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Registered number: 12742461
AJM 2020 Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
TaxAssist Accountants
Chartered Accountants
714 London Road
Larkfield
KENT
ME20 6BL
Unaudited Financial Statements
Contents
Page
Accountants' Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of AJM 2020 Limited for the year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AJM 2020 Limited for the year ended 31 July 2024 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to 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 http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of AJM 2020 Limited , as a body, in accordance with the terms of our engagement letter dated 13 July 2020. Our work has been undertaken solely to prepare for your approval the accounts of AJM 2020 Limited and state those matters that we have agreed to state to the director of AJM 2020 Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AJM 2020 Limited and its director, as a body, for our work or for this report.
It is your duty to ensure that AJM 2020 Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of AJM 2020 Limited . You consider that AJM 2020 Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of AJM 2020 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 financial statements.
Signed
TaxAssist Accountants
10/02/2025
TaxAssist Accountants
Chartered Accountants
714 London Road
Larkfield
KENT
ME20 6BL
Page 1
Page 2
Statement of Financial Position
Registered number: 12742461
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,506 12,034
5,506 12,034
CURRENT ASSETS
Debtors 5 19,170 10,363
19,170 10,363
Creditors: Amounts Falling Due Within One Year 6 (23,415 ) (19,340 )
NET CURRENT ASSETS (LIABILITIES) (4,245 ) (8,977 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,261 3,057
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,048 ) (2,288 )
NET ASSETS 213 769
CAPITAL AND RESERVES
Called up share capital 7 100 100
Income Statement 113 669
SHAREHOLDERS' FUNDS 213 769
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For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Andrew Markey
Director
10/02/2025
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
AJM 2020 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12742461 . The registered office is Flintstones Farm, Bunkers Hill Road , Ridley , Sevenoaks , TN15 7EY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% on cost
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.4. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Motor Vehicles
£
Cost
As at 1 August 2023 26,112
Disposals (4,088 )
As at 31 July 2024 22,024
Depreciation
As at 1 August 2023 14,078
Provided during the period 5,506
Disposals (3,066 )
As at 31 July 2024 16,518
Net Book Value
As at 31 July 2024 5,506
As at 1 August 2023 12,034
5. Debtors
2024 2023
£ £
Due within one year
Corporation tax recoverable assets 5,881 3,785
Director's loan account 13,289 6,578
19,170 10,363
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 20,100 15,427
VAT 1,460 1,432
Accruals and deferred income 1,855 2,481
23,415 19,340
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Andrew Markey 6,578 6,210 - - 12,788
The above loan is unsecured, interest is charged at HMRC rates and repayable on demand.
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