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COMPANY REGISTRATION NUMBER: 09270738
AA Tools Limited
Filleted Unaudited Financial Statements
31 October 2024
AA Tools Limited
Financial Statements
Year ended 31 October 2024
Contents
Pages
Chartered accountants 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 9
AA Tools Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of AA Tools 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 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 Limited in accordance with the terms of our engagement letter dated 24 April 2024. Our work has been undertaken solely to prepare for your approval the financial statements of AA Tools 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 Limited and its director for our work or for this report.
It is your duty to ensure that AA Tools 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 Limited. You consider that AA Tools 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 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 Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
95,671
132,261
Current assets
Stocks
81,701
72,763
Debtors
7
416,231
399,708
Cash at bank and in hand
7,056
1,368
---------
---------
504,988
473,839
Creditors: amounts falling due within one year
8
351,778
442,828
---------
---------
Net current assets
153,210
31,011
---------
---------
Total assets less current liabilities
248,881
163,272
Creditors: amounts falling due after more than one year
9
18,335
10,464
Provisions
23,918
13,977
---------
---------
Net assets
206,628
138,831
---------
---------
AA Tools Limited
Statement of Financial Position (continued)
31 October 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
206,626
138,829
---------
---------
Shareholders funds
206,628
138,831
---------
---------
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 Birt
Director
Company registration number: 09270738
AA Tools 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 16 Petre Drive, Sheffield, South Yorkshire, S4 7PZ.
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.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
Goodwill
-
25% 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Plant and machinery
-
10% straight line
Fixtures and fittings
-
20% straight line
Office equipment
-
33% straight line
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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 as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
41,000
--------
Amortisation
At 1 November 2023 and 31 October 2024
41,000
--------
Carrying amount
At 31 October 2024
--------
At 31 October 2023
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 November 2023 and 31 October 2024
339,254
8,333
15,489
363,076
---------
-------
--------
---------
Depreciation
At 1 November 2023
209,891
8,333
12,591
230,815
Charge for the year
33,925
2,665
36,590
---------
-------
--------
---------
At 31 October 2024
243,816
8,333
15,256
267,405
---------
-------
--------
---------
Carrying amount
At 31 October 2024
95,438
233
95,671
---------
-------
--------
---------
At 31 October 2023
129,363
2,898
132,261
---------
-------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 October 2024
87,099
--------
At 31 October 2023
55,890
--------
7. Debtors
2024
2023
£
£
Trade debtors
189,332
232,735
Other debtors
226,899
166,973
---------
---------
416,231
399,708
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
152,963
214,418
Trade creditors
109,832
113,201
Corporation tax
11,381
Social security and other taxes
34,715
70,970
Other creditors
42,887
44,239
---------
---------
351,778
442,828
---------
---------
Included within creditors falling due within one year are loans and financing arrangements in the sum of £176,494 (2023: £239,997) that are secured against the assets of the company.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,333
Other creditors
18,335
2,131
--------
--------
18,335
10,464
--------
--------
Included within creditors falling due after more than one year are loans and financing arrangements in the sum of £18,335 (2023: £10,464) that are secured against the assets of the company.
10. Director's advances, credits and guarantees
A loan account exists between the company and each of the two directors who served during the year (Mr A Wood resigned as a director on 31st October 2024). At the year end date, the directors were indebted to the company, in this regard, in the following sums: Mr C Birt £Nil (2023: £Nil) Mr A Wood £Nil (2023: £12,924)
11. Related party transactions
Included within debtors at the year end date is a loan which is owed to the company by a related party company under common control and amounting to £207,492 (2023: £110,664). The loan is not subject to any formal repayment terms and neither is any interest chargeable. Included within debtors at the year end date is a loan which is owed to the company by 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 debtors at the year end date is a loan which is owed to the company by a related party company under common control and amounting to £2,172 (2023: £Nil). The loan is not subject to any formal repayment terms and neither is any interest chargeable.