Registered number
05315124
ABC Blinds (South West) Limited
Unaudited Filleted Accounts
31 January 2024
ABC Blinds (South West) Limited
Registered number: 05315124
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 29,595 36,228
Current assets
Stocks 35,000 20,000
Debtors 5 49,086 65,780
Cash at bank and in hand 82,799 54,678
166,885 140,458
Creditors: amounts falling due within one year 6 (104,307) (94,825)
Net current assets 62,578 45,633
Total assets less current liabilities 92,173 81,861
Provisions for liabilities (9,210) (9,210)
Net assets 82,963 72,651
Capital and reserves
Called up share capital 100 100
Profit and loss account 82,863 72,551
Shareholders' funds 82,963 72,651
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mrs K Houghton
Director
Approved by the board on 24 October 2024
ABC Blinds (South West) Limited
Notes to the Accounts
for the year ended 31 January 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:
Plant and machinery 25% Reducing balance
Computers 15% Reducing balance
Motor vehicles 25% Reducing balance
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.
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 11 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 95,000
At 31 January 2024 95,000
Amortisation
At 1 February 2023 95,000
At 31 January 2024 95,000
Net book value
At 31 January 2024 -
Goodwill was written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 34,204 53,478 87,682
Additions 2,832 - 2,832
At 31 January 2024 37,036 53,478 90,514
Depreciation
At 1 February 2023 25,869 25,585 51,454
Charge for the year 2,491 6,974 9,465
At 31 January 2024 28,360 32,559 60,919
Net book value
At 31 January 2024 8,676 20,919 29,595
At 31 January 2023 8,335 27,893 36,228
5 Debtors 2024 2023
£ £
Trade debtors 1,262 1,262
Debtors - Directors Account 28,121 44,909
Other debtors 19,703 19,609
49,086 65,780
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 24,027 31,976
Taxation and social security costs 55,079 53,510
Other creditors 25,201 9,339
104,307 94,825
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases - 2,983
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Overdrawn loan account, interest free and unsecured 44,909 91,211 (108,000) 28,120
44,909 91,211 (108,000) 28,120
9 Other information
ABC Blinds (South West) Limited is a private company limited by shares and incorporated in England. Its registered office is:
120 High Street
Staple Hill
Bristol
BS16 5HH
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