Company registration number 07169484 (England and Wales)
ADVANCED POSTFORMED SYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ADVANCED POSTFORMED SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ADVANCED POSTFORMED SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,982
7,983
Current assets
Stocks
18,585
16,899
Debtors
5
52,605
54,170
Cash at bank and in hand
97,802
94,190
168,992
165,259
Creditors: amounts falling due within one year
6
(46,978)
(52,771)
Net current assets
122,014
112,488
Total assets less current liabilities
128,996
120,471
Provisions for liabilities
(1,745)
(1,996)
Net assets
127,251
118,475
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
127,249
118,473
Total equity
127,251
118,475
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
Mrs D M Lloyd
Director
Company registration number 07169484 (England and Wales)
ADVANCED POSTFORMED SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Advanced Postformed Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6, Mount Industrial Estate, Stone, Staffordshire, ST15 8LL.
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.
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:
Plant and equipment
15% reducing balance
Computers
3 years straight line
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
ADVANCED POSTFORMED SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
5,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
5,000
Carrying amount
At 31 March 2024
At 31 March 2023
ADVANCED POSTFORMED SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 April 2023
28,334
708
29,042
Additions
416
416
At 31 March 2024
28,334
1,124
29,458
Depreciation and impairment
At 1 April 2023
20,732
327
21,059
Depreciation charged in the year
1,140
277
1,417
At 31 March 2024
21,872
604
22,476
Carrying amount
At 31 March 2024
6,462
520
6,982
At 31 March 2023
7,602
381
7,983
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
49,853
53,629
Other debtors
2,752
541
52,605
54,170
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
31,188
34,322
Taxation and social security
14,575
16,281
Other creditors
1,215
2,168
46,978
52,771