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COMPANY REGISTRATION NUMBER: 12762664
AA Tools Online Limited
Filleted Unaudited Financial Statements
31 October 2024
AA Tools Online Limited
Financial Statements
Year ended 31 October 2024
Contents
Pages
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
AA Tools Online Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of AA Tools Online Limited
Year ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of AA Tools Online Limited for the year ended 31 October 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of AA Tools Online Limited in accordance with the terms of our engagement letter dated 18 July 2023. Our work has been undertaken solely to prepare for your approval the financial statements of AA Tools Online Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AA Tools Online Limited and its director for our work or for this report.
It is your duty to ensure that AA Tools Online Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of AA Tools Online Limited. You consider that AA Tools Online Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of AA Tools Online Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
20 February 2025
AA Tools Online Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
4
2,578
4,050
Current assets
Stocks
15,850
12,400
Debtors
5
3,789
3,562
Cash at bank and in hand
37
153
--------
--------
19,676
16,115
Creditors: amounts falling due within one year
6
24,734
26,266
--------
--------
Net current liabilities
5,058
10,151
-------
--------
Total assets less current liabilities
( 2,480)
( 6,101)
-------
-------
AA Tools Online Limited
Statement of Financial Position (continued)
31 October 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
120
120
Profit and loss account
( 2,600)
( 6,221)
-------
-------
Shareholders deficit
( 2,480)
( 6,101)
-------
-------
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.
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 February 2025 , and are signed on behalf of the board by:
Mr C R Birt
Director
Company registration number: 12762664
AA Tools Online Limited
Notes to the Financial Statements
Year ended 31 October 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 Westbrook Court, Sharrow Vale Road, Sheffield, S11 8YZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the year end date the statement of financial position reflects a deficit on shareholders funds. Despite this, the accounts have been prepared on a going concern basis which assumes that adequate financial support will be maintained up to the point when the company is to be subject to a striking off arrangement having addressed its net liabilities. The director considers this to be appropriate.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
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.
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 stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Intangible assets
Website
£
Cost
At 1 November 2023 and 31 October 2024
7,362
-------
Amortisation
At 1 November 2023
3,312
Charge for the year
1,472
-------
At 31 October 2024
4,784
-------
Carrying amount
At 31 October 2024
2,578
-------
At 31 October 2023
4,050
-------
5. Debtors
2024
2023
£
£
Trade debtors
359
1,291
Other debtors
3,430
2,271
-------
-------
3,789
3,562
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
205
Trade creditors
83
Other creditors
24,734
25,978
--------
--------
24,734
26,266
--------
--------
7. Related party transactions
Included within creditors at the year end date is a loan which is owed by the company to a related party company under common control and amounting to £15,278 (2023: £16,049). The loan is not subject to any formal repayment terms and neither is any interest chargeable. Included within creditors at the year end date is a loan which is owed by the company to a related party company under common control and amounting to £8,556 (2023: £9,929). The loan is not subject to any formal repayment terms and neither is any interest chargeable.