AD42 Limited
Company Registration No. 09650601 (England And Wales)
Unaudited Financial Statements
Year Ended 30 June 2024
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,551
13,521
Current assets
Debtors
4
26,300
25,914
Cash at bank and in hand
49,824
23,654
76,124
49,568
Creditors: amounts falling due within one year
5
(49,855)
(52,653)
Net current assets/(liabilities)
26,269
(3,085)
Total assets less current liabilities
28,820
10,436
Creditors: amounts falling due after more than one year
6
(10,700)
Provisions for liabilities
(638)
(3,381)
Net assets/(liabilities)
28,182
(3,645)
Capital and reserves
Called up share capital
100
2
Profit and loss reserves
28,082
(3,647)
Total equity
28,182
(3,645)
BALANCE SHEET (CONTINUED)
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 15 November 2024
Mr D Walker
Director
Company registration number 09650601 (England and Wales)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
AD42 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 42 Rivington Road, Hale, Altrincham, Cheshire, England, WA15 9PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line
Computers
25% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
9,781
3,725
148,882
162,388
Additions
2,520
2,520
Disposals
(57,490)
(57,490)
At 30 June 2024
9,781
6,245
91,392
107,418
Depreciation and impairment
At 1 July 2023
9,084
2,399
137,384
148,867
Depreciation charged in the year
521
1,471
1,992
Eliminated in respect of disposals
(45,992)
(45,992)
At 30 June 2024
9,605
3,870
91,392
104,867
Carrying amount
At 30 June 2024
176
2,375
2,551
At 30 June 2023
697
1,326
11,498
13,521
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
18,861
24,813
Other debtors
7,439
1,101
26,300
25,914
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
9,498
Trade creditors
1,039
616
Corporation tax
36,547
27,789
Other taxation and social security
4,838
10,540
Dividends payable
5,000
Other creditors
387
2,746
Accruals and deferred income
2,044
1,464
49,855
52,653
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
10,700
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
638
3,381
2024
Movements in the year:
£
Liability at 1 July 2023
3,381
Credit to profit or loss
(2,743)
Liability at 30 June 2024
638
8
Related party transactions
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8
Related party transactions
(Continued)
- 7 -
The company is owed £7,416 (2023 £0) at the year end, which is made up of an overdrawn directors loan account. The amount is repayable on demand and no interest is accruing.