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Registered number: 06033487
Aspect Mechanical Services Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06033487
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 22,351 26,629
22,351 26,629
CURRENT ASSETS
Stocks 5 321,781 211,703
Debtors 6 298,453 223,868
Cash at bank and in hand 2,438,976 1,100,269
3,059,210 1,535,840
Creditors: Amounts Falling Due Within One Year 7 (534,555 ) (517,691 )
NET CURRENT ASSETS (LIABILITIES) 2,524,655 1,018,149
TOTAL ASSETS LESS CURRENT LIABILITIES 2,547,006 1,044,778
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,588 ) (5,060 )
NET ASSETS 2,541,418 1,039,718
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 2,541,318 1,039,618
SHAREHOLDERS' FUNDS 2,541,418 1,039,718
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Marc Mills
Director
23/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Aspect Mechanical Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06033487 . The registered office is Unit 1, Brook Barn, Colchester Main Road, Alresford, Essex, CO7 8AP.
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% WDV
Fixtures & Fittings 15% WDV
Computer Equipment 25% WDV
2.4. 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.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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 in respect of all timing differences that have originated but not reversed at the balance
sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.
...CONTINUED
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2.6. Taxation - continued
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.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 63,821 4,144 10,030 77,995
As at 31 January 2024 63,821 4,144 10,030 77,995
Depreciation
As at 1 February 2023 40,877 3,300 7,189 51,366
Provided during the period 3,441 128 709 4,278
As at 31 January 2024 44,318 3,428 7,898 55,644
Net Book Value
As at 31 January 2024 19,503 716 2,132 22,351
As at 1 February 2023 22,944 844 2,841 26,629
5. Stocks
2024 2023
£ £
Work in progress 321,781 211,703
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 204,283 94,855
Other debtors 54,900 19
VAT 39,270 128,994
298,453 223,868
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 12,647 310,488
Bank loans and overdrafts - 9
Corporation tax 511,914 171,940
Other taxes and social security 6,071 23,004
Other creditors 2,423 10,750
Accruals and deferred income 1,500 -
Director's loan account - 1,500
534,555 517,691
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
Included in the Other Creditors is an amount owed to the company director Mr M Mills totalling £3,000 (2023 - £1,500), no interest is to be charged.
Page 5