Registered number
05119527
AA & RAC Associates Ltd
Unaudited Filleted Accounts
31 March 2024
AA & RAC Associates Ltd
Registered number: 05119527
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,010 3,491
Current assets
Stocks 7,318 7,318
Debtors 4 54,892 68,822
Cash at bank and in hand 1,913 10,729
64,123 86,869
Creditors: amounts falling due within one year 5 (45,422) (59,503)
Net current assets 18,701 27,366
Total assets less current liabilities 20,711 30,857
Creditors: amounts falling due after more than one year 6 (16,835) (26,605)
Net assets 3,876 4,252
Capital and reserves
Called up share capital 1 1
Profit and loss account 3,875 4,251
Shareholder's funds 3,876 4,252
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
P Kay
P Kay
Director
Approved by the board on 4 November 2024
AA & RAC Associates Ltd
Notes to the Accounts
for the year ended 31 March 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.
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 over 4 years
Motor vehicles over 4 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 18,289 6,025 24,314
At 31 March 2024 18,289 6,025 24,314
Depreciation
At 1 April 2023 14,798 6,025 20,823
Charge for the year 1,481 - 1,481
At 31 March 2024 16,279 6,025 22,304
Net book value
At 31 March 2024 2,010 - 2,010
At 31 March 2023 3,491 - 3,491
4 Debtors 2024 2023
£ £
Trade debtors 9,992 10,088
Other debtors 44,900 58,734
54,892 68,822
Other debtors includes an interest free amount of £9,566 (2023: £21,612) owed by the director.
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,749 12,866
Trade creditors 22,457 33,171
Taxation and social security costs 11,663 10,615
Other creditors 553 2,851
45,422 59,503
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 16,835 26,605
7 Other information
AA & RAC Associates Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Staple House
5 Eleanor's Cross
Dunstable
LU6 1SU
The company is controlled by P Kay.
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