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Registered Number: 10733034
England and Wales

 

 

 

AS IT IS LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 9,790    17,941 
9,790    17,941 
Current assets      
Debtors 48,907    85,024 
Cash at bank and in hand 2,542    440 
51,449    85,464 
Creditors: amount falling due within one year (68,114)   (90,140)
Net current assets (16,665)   (4,676)
 
Total assets less current liabilities (6,875)   13,265 
Creditors: amount falling due after more than one year (26,324)   (31,411)
Provisions for liabilities (1,321)   (3,409)
Net assets (34,520)   (21,555)
 

Capital and reserves
     
Called up share capital 1,000    1,000 
Profit and loss account (35,520)   (22,555)
Shareholders' funds (34,520)   (21,555)
 


For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 18 March 2025 and were signed by:


-------------------------------
J Sharples
Director
1
General Information
As it is Limited is a private company, limited by shares, registered in England and Wales, registration number 10733034, registration address Flat 2 Hill House, 55 Ladder Hill, Wheatley, OX33 1HY.


1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Hire purchase and leasing agreements
Assets held under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year and and that are expected to apply to the reversal of the timing difference.

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.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:


Plant & Machinery - 20% on cost
Furniture & Fixture - 15% on cost
Motor Vehicle - 20% on cost
Computer Equipment - 20% on cost


At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.


If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 1 (2023 : 1).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 July 2023 1,637    32,250    4,246    6,512    44,645 
Additions       583    583 
Disposals        
At 30 June 2024 1,637    32,250    4,246    7,095    45,228 
Depreciation
At 01 July 2023 1,410    19,350    1,911    4,033    26,704 
Charge for year 227    6,450    637    1,420    8,734 
On disposals        
At 30 June 2024 1,637    25,800    2,548    5,453    35,438 
Net book values
Closing balance as at 30 June 2024   6,450    1,698    1,642    9,790 
Opening balance as at 01 July 2023 227    12,900    2,335    2,479    17,941 

The net book value of Motor Vehicles includes £ 0 (2023 £12,900) in respect of assets leased under finance leases or hire purchase contracts.

4.

Advances and Credits



J Sharples
The following advances and credits to the director subsisted during the years ended 30 June 2023 and 30 June 2024. The loan is interest free and repayable on demand.

Current year (2024)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
J Sharples(64,008)65,069 27,011 (25,950)
-640086506902701100-25950
Previous year (2023)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
J Sharples(15,883)(103,065)(54,940)(64,008)
-15883-1030650-5494000-64008
5.

Debtors: amounts falling due within one year

.   2024
£
  2023
£
Trade Debtors 7,536  18,708 
Prepayments & Accrued Income 3,532  2,308 
Other Debtors 11,193 
Director's Current Account 25,950  64,008 
VAT 696 
48,907  85,024 

6.

Creditors: amounts falling due within one year

.   2024
£
  2023
£
Trade Creditors 29,183  25,595 
Bank Loans & Overdrafts 4,628  6,705 
Corporation Tax 30,375  28,722 
PAYE & Social Security 192  678 
Accrued Expenses 3,736  6,532 
Obligations under HP/Financial Leases 13,142 
VAT 8,766 
68,114  90,140 

7.

Creditors: amounts falling due after more than one year

.   2024
£
  2023
£
Bank Loans & Overdrafts 26,324  31,411 
26,324  31,411 

8.

Leasing Agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:   2024
£
  2023
£
Within one year 9,000 
Between one and five years 18,750 
27,750 

9.

Provisions for liabilities

.   2024
£
  2023
£
Deferred Tax 1,321  3,409 
1,321  3,409 

2