Registered number
03981429
AAF Building & Decorating Services Limited
Unaudited Filleted Accounts
30 April 2024
AAF Building & Decorating Services Limited
Registered number: 03981429
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 57,302 69,748
Current assets
Stocks 49,865 76,605
Debtors 4 172,572 202,091
Cash at bank and in hand 283,834 390,296
506,271 668,992
Creditors: amounts falling due within one year 5 (357,351) (411,774)
Net current assets 148,920 257,218
Total assets less current liabilities 206,222 326,966
Creditors: amounts falling due after more than one year 6 (33,262) (37,058)
Provisions for liabilities (10,888) (13,252)
Net assets 162,072 276,656
Capital and reserves
Called up share capital 100 100
Profit and loss account 161,972 276,556
Shareholders' funds 162,072 276,656
The director is 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 director acknowledges his 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 B Fowle
Director
Approved by the board on 25 January 2025
AAF Building & Decorating Services 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:
Plant and machinery 25% written down values
Fixtures, fittings, tools and equipment 25% written down values
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 7 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 25,793 211,323 237,116
Additions - 23,795 23,795
Disposals - (54,290) (54,290)
At 30 April 2024 25,793 180,828 206,621
Depreciation
At 1 May 2023 23,917 143,451 167,368
Charge for the year 469 18,632 19,101
On disposals - (37,150) (37,150)
At 30 April 2024 24,386 124,933 149,319
Net book value
At 30 April 2024 1,407 55,895 57,302
At 30 April 2023 1,876 67,872 69,748
4 Debtors 2024 2023
£ £
Trade debtors 172,277 201,796
Other debtors 295 295
172,572 202,091
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 15,225 11,108
Trade creditors 124,153 104,541
Related Parties 80,789 80,789
Taxation and social security costs 58,686 79,391
Other creditors 68,498 125,945
357,351 411,774
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,667 21,667
Obligations under finance lease and hire purchase contracts 21,595 15,391
33,262 37,058
7 Other information
AAF Building & Decorating Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 19A
Hopewell Business Centre
105 Hopewell Drive
Chatham, Kent
ME5 7DX
AAF Building & Decorating Services Limited 03981429 false 2023-05-01 2024-04-30 2024-04-30 VT Final Accounts July 2024 Mr B Fowle No description of principal activity 03981429 2022-05-01 2023-04-30 03981429 core:WithinOneYear 2023-04-30 03981429 core:AfterOneYear 2023-04-30 03981429 core:ShareCapital 2023-04-30 03981429 core:RetainedEarningsAccumulatedLosses 2023-04-30 03981429 2023-05-01 2024-04-30 03981429 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03981429 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 03981429 bus:Director40 2023-05-01 2024-04-30 03981429 1 2023-05-01 2024-04-30 03981429 2 2023-05-01 2024-04-30 03981429 core:PlantMachinery 2023-05-01 2024-04-30 03981429 core:Vehicles 2023-05-01 2024-04-30 03981429 countries:England 2023-05-01 2024-04-30 03981429 bus:FRS102 2023-05-01 2024-04-30 03981429 bus:FilletedAccounts 2023-05-01 2024-04-30 03981429 2024-04-30 03981429 core:WithinOneYear 2024-04-30 03981429 core:AfterOneYear 2024-04-30 03981429 core:ShareCapital 2024-04-30 03981429 core:RetainedEarningsAccumulatedLosses 2024-04-30 03981429 core:PlantMachinery 2024-04-30 03981429 core:Vehicles 2024-04-30 03981429 2023-04-30 03981429 core:PlantMachinery 2023-04-30 03981429 core:Vehicles 2023-04-30 iso4217:GBP xbrli:pure