Registered number
03980634
AJM Decorating Limited
Unaudited Filleted Accounts
For the Year Ended
30 April 2024
AJM Decorating Limited
Registered number: 03980634
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 778,093 770,325
Current assets
Stocks 83,167 291,283
Debtors 4 232,598 186,047
Cash at bank and in hand 333,935 68,854
649,700 546,184
Creditors: amounts falling due within one year 5 (268,417) (198,059)
Net current assets 381,283 348,125
Total assets less current liabilities 1,159,376 1,118,450
Creditors: amounts falling due after more than one year 6 (113,374) (162,518)
Provisions for liabilities (86,176) (82,719)
Net assets 959,826 873,213
Capital and reserves
Called up share capital 75 75
Revaluation reserve 8 (90,000) (90,000)
Profit and loss account 1,049,751 963,138
Shareholders' funds 959,826 873,213
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.
A J Morris
Director
Approved by the board on 30 January 2025
AJM Decorating Limited
Notes to the Accounts
for the year ended 30 April 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:
Buildings 1% straight line
Plant and machinery 10% reducing balance
Motor vehicles 25% reducing balance
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.
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 45 41
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 469,581 297,928 412,742 1,180,251
Additions - 58,051 121,464 179,515
Disposals (20,000) - (116,497) (136,497)
At 30 April 2024 449,581 355,979 417,709 1,223,269
Depreciation
At 1 May 2023 30,135 132,747 247,044 409,926
Charge for the year 2,038 22,599 39,358 63,995
On disposals - - (28,745) (28,745)
At 30 April 2024 32,173 155,346 257,657 445,176
Net book value
At 30 April 2024 417,408 200,633 160,052 778,093
At 30 April 2023 439,446 165,181 165,698 770,325
Land and buildings previously included land at Kent Lea ,Kendal at a cost of £110,000 . This has been subsequently re valued at £20,000 . The land was valued by CJP Tomlinson FRICS FAAV of H & H Land Agents following an inspection on the 21st March 2022.
4 Debtors 2024 2023
£ £
Trade debtors 62,518 90,394
Other debtors 170,080 95,653
232,598 186,047
Included within Other debtors due within one year, is an unsecured loan to A J Morris, Director for £138,451 (2023 - £68,276).
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 16,000 17,444
Obligations under finance lease and hire purchase contracts 12,091 19,568
Trade creditors 49,886 35,404
Taxation and social security costs 77,330 66,772
Other creditors 113,110 58,871
268,417 198,059
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 108,000 139,343
Obligations under finance lease and hire purchase contracts 5,374 23,175
113,374 162,518
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 124,000 156,787
8 Revaluation reserve 2024 2023
£ £
At 1 May 2023 (90,000) (90,000)
At 30 April 2024 (90,000) (90,000)
9 Related party transactions
A J Morris is a director of Swift Scaffolding N.W. Limited from whom the company acquired services to the value of £30,737 (2023 - £31,800) and provided services to the value of £16,460 (2023 - £44,832). At the 30 April 2024 the balance due was £14,279 (2023 - £2).
10 Other information
AJM Decorating Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3
Shap Road Industrial Estate
Kendal
Cumbria
LA9 6NZ
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