Company registration number: 10639604
Unaudited financial statements
for the year ended 29 February 2024
for
AVO Electrical Ltd
Pages for filing with the Registrar
Company registration number: 10639604
AVO Electrical Ltd
Balance sheet
as at 29 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 99,542 15,307
99,542 15,307
Current assets
Stocks 18,000 -
Debtors 65,726 27,655
Cash at bank and in hand 47,840 339
131,566 27,994
Creditors: amounts falling due within
one year
(165,280) (7,558)
Net current (liabilities)/assets (33,714) 20,436
Total assets less current liabilities 65,828 35,743
Creditors: Amounts falling due after
more than one year
(37,984) -
Provisions for liabilities (3,421) (3,421)
NET ASSETS 24,423 32,322
Capital and reserves
Called up share capital 2 2
Profit and loss account 24,421 32,320
TOTAL EQUITY 24,423 32,322
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 29 February 2024.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 10639604
AVO Electrical Ltd
Balance sheet - continued
as at 29 February 2024
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered to the Registrar.
Signed by:
Mr A Cronin, Director
28 October 2024
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AVO Electrical Ltd
Notes to the financial statements
for the year ended 29 February 2024
1 Company information
AVO Electrical Ltd is a private company registered in England and Wales. Its registered number is 10639604. The company is limited by shares. Its registered office is Unit 2, Clubbs Yard May Ave, Northfleet, Kent, DA11 8RH.
2 Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Going concern
In preparing these financial statements, the director has assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the director takes into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The director considers that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc.:
Plant and machinery - 15% reducing balance
Computer equipment - 15% reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Work in progress is valued at the lower of cost and net realisable value. Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
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AVO Electrical Ltd
Notes to the financial statements - continued
for the year ended 29 February 2024
2 Accounting policies - continued
Taxation
Taxation for the year comprises current taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
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 been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or lossover the relevant period. The capital element of the future payments is treated as a liability.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 5 (2023 - Nil).
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AVO Electrical Ltd
Notes to the financial statements - continued
for the year ended 29 February 2024
4 Tangible fixed assets
Plant and
machinery
etc.
£
Cost
At 1 March 2023 30,992
Additions 101,799
At 29 February 2024 132,791
Depreciation
At 1 March 2023 15,685
Charge for year 17,564
At 29 February 2024 33,249
Net book value
At 29 February 2024 99,542
At 28 February 2023 15,307
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AVO Electrical Ltd
Exception report
for the year ended 29 February 2024
The following differences exist between the previous year's closing balances per the accounts and the
current year's opening balances per the Trial Balance:
Reserves
Opening balance at
1 March 2023 per
TB
Balance at 28
February 2023 per
accounts
Difference
£ £ £
Profit and loss account (Account 968) 32,322 32,320 2
32,322 32,320 2
This page does not form part of the statutory financial statements.
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