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COMPANY REGISTRATION NUMBER: NI614371
AJEA Products Limited
Filleted Unaudited Financial Statements
31 January 2024
AJEA Products Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Officers and Professional Advisers
1
Statement of Financial Position
2
Notes to the Financial Statements
4
AJEA Products Limited
Officers and Professional Advisers
The board of directors
Mrs E O'Neill
Mr J McGurk
Registered office
17-19 Dungannon Road
Cookstown
Northern Ireland
BT80 8TL
AJEA Products Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
4
23,394
30,160
Tangible assets
5
2,969
4,473
--------
--------
26,363
34,633
Current assets
Debtors
6
91,346
93,752
Cash at bank and in hand
25,851
23,105
---------
---------
117,197
116,857
Creditors: amounts falling due within one year
7
306,499
311,550
---------
---------
Net current liabilities
189,302
194,693
---------
---------
Total assets less current liabilities
( 162,939)
( 160,060)
---------
---------
Net liabilities
( 162,939)
( 160,060)
---------
---------
Capital and reserves
Called up share capital
20
20
Share premium account
99,990
99,990
Profit and loss account
( 262,949)
( 260,070)
---------
---------
Shareholders deficit
( 162,939)
( 160,060)
---------
---------
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 January 2024 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 .
AJEA Products Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 17 October 2024 , and are signed on behalf of the board by:
Mrs E O'Neill
Director
Company registration number: NI614371
AJEA Products Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 17-19 Dungannon Road, Cookstown, BT80 8TL, Northern Ireland.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
Judgements and key sources of estimation uncertainty are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There were no critical judgements used in the application of accounting policies and the preparation of the financial statements. There were no critical accounting estimates or assumptions used in the application of accounting policies and the preparation of the financial statements.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
10% straight line
Patents, trademarks and licences
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Short leasehold property
-
10% straight line
Plant and machinery
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Intangible assets
Development costs
Patents, trademarks and licences
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
49,846
17,815
67,661
--------
--------
--------
Amortisation
At 1 February 2023
32,348
5,153
37,501
Charge for the year
4,985
1,781
6,766
--------
--------
--------
At 31 January 2024
37,333
6,934
44,267
--------
--------
--------
Carrying amount
At 31 January 2024
12,513
10,881
23,394
--------
--------
--------
At 31 January 2023
17,498
12,662
30,160
--------
--------
--------
5. Tangible assets
Short leasehold property
Plant and machinery
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
15,041
4,395
19,436
--------
-------
--------
Depreciation
At 1 February 2023
10,568
4,395
14,963
Charge for the year
1,504
1,504
--------
-------
--------
At 31 January 2024
12,072
4,395
16,467
--------
-------
--------
Carrying amount
At 31 January 2024
2,969
2,969
--------
-------
--------
At 31 January 2023
4,473
4,473
--------
-------
--------
6. Debtors
2024
2023
£
£
Other debtors
91,346
93,752
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16,776
16,777
Other creditors
289,723
294,773
---------
---------
306,499
311,550
---------
---------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J McGurk
70,518
1,238
71,756
--------
-------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J McGurk
69,754
764
70,518
--------
----
--------