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Company registration number: 01958183
Access Hardware Limited
Unaudited filleted financial statements
30 April 2024
Access Hardware Limited
Contents
Statement of financial position
Notes to the financial statements
Access Hardware Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 71,853 80,286
_______ _______
71,853 80,286
Current assets
Stocks 895,783 1,474,186
Debtors 6 671,557 877,868
Cash at bank and in hand 1,035,531 233,972
_______ _______
2,602,871 2,586,026
Creditors: amounts falling due
within one year 7 ( 468,406) ( 493,798)
_______ _______
Net current assets 2,134,465 2,092,228
_______ _______
Total assets less current liabilities 2,206,318 2,172,514
Provisions for liabilities ( 15,725) ( 13,396)
_______ _______
Net assets 2,190,593 2,159,118
_______ _______
Capital and reserves
Called up share capital 8 100 100
Profit and loss account 2,190,493 2,159,018
_______ _______
Shareholders funds 2,190,593 2,159,118
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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 Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
Ms Carrie Louise Elizabeth Lowndes
Director
Company registration number: 01958183
Access Hardware Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91 Heming Road, Washford Industrial Estate, Redditch, B98 0EA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest pound.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements - 10 % straight line
Plant and machinery - 20 % reducing balance
Computer equipment - special - 33.33 % straight line
Motor vehicles - 25 % reducing balance
Computer equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Debtors and creditors receivable or payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 15 ).
5. Tangible assets
Long leasehold property Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 1 May 2023 77,798 253,971 48,622 380,391
Additions 29,000 - 1,956 30,956
Disposals ( 71,615) - - ( 71,615)
_______ _______ _______ _______
At 30 April 2024 35,183 253,971 50,578 339,732
_______ _______ _______ _______
Depreciation
At 1 May 2023 48,572 209,610 41,923 300,105
Charge for the year 10,680 8,872 3,336 22,888
Disposals ( 55,114) - - ( 55,114)
_______ _______ _______ _______
At 30 April 2024 4,138 218,482 45,259 267,879
_______ _______ _______ _______
Carrying amount
At 30 April 2024 31,045 35,489 5,319 71,853
_______ _______ _______ _______
At 30 April 2023 29,226 44,361 6,699 80,286
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 513,759 764,117
Other debtors 157,798 113,751
_______ _______
671,557 877,868
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 136,830 113,391
Corporation tax 90,194 37,658
Social security and other taxes 99,067 85,246
Other creditors 142,315 257,503
_______ _______
468,406 493,798
_______ _______
8. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______