 413,149
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,262 ) (7,528 )
NET ASSETS 147,069 405,621
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 146,969 405,521
SHAREHOLDERS' FUNDS 147,069 405,621
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For the year ending 31 May 2024 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
Mrs C Hutchison
Director
15/10/2024
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
Astley Fab Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03977663 . The registered office is Unit 1 Peckleton Lane Business Park, Peckleton, Leicester, LE9 7RN.
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.
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:
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. 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.
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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. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
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.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 10)
8 10
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4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 June 2023 141,668 178,881 320,549
Additions 882 - 882
As at 31 May 2024 142,550 178,881 321,431
Depreciation
As at 1 June 2023 122,123 141,079 263,202
Provided during the period 3,064 9,451 12,515
As at 31 May 2024 125,187 150,530 275,717
Net Book Value
As at 31 May 2024 17,363 28,351 45,714
As at 1 June 2023 19,545 37,802 57,347
Fixed assets, included in the above, which are held under hire purchase contracts are as follows
2024 2023
£ £
Motor Vehicles 10,637 14,183
5. Stocks
2024 2023
£ £
Stock 500 4,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,806 319,685
Other debtors 51,468 31,105
53,274 350,790
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 79,398 174,485
Other creditors 6,562 20,331
Taxation and social security 2,475 119,316
88,435 314,132
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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