Registered number
12478235
Amigo Wraps Ltd
Filleted Accounts
29 February 2024
Amigo Wraps Ltd
Registered number: 12478235
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 38,785 51,354
Current assets
Stocks 21,830 1,270
Debtors 4 27,631 38,244
Cash at bank and in hand 21,655 35,804
71,116 75,318
Creditors: amounts falling due within one year 5 (85,921) (83,194)
Net current liabilities (14,805) (7,876)
Total assets less current liabilities 23,980 43,478
Creditors: amounts falling due after more than one year 6 (16,800) (23,261)
Net assets 7,180 20,217
Capital and reserves
Called up share capital 100 100
Profit and loss account 7,080 20,117
Shareholder's funds 7,180 20,217
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.
A D Gonzalez
Director
Approved by the board on 14 November 2024
Amigo Wraps Ltd
Notes to the Accounts
for the year ended 29 February 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:
Computer equipment over 3 years
Plant and machinery 25% reducing balance basis
Fixtures, fittings, tools and equipment 25% reducing balance basis
Vehicles 25% reducing balance basis
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 13,188 45,285 58,473
Additions 1,630 - 1,630
At 29 February 2024 14,818 45,285 60,103
Depreciation
At 1 March 2023 6,176 943 7,119
Charge for the year 3,113 11,086 14,199
At 29 February 2024 9,289 12,029 21,318
Net book value
At 29 February 2024 5,529 33,256 38,785
At 28 February 2023 7,012 44,342 51,354
4 Debtors 2024 2023
£ £
Trade debtors 11,505 29,904
Other debtors 16,126 8,340
27,631 38,244
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 8,442 8,742
Obligations under finance lease and hire purchase contracts 33,934 38,485
Trade creditors 19,671 2,487
Taxation and social security costs 20,934 30,604
Other creditors 2,940 2,876
85,921 83,194
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 16,800 23,261
7 Other information
Amigo Wraps Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2 Concorde Park
Concorde Way
Segensworth North
Fareham
PO15 5FG
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