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Registered number: 08867412
Aab Conveyors 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: 08867412
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 14,410 497
14,410 497
CURRENT ASSETS
Stocks 5 5,000 5,000
Debtors 6 340 3,447
Cash at bank and in hand 7,505 15,777
12,845 24,224
Creditors: Amounts Falling Due Within One Year 7 (15,266 ) (17,639 )
NET CURRENT ASSETS (LIABILITIES) (2,421 ) 6,585
TOTAL ASSETS LESS CURRENT LIABILITIES 11,989 7,082
Creditors: Amounts Falling Due After More Than One Year 8 (4,224 ) (6,531 )
NET ASSETS 7,765 551
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 7,764 550
SHAREHOLDERS' FUNDS 7,765 551
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 Ronald Curry
Director
30/10/2024
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
Aab Conveyors Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08867412 . The registered office is 20 Barley Mill Road, Consett, DH8 8JP.
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 20% Straight Line
Motor Vehicles 25% Straight Line
Computer Equipment 25% Straight Line
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. 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 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 assets reflect 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 - 2,390 - 2,390
Additions 15,887 - 170 16,057
As at 31 January 2024 15,887 2,390 170 18,447
Depreciation
As at 1 February 2023 - 1,893 - 1,893
Provided during the period 1,642 498 4 2,144
As at 31 January 2024 1,642 2,391 4 4,037
Net Book Value
As at 31 January 2024 14,245 (1 ) 166 14,410
As at 1 February 2023 - 497 - 497
5. Stocks
2024 2023
as restated
£ £
Work in progress 5,000 5,000
6. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors - 3,447
Prepayments and accrued income 340 -
340 3,447
7. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Bank loans and overdrafts 2,662 2,662
Corporation tax 5,862 7,289
VAT 1,478 7,002
Other creditors 4,275 -
Accruals and deferred income 730 362
Director's loan account 259 324
15,266 17,639
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Bank loans 4,224 6,531
9. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 1 1
Page 5