Registered number
14178460
Ability Ltd
Filleted Accounts
30 June 2024
Ability Ltd
Registered number: 14178460
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 74,043 69,378
Current assets
Debtors 4 72,092 72,699
Cash at bank and in hand 175,944 114,896
248,036 187,595
Creditors: amounts falling due within one year 5 (137,664) (125,654)
Net current assets 110,372 61,941
Total assets less current liabilities 184,415 131,319
Provisions for liabilities (14,068) (14,212)
Net assets 170,347 117,107
Capital and reserves
Called up share capital 101 101
Profit and loss account 170,246 117,006
Shareholder's funds 170,347 117,107
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.
M Moon
Director
Approved by the board on 21 October 2024
Ability Ltd
Notes to the Accounts
for the year ended 30 June 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.
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:
Plant and machinery 20% reducing balance
Motor Vehicles over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 11
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 July 2023 5,822 70,691 76,513
Additions 2,347 18,995 21,342
At 30 June 2024 8,169 89,686 97,855
Depreciation
At 1 July 2023 995 6,140 7,135
Charge for the year 1,273 15,404 16,677
At 30 June 2024 2,268 21,544 23,812
Net book value
At 30 June 2024 5,901 68,142 74,043
At 30 June 2023 4,827 64,551 69,378
4 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Matthew Moon
Directors Loan Account 22,892 21,433 (35,389) 8,936
Elaine Moon
Directors Loan Account (356) 40,437 (30,389) 9,692
22,536 61,870 (65,778) 18,628
The loan is unsecured, interest-free and repayable on the company's demand.
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