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Registered number: 08492822
Aged to Perfection Upholstery Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Lumb Accountancy Services Limited
Chartered Certified Accountants
New Hall Hey Business Centre
New Hall Hey Road
Rawtenstall
Lancashire
BB4 6HL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08492822
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 12,622 10,081
12,622 10,081
CURRENT ASSETS
Stocks 5 136,424 100,000
Debtors 6 192,112 136,107
Cash at bank and in hand 3,003 2
331,539 236,109
Creditors: Amounts Falling Due Within One Year 7 (334,609 ) (268,903 )
NET CURRENT ASSETS (LIABILITIES) (3,070 ) (32,794 )
TOTAL ASSETS LESS CURRENT LIABILITIES 9,552 (22,713 )
Creditors: Amounts Falling Due After More Than One Year 8 (21,647 ) (26,806 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (1,214 )
NET LIABILITIES (12,095 ) (50,733 )
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (12,195 ) (50,833 )
SHAREHOLDERS' FUNDS (12,095) (50,733)
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For the year ending 30 April 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
Mr James Edwards
Director
30 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
Aged to Perfection Upholstery Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08492822 . The registered office is Unit 18 Habergham Mill, Coal Clough Lane, Burnley, Lancashire, BB11 5BS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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% reducing balance basis
Motor Vehicles 25% reducing balance basis
Computer Equipment 4 years straight line
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.
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 year 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 asset reflects 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2023: 17)
18 17
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 May 2023 4,069 14,000 4,079 22,148
Additions 2,920 - 3,475 6,395
As at 30 April 2024 6,989 14,000 7,554 28,543
Depreciation
As at 1 May 2023 3,085 8,094 888 12,067
Provided during the period 586 1,476 1,792 3,854
As at 30 April 2024 3,671 9,570 2,680 15,921
Net Book Value
As at 30 April 2024 3,318 4,430 4,874 12,622
As at 1 May 2023 984 5,906 3,191 10,081
5. Stocks
2024 2023
£ £
Stock 136,424 100,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 87,827 99,320
Amounts owed by group undertakings 4,770 4,770
Other debtors 99,515 32,017
192,112 136,107
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,512 3,801
Trade creditors 93,808 136,463
Bank loans and overdrafts 29,501 27,740
Other creditors 1,530 1,137
Taxation and social security 204,258 99,762
334,609 268,903
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,836 4,039
Bank loans 19,811 22,767
21,647 26,806
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,796 4,314
Later than one year and not later than five years 1,860 4,237
7,656 8,551
Less: Finance charges allocated to future periods 308 711
7,348 7,840
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr James Edwards 31,240 52,392 31,240 - 52,392
The above loan is subject to interest at a market rate. The loan is unsecured and repayable on demand.
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