AJS Home Improvements Limited
Registered number: 05607536
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 60,152 61,750
Current assets
Stocks 3,017 -
Debtors 5 7,908 7
Cash at bank and in hand 68,061 70,685
78,986 70,692
Creditors: amounts falling due within one year 6 (23,076) (26,444)
Net current assets 55,910 44,248
Total assets less current liabilities 116,062 105,998
Creditors: amounts falling due after more than one year 7 (1,849) (4,955)
Provisions for liabilities (11,429) (11,733)
Net assets 102,784 89,310
Capital and reserves
Called up share capital 100 100
Profit and loss account 102,684 89,210
Shareholders' funds 102,784 89,310
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr A Sheppard
Director
Approved by the board on 15 January 2025
AJS Home Improvements Limited
Notes to the Accounts
for the year ended 31 October 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Motor vehicles 25% on a reducing balance basis
Office equipment Over 3 years on a straight line basis
Plant and machinery 20% on a 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2023 11,000
At 31 October 2024 11,000
Amortisation
At 1 November 2023 11,000
At 31 October 2024 11,000
Net book value
At 31 October 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2023 16,679 69,672 86,351
Additions 848 26,995 27,843
Disposals - (15,777) (15,777)
At 31 October 2024 17,527 80,890 98,417
Depreciation
At 1 November 2023 11,570 13,031 24,601
Charge for the year 1,514 17,820 19,334
On disposals - (5,670) (5,670)
At 31 October 2024 13,084 25,181 38,265
Net book value
At 31 October 2024 4,443 55,709 60,152
At 31 October 2023 5,109 56,641 61,750
5 Debtors 2024 2023
£ £
Trade debtors 7,908 7
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 3,107 3,029
Trade creditors 9,764 19,254
Taxation and social security costs 10,205 4,162
Other creditors - (1)
23,076 26,444
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,849 4,955
8 Related party transactions
During the year, total dividends of £17,864 (2023 - £18,013) were paid to the directors.
9 Controlling party
The company is controlled by Mr A J Sheppard who is a director and majority shareholder.
10 Other information
AJS Home Improvements Limited is a private company limited by shares and incorporated in England. Its registered office is:
12 Spencer Drive
Midsomer Norton
Radstock
BA3 2DN
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