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Registered number: 07934271
AV Irrigation Limited
Financial Statements
For The Year Ended 31 January 2024
Abacus Smarter Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07934271
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 213,011 293,030
213,011 293,030
CURRENT ASSETS
Stocks 5 11,278 11,241
Debtors 6 81,674 102,476
92,952 113,717
Creditors: Amounts Falling Due Within One Year 7 (159,383 ) (126,295 )
NET CURRENT ASSETS (LIABILITIES) (66,431 ) (12,578 )
TOTAL ASSETS LESS CURRENT LIABILITIES 146,580 280,452
Creditors: Amounts Falling Due After More Than One Year 8 (21,524 ) (37,280 )
NET ASSETS 125,056 243,172
CAPITAL AND RESERVES
Called up share capital 10 10 10
Profit and Loss Account 125,046 243,162
SHAREHOLDERS' FUNDS 125,056 243,172
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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 Andrew Veltman
Director
22/10/2024
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
AV Irrigation Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07934271 . The registered office is 35 Kirkby Drive, Ripon, North Yorkshire, HG4 2DP.
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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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 25% straight line
Motor Vehicles 25% straight line
Computer Equipment 25% 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.
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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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 9)
9 9
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 440,136 179,973 928 621,037
Additions 6,898 42,375 - 49,273
Disposals (3,630 ) (26,999 ) - (30,629 )
As at 31 January 2024 443,404 195,349 928 639,681
Depreciation
As at 1 February 2023 193,941 133,138 928 328,007
Provided during the period 97,438 27,595 - 125,033
Disposals (2,592 ) (23,778 ) - (26,370 )
As at 31 January 2024 288,787 136,955 928 426,670
Net Book Value
As at 31 January 2024 154,617 58,394 - 213,011
As at 1 February 2023 246,195 46,835 - 293,030
5. Stocks
2024 2023
£ £
Stock 11,278 11,241
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 81,674 102,476
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 33,602 24,555
Trade creditors 20,511 32,123
Bank loans and overdrafts 12,530 13,629
Corporation tax (2,016 ) 3,774
Other taxes and social security 51,107 15,378
VAT 25,406 21,323
Credit cards 2,220 2,017
Accruals and deferred income 15,977 12,947
Director's loan account 46 549
159,383 126,295
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 21,524 37,280
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 33,602 24,555
Later than one year and not later than five years 21,524 37,280
55,126 61,835
55,126 61,835
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
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